Yeah I get that. The problem is (at least around where I live) is they don’t give you 25 years to pay it off. I need to take out a loan to pay it back pretty quickly and I’m paying with interest so it changes things a little. I also can’t find any one that can do it for under like 50k which sucks. At least not yet.
I’m hoping that prices drop and the subsidies get a little more helpful or something. But right now I just can’t figure out a way to afford it. It’s just too expensive. Do you have them by any chance?
Even in that case, you are overpaying in the early years and getting free electricity for the rest of the life of the system. If you can only get a 7 year loan, you may have a higher bill for 7 years, but no bill for 18 years while electricity prices continue rising is a pretty awesome benefit.
You still weigh the balance to figure out what is economically the best option.
I don’t have them on my home because my HOA disallows them. I did, however, initiate and helped manage installation of systems on 3 separate family members’ homes and since I had already done the research and the financial benefit worked out for each of them. One was 6 years ago, one was 3 years ago, and one was 2 years ago and none of them have any complaints.
The 6 yr old system is almost paid off and has already reached its pay-off value since electricity prices keep rising… meaning, they haven’t paid off the system, but would have spent more in electricity in the 6 years they have had it if they would not have installed it.
I am currently in the process of moving out of a neighborhood with an HOA and plan on installing a system as soon as I get into my new home.
Thanks for the info! this makes me feel a bit better about swallowing the fat price point if the numbers work out. I’m hoping maaaaybe i can DIY some of it too as I’ve done decent amount of electrical work but i think hooking solar up to my home and having a standby battery and all that stuff may be out of my ability.
Also, hearing about your HOA makes me so angry. We only recently got our HOA to overturn the same dumb rule in my neighborhood. So annoying…
Yeah I get that. The problem is (at least around where I live) is they don’t give you 25 years to pay it off. I need to take out a loan to pay it back pretty quickly and I’m paying with interest so it changes things a little. I also can’t find any one that can do it for under like 50k which sucks. At least not yet.
I’m hoping that prices drop and the subsidies get a little more helpful or something. But right now I just can’t figure out a way to afford it. It’s just too expensive. Do you have them by any chance?
Even in that case, you are overpaying in the early years and getting free electricity for the rest of the life of the system. If you can only get a 7 year loan, you may have a higher bill for 7 years, but no bill for 18 years while electricity prices continue rising is a pretty awesome benefit.
You still weigh the balance to figure out what is economically the best option.
…And I missed the last question.
I don’t have them on my home because my HOA disallows them. I did, however, initiate and helped manage installation of systems on 3 separate family members’ homes and since I had already done the research and the financial benefit worked out for each of them. One was 6 years ago, one was 3 years ago, and one was 2 years ago and none of them have any complaints.
The 6 yr old system is almost paid off and has already reached its pay-off value since electricity prices keep rising… meaning, they haven’t paid off the system, but would have spent more in electricity in the 6 years they have had it if they would not have installed it.
I am currently in the process of moving out of a neighborhood with an HOA and plan on installing a system as soon as I get into my new home.
Thanks for the info! this makes me feel a bit better about swallowing the fat price point if the numbers work out. I’m hoping maaaaybe i can DIY some of it too as I’ve done decent amount of electrical work but i think hooking solar up to my home and having a standby battery and all that stuff may be out of my ability. Also, hearing about your HOA makes me so angry. We only recently got our HOA to overturn the same dumb rule in my neighborhood. So annoying…