I’m getting closer to pulling the trigger on my solar system. In the process of getting quotes and will share when I move along further. My roof shingles are getting replaced in a month or so and the solar system paperwork/installation takes months.
I use over 1,200 kw/mo (average over a year), so I don’t actually have enough roof real estate to get a system to cover 100% of my electric bill. My only plus is that my roof is 100% south facing with minimal obstructions, so I can fit 27 panels up there.
My first quote came in with 27 305W panels = 8.235 kW system. $28,000
I’m hoping the next two quotes can put higher output panels up for around the same price. Others look to be getting 360W panels, which would give me 9.72 kW.
Starting Cost: $28,000
NYSERDA discount = $0.40/W discount immediately. 8,235W * .4 = $3,294
Total after immediate rebate = $24706
FED discount = 30% tax credit = $7,411
NY discount = 25% tax credit ($5000 max) = $5,000
Total after discounts and Tax check next year = $24,706 - $12,411 = $12,295
Laon for 20 years at 7%
Initial payment for 18 months (loan term requirement) = $130/mo.
Applying the $12,295 at 18 months drops the payment to $90/mo.
Payback at 10 years. Pay off of loan at 20 years.
Will post up more soon, when I see other quotes. Having two companies out next week…