Solar…is it worth it?

[Muskrat]

We are looking to perhaps shift into a different home that more reflects our needs. It is mind blowing to me how many of the homes we have seen have solar leases. My home I currently spend most time in has a twenty year lease…10 years in. The contract was 26 pages in length. I was steaming when I bought the home…and steaming still. By doing the math to include the solar lease my electric costs 171$ a month. This is a figure that arguably would have a chance of being less if I did noy have the lease payment. I wonder how many people read…and understand their contracts.

 

[That Lady in PA]

It is worth it for my brother.
It is worth it for a friend who is totally off the grid.

It would not be worth it for me.

Anyone who does not read contracts is a fool (and in some instances, deserves what chaos they get themselves into).

Since you were steaming about the house's solar contract, why did you buy the house anyway?

 

[Muskrat]

I was in the last days of a 1031 exchange. I had to buy something fast or pay a ton of money. So I bought a home I would not have otherwise purchased.

 

[fuzzybuddy]

Muskrat, I have no idea what a "solar lease" is. And google isn't too sure either.
BTW, you stole my old 'username'.

 

[Muskrat]

@fuzzybuddy …it is my old CB name. A solar lease they put the panels on your roof and you pay a monthly payment for the lease. It is a contract…and you can not quit paying. Absolutely none of the nee contracts that I have so far read have any provision to own the panels after compleating the term of the lease. Mine at least says that after the TERM of the lease if I do not extend and they do not collect the panels I will own them after 90 days by default. Since I have yet to see any being removed I am counting upon someday owning them.

 

[fuzzybuddy]

@fuzzybuddy …it is my old CB name. A solar lease they put the panels on your roof and you pay a monthly payment for the lease. It is a contract…and you can not quit paying. Absolutely none of the nee contracts that I have so far read have any provision to own the panels after compleating the term of the lease. Mine at least says that after the TERM of the lease if I do not extend and they do not collect the panels I will own them after 90 days by default. Since I have yet to see any being removed I am counting upon someday owning them.

Thanks, I don't get out much.

 

[HoneyNut]

By doing the math to include the solar lease my electric costs 171$ a month. This is a figure that arguably would have a chance of being less

Does it power the air conditioning? Do you know what the average bill is for your area and size of house? Does it work when the power grid goes down? Would you still have full power if the grid starts doing brown-outs?

It doesn't sound to me like it costs too much depending on what it supplies.

 

[Nathan]

Solar…is it worth it?

My step-son who owns a solar systems installation company told me a few years ago that if our monthly electric bill regularly exceeded $150 that installing solar panels would be financially advantageous. I don't know what the current economics of solar is these days, but I generally view installing a solar system that would cost $30-40K up front or financed or leased, to be in essence "prepaying" for electricity for the next few decades. If I was under 40 rather than over 70 I wouldn't mind the long term investment, especially if it lowered monthly expenses.

 

[Macfan]

In my opinion, If Solar completely eliminated the electric company, it might be worth it but, it Does Not. So, pay the electric company or get solar and now pay the electric company AND pay for the solar. Now you have 2 bills to pay for electricity. What you save on the electric bill by having solar, you now have to give that up to the solar company. Yeah, sounds like a win win to me - NOT!!! Just sharing my 2 cents and no, I do Not have solar. By the way, we've been here 40 years with the same electric company, solar panels only last half that long and they aren't cheap to replace. Just saying... Don...

 

[astralcat]

I've always wanted solar panels and I know in the long run, it would be a saving but they are still to expensive to install.

 

[Muskrat]

if you have a battery to store the excess energy produced it might be a somewhat better idea for my area…but the batteries probably last a third of the panel life and cost a pretty penny. Without the battery you feed your excess into the grid for a price…and buy it back out for a higher price.

 

[MACKTEXAS]

I've been approached quite a few times by companies that install solar panels. I've looked into it, but decided I have no interest.

Aside from the substantial initial investment, solar panels need to be cleaned at least twice a year and there may be other maintenance costs, such as occasional inverter replacement and the expense of tree pruners to periodically cut back vegetation if you have trees on your property

There is potential for damage from hail larger than 1" in diameter, in which case the panels may not function to capacity, or fail completely, and insurance claims may take some time. The panels are generally covered by homeowner's policies, but the insurance premium will likely increase, since coverage limits on the dwelling have to be raised - and even without panels, my homeowner's premium has tripled in just the past three years.