$2,600
$22,596
11.5%
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$2,600
$22,596
11.5%
Property
- Type:
- Residential
- Size:
- 3,000 sq ft
Technology
- Type:
- Critter Guards (Solar)
- Installed:
- May 2019
- Size of System:
- 11.55 kW
- Monitor performance:
- www.mySolarEdge.com
- Purposes:
- To generate electricity
- For air-conditioning
Financial Details
- Gross Cost of System:
- $33,708
- Value of Tax Credits:
- $11,112
- Net Cost of System:
- $22,596
- Annual Savings:
- $2,600
- Own or Lease:
- Purchase with Loan
- Additional Financial Notes:
- The loan was paid off in 2 years and over $2000 in interest costs.
What You Need to Know
Description:
35 solar panels installed on the roof. There are 4 facing east, 4 facing north and 27 facing south.
Other Benefits:
None
Maintenance Requirements:
Our inverter required being replaced only after a year and a few months so that was disappointing, although other than losing the energy produced during the time it was out, there were no out of pocket costs with the replacement.
Efficiency or Sustainability Improvements:
We added a tankless water heater.
My Motivation:
There has been no realized cost savings at the moment in fact I am still over $16,000 under water and this is having benefited from a 30% tax credit. However, if there are no significant maintenance costs or production issues or decreases I expect to break even on costs in 6 1/2 years and financially benefit after that.
Advice:
Pay in cash. The interest you pay with a loan wipes out a good majority of any realized monetary savings. The first year after paying out of pocket for pigeon guards and loan interest was actually more costly than not having installed a system until the tax credits kicked in. Also know the tax credits are dependent on income. If you don’t pay taxes normally you don’t get any tax credit. Only time will tell if there is any financial benefit. It’s completely dependent on panel production and repair costs.
Experience with Installer:
Elevation Solar was great to work with. Their installers were professional, they painted the conduits to match the home. We’ve had the system for 4 years now and the only issue was the inverter quitting so soon. Other than that no complaints.
Additional Notes:
The only thing I don’t like is that the inverter is installed outside of our backyard fence and is accessible to anyone who wants to touch it. We built a lockbox around it to keep mischievous hands away as much as possible.
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