Such a great video! Thanks for putting this together to educate consumers and prospect customers. Based on my experience there’s lots of predatory sales folks out there and this info has been super valuable in helping us make a smarter financial decision.
There are soooo many videos out there talking about whether or not you save money on solar but all I want to see is someone who says this is the total that I paid for power two years ago with only the power company involved and this is what I for EVERYTHING concerning both solar and line power last year. This would make things so much easier.
Any reputable solar company has in their contract they will remove and install your panels one time for free to have your roof rebuilt or to move your system to a new home. After that your looking at roughly $3000 to do so.
i was quoted $41k for a system, financed over 10 years at $317-$441/month, my monthly electric is about $120/month, i dont see the benefit financially.
10 year loans are garbage IMHO I haven't seen one yet that didn't have a high as hell APR plus a massive monthly payment. My system loan was a $0 Down 1.02% APR $125K 40 year loan. $25K of that was for energy efficiency upgrades (which i will get back after 3 years in the form of a forgivable $35k loan credit as long as we dont move) that i used to replace a 20 year old 4-6 seer single stage 4-ton Trane HVAC system to an American Standard Variable speed Platinum 18 heat pump with a Platimum 18 variable speed American Standard air handler and i also replaced a 15 year old rheem water heater to a more energy efficient water heater. My payments are less than $150.00 a month Since my solar install i haven't payed a electic bill with the exception of their mandatory $30 fees just to have their smart meter so i can net meter which before solar i was paying well over $850.00 easily (levelized billing) a month for.
For me, over the course of a year, 60% of my electrical demand occurs when the sun is low in the sky or at night. So, if no battery, only 40% of my electrical needs will be met by solar. And we do not have 1:1 net metering here and peak rates until 8pm! How does this affect the computation?
This calculation doesn't consider the "cost of money". If you instead invest the initial cost of $16,365 and receive (a conservative) 10% you would earn $40,9125 over the 25 year payback period
I wish there was something like this for the UK market. I think installers here way over charge for solar installations as customers have no clue about the tech.
I got a solar quote from Sunrun for 9.66kw whole house system called Solar +.. for $15,000.00 with battery backup using Enphase batteries that can be updated in modules.
I ended up here from an embedded link to this video. Wanted to talk about IRR where you compared a install in California to an investment in the market. Sure the solar IRR beats the market but the fatal flaw in the logic of that statement is the solar investment starts with a sunk cost, the market investment retains its principal (on average). You start out in the hole with a solar investment vs a market investment you have already broke even day one.. The $16k example you had would result in $46,000 from the solar investment but $105,000 from the market investment. I'm still a huge advocate, it's just we need to be honest with ourselves and how the math works.
Dan, the equity that goes into the home from the solar array is 80% of the investment. Also, please share your market investments to get the guaranteed rate of return you share. 🙏
@@projectsubaru The value increase of a home with an array is debatable. I've seen the research that a brand new system will increase the value to some degree but this fades quite a bit as it ages. Another factor that just came up for our decision is the somewhat significant added expense of increased insurance $180 annually on a $25000 system). There goes the solar rewards payback from Xcel.
When I put in my monthly it asked if my home was commerical.... lol.... No but @$535 per month I'm over it..... Also it never would load my results on the website.... is there anywhere else I can go to get this calculation?
At 13 min.35 Sec. you mentioned a website, you talked so fast that even after watching and listening 4-5 times I still could not understand which website you are referring to, so could you please reply with the website name...Thanks you.
Ben, How do I find my exact rate increase in my area? Does the my electrical supplier publish these facts? I'm in western PA which we use Penn Power. (who is owned by First Energy)
Hi, Sean- The easiest way to check your rate of increase is to check your current Penn Power bill against an old one. The company does publish rates, but they can be very hard to understand, because there are several components that change over time. Luckily I have access to some tools that tell me current and historical rates! Penn Power's current distribution charge is 4.437 cents per kWh, and their "price to compare" for generation and transmission is 11.231 cents per kWh), for a combined total of $0.15668/kWh. If you get your electricity from a different supplier, your price might be higher. Then there are some other assorted charges that bring the total rate up to around $0.161/kWh.
Hi Sean, the tool we use is the Genability Data Explorer (www.genability.com/explorer/), which has historical rates for all U.S. utilities and electric co-ops. We have access to the tool through our Genability API subscription. A free tool you can use is the OpenEI Utility Rate Database (apps.openei.org/USURDB/). It is not as usable as Genability, but it can make searching easier than looking at regulatory filings! Hope this helps.
Solar calculator or not, there are too many variables that you cannot calculate. Like people end up selling their house when they don't think they will. I can list dozens of things.
NPV stands for net present value, which represents how profitable an investment is and takes into account how much the money is worth at the time of the investment and the value of the money in the future with inflation, etc.
If I signed a document to have solar installed on my home and none of the work has been preformed yet can I cancel the order!!!!!!!!!!!!!!!!!!!!! To much money!!!!!!!!!!!
Want Ben to give his expert opinion on your solar installer quotes? Email us at benz@solarreviews.com. If you can, make sure to blank out the solar company names and personal information to ensure we have the most unbiased approach.
