Brian Vaughn - Barrington RI

Residential - January 2016

Quick Facts

Average Annual Savings

$1,000

Energy Needs Met

75% to 99%

of electricity

Net Investment

$22,000

Return on Investment

4.5%

Property

Type:: Residential
Address:: Barrington , RI 02806
Size:: 2,800 sq ft
Energy need met:: 75% to 99% of electricity

Technology

Type:: Solar PV
Installed:: January 2016
Size of System:: 7.14 kW
Purposes:: To generate electricity

Financial Details

Gross Cost of System:: $31,000
Value of Tax Credits:: $9,500
Net Cost of System:: $22,000
Annual Savings:: $1,000
Own or Lease:: Purchase with Loan
Additional Financial Notes:: Used Green Sky's financing. Using the Feed-in-Tariff from National Grid to get $0.4135/kWH generated.

Professionals & Suppliers

Products:: Enphase Energy; Silfab Solar
Installers:
Financing:: Green Sky Credit

What You Need to Know

Description:

I have a two array system. 28 panels with 7 on a roof facing south and 21 on the roof facing east. I was worried about the looks of the panels on the east roof as that is basically the front of my house and very much part of the curb appeal. I think the look came out to be great. The panels go well with the roof.

Maintenance Requirements:

None so far.

My Motivation:

The cost of electricity is ridiculous in Rhode Island. I also like solar and never imagined it would be cost effective to have on my own home. I was blown away by the finances. I doubt it would be possible to pull off without the FIT Program - which is unfortunate.

Advice:

People really need to look at the numbers. It is a possibility for many. Consider financing to get an immediate return on investment. If you put $25k cash down for this, could you possible get a better return putting $25k elsewhere and financing the panels.

Experience with Installer:

It was pretty good. I had to ask for some things to be taken into consideration to reduce the conduit that would be visible. If I didn’t help guide the process, I feel that there would be conduit run all over the exterior of the house which would have looked horrible.

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