$2,026
$28,008
7.2%
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What a great investment opportunity!
$2,026
$28,008
7.2%
Property
- Owner:
- Casey B.
- Type:
- Residential
- Address:
- Mechanicsville, VA 23111
- Size:
- 1,730 sq ft
Technology
- Type:
- Solar PV
- Installed:
- June 2020
- Size of System:
- 13.5 kW
- Monitor performance:
- https://enlighten.enphaseenergy.com/pv/public_systems/Mtkk1885888/overview?preview=1
- Purposes:
- To generate electricity
Financial Details
- Gross Cost of System:
- $37,849
- Value of Tax Credits:
- $9,841
- Net Cost of System:
- $28,008
- Annual Savings:
- $2,026
- Own or Lease:
- Purchase with Loan
- Additional Financial Notes:
- Loan financed with no installer credit, which usually raises the price of the system by 10-15% but makes the loan “look” more attrative with a lower rate. That's like buying points on a mortgage! Don't go there, my current rate is at 5.25%, financed $32,000 of the project.
Professionals & Suppliers
- Installers:
- Southern Exposure Solar
- Financing:
- ezSolarLoan by Community 1st Credit Union
What You Need to Know
Description:
Captures the morning sun with the front panels, and the better afternoon and peak sun with the bulk of the panels on the rear of the house. Our goal was to size the system to net 100% of our current usage plus 10,000 miles of range annually on an electric vehicle.
My Motivation:
As a financial advisor, the numbers looked very attractive. The home energy saving alone represents about a 7.2% ROR that will grow at the rate of my power companies cost per KW. A 7.2% guaranteed return with zero market risk is a great investment, but if you start to factor in the increases value of the property the return goes to about 12%.
Advice:
Ask questions and learn!
Experience with Installer:
Our installer was wonderful and no pressure, they took the time to answer all of my questions digging deep into breakeven points and the “nerd” work I called it.
Open House Info:
Come on by! Ask questions!
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