Solar installation on residential property

Residential - September 2020

Thoroughly pleased with everything except the electric meter update.

Quick Facts

Energy Needs Met

100%

or more of electricity

Net Investment

$29,340

Property

Owner:: Paul Smith
Type:: Residential
Address:: 3533 Picadilly Lane, Corpus Christi, TX `78414
Size:: 1,900 sq ft
Energy need met:: 100% or more of electricity

Technology

Type:: Solar PV
Installed:: September 2020
Size of System:: 9.28 kW
Purposes:: To generate electricity

Financial Details

Gross Cost of System:: $41,000
Value of Rebates:: $1,000
Value of Tax Credits:: $10,660
Net Cost of System:: $29,340
Own or Lease:: Purchase with Loan
Additional Financial Notes:: LoanPal is outstanding to do business with

Professionals & Suppliers

Installers:: Freedom Solar
Financing:: GoodLeap

What You Need to Know

Description:

I have 29 solar panels installed that are projected to provide 115% of my energy needs

Other Benefits:

It reduces my carbon footprint and protects me from future electric rate increases.

Maintenance Requirements:

None

My Motivation:

Establishing a fixed monthly cost for my energy. By enrolling in an energy provider, such as Green Mountain, that buys back at the same rate it is sold, I can build up credit.

Advice:

Think it through and ask a lot of questions. Be aware that your roof should be in good condition as it will cost around $200 per panel to remove the system and reinstall it after a roof replacement (unless it's as a result of an insurance claim) Notify your insurance company when the work is complete. It will raise your premium but by a relatively small amount. Mine goes up around $70/year. Don't expect everything to happen quickly. The biggest hold up for me is getting the meter replaced/updated as it will not register going in reverse. So far I've waited 2 weeks for AEP to replace my meter and during this time I could have been building credit. If you don't plan to stay in your house for very long, don't buy solar as you will be wasting money. Most solar loans are assumable providing the person assuming the loan qualifies, and assuming they are willing to assume the loan. Otherwise you have to pay off the balance if you financed the solar system or at it into the sale price of your house.

Experience with Installer:

I went with a company called Sunpower by Freedom Solar. There were 4 or 5 great companies out there but this company is based in Texas and been in business for 13 or 14 years. I wanted a company with a track record and all of the others that provided a quote had less time in the business. Sunpower panels are also rated one of the highest quality panels in the business. Sunpower also has its own staff and does not subcontract the installation, which was very important to me. They are professional and gave an excellent presentation prior to me selecting them.

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