What are your thoughts on solar panels?

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  • #81708 Reply

      FOR ME: I live in AZ, have solar and sell solar as my company is licensed in AZ and IL. We love the reduction it’s done for our utilities especially since we are an all electric home. If you live in IL the federal, state and max tax incentives are really good.

      AZ is not as generous but it still makes sense as the energy rates go up the more people go solar.

      The technology is only going to get better and the demand will increase.

      Why rent power when you can own it?

      #81709 Reply

        I keep a sign on my door, if your selling solar, It sucks, don’t bother knocking. Im in FL.

        #81710 Reply

          If you can pay cash, go ahead. Don’t fall into the lie that “it’s ok to borrow money because your savings on electricity will be more than your payment!” All debt is bad.

          #81711 Reply

            Worth it if it’s a long term home. Meaning, if you plan to be there for 10 years. Will save money and resources in the long run. I know several who have had solar panels installed.

            My parents did as well. There have never been any issues and it has helped save money and pay itself off. I imagine going with a reputable company is the difference.

            #81712 Reply

              Look at your ROI (return on investment) Ex: if the panels cost you $40K how long will it take to get that payback (my Electric bill is $200 PM) therefore it would take me 200 months (16 1/2) years to get just what I paid for the panels back …will you be in your home for 17 years?

              What is the replacement cost for batteries, panels if damage, will insurance cover it, will insurance go up, I’ve talked to some realtors (I’m in Florida) and they don’t have many good things to say about them.

              #81713 Reply

                Personal opinion. I am not a fan at all. Have had friends who have installed them and they have had numerous issues with their roofs since installation. I would wait until there is a nicer and more tested option.

                Additionally, I don’t like the way they look, but that is a personal preference.

                #81714 Reply

                  We did then and the ROI I would say was right around 4 years we paid cash and now my electric bill even at the peak of summer is no more than $15 and I don’t like heat, so air is usually on most of the time starting in mid may until mid to late October.

                  #81715 Reply

                    Look into more efficient AC units, spray foam in attic (or walls), etc before doing anything. Folks that say will be cheaper in long run (after 10 yrs). Reminder… makes roof replacement more expensive (have to remove the panels and reinstall after), can cause leaks if done incorrectly, usually they lock you in depending on the area, etc… weight out ALL the pros and cons. Prob will break even.

                    #81716 Reply

                      I think about it as an annuity. Where I live the cost of electricity is 32¢/kWh (which is very high). The system cost us $30k and produced 10,500kwh last year.

                      Electricity prices are rising (and I believe will continue to rise) at a rate of 12-15% annually for the foreseeable future. An annuity with a $3,500 withdrawal rate is worth $32k … now I also want to get rid of bills that I can to reduce stress on my budget over the long term (mostly by getting rid of debt but removing bills like electricity bill).

                      I also want to get a wood burning furnace to get off my gas bill too.

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