Residental roof-top solar

Single-Family Residence - May 2021

Return on investment analysis, 1 year in

Quick Facts

Average Annual Savings

$643

Net Investment

$12,298

Return on Investment

5.2%

Property

Owner:: IW
Type:: Single-Family Residence
Address:: Ypsilanti, MI 48198
Size:: 1,000 sq ft

Technology

Type:: Solar PV
Installed:: May 2021
Size of System:: 4.5 kW
Purposes:: To generate electricity

Financial Details

Gross Cost of System:: $16,619
Value of Tax Credits:: $4,321
Net Cost of System:: $12,298
Annual Savings:: $643
Own or Lease:: Cash Purchase
Additional Financial Notes:: Using DTE rates based on "current" electricity prices for the year (it changes month to month, so I just went with one that seemed fairly typical when calculating my savings). Total prices given includes $2500 to upgrade service line and panel (had a 100 amp Pushmatic box). Assuming investment interest is 2% greater than inflation (had to pick something), and considering the time value of money (potential income from investing the cash cost instead of purchasing a solar system), my break-even is 18 years (16 if you don't include the cost of the service/panel upgrade in the calculation). If I run the numbers using DTE's renewable energy rate (which is higher, so my savings are greater), break-even is 16 years (14 not including the upgrades).

Professionals & Suppliers

Products:: LG Solar; SolarEdge Technologies
Installers:: YellowLite

What You Need to Know

Description:

Rooftop, south-facing, full sun LG Solar LG375Q1C-V5 NeON R (12 panels) with a SolarEdge SE5000H-US inverter

Maintenance Requirements:

No maintenance to date

My Motivation:

Cost savings and environmental benefit

Advice:

I got three quotes and they were vastly different. Costs from the installers were lower with a cash quote, so we ended up doing a HELOC through our local bank because costs were lower, and then paying the installer in cash.

Experience with Installer:

The salesperson at Yellowlite was excellent and very communicative. My project manager was not. There were long delays with long periods with no updates and unresponsive to my inquiries. They contracted out with a local installer, who did the actual work on the ground, but all communication was through Yellowlite.

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