Anyone Have Solar Panels?

[wannab@dis]

I've never met anyone with a private installation or seen a public installation (such as a school) that actually saved money, even when you multiply it out by the expected lifetime. The initial costs plus the maintenance costs are always higher than predicted. Buy backs are always lower than predicted. Efficiency (amount of power generated) is always lower than predicted. Solar is a losing proposition today. I would only imagine that leasing would be even worse.

Maybe in a few years it will change.

 

[Master Yoda]

I've never met anyone with a private installation or seen a public installation (such as a school) that actually saved money, even when you multiply it out by the expected lifetime. The initial costs plus the maintenance costs are always higher than predicted. Buy backs are always lower than predicted. Efficiency (amount of power generated) is always lower than predicted. Solar is a losing proposition today. I would only imagine that leasing would be even worse.

Maybe in a few years it will change.

This is another reason we have yet to pull the trigger.

Being no stranger to multi-level marketing scams, the similarities in the math used by the people selling solar is undeniable.

No system is going to work at 100% and that tends to be what they use when calculating your power generation. This might be fine if you are putting up a system in Arizona, not so much if you are in Boston.

 

[trr1]

We just met with someone from NRG Home Solar - we're new to this whole thing so curious if anyone has solar, has used this company, has any recommendations or experiences that may help us decide? Thanks!!!

my spouses cousin had both electric and hot water panels and likes them
I would love to get the electric ones myself let us know what you find out

 

[NYwdwfan]

my spouses cousin had both electric and hot water panels and likes them
I would love to get the electric ones myself let us know what you find out

Will do!

 

[Clamman73]

Personally, I really like the idea of going off the grid, especially on LI and not give LIPA/PSEG another dime. Look at what state rebates are still available for 2015. I saw something of this years state tax form - not sure what's available this year though.

 

[NYwdwfan]

Personally, I really like the idea of going off the grid, especially on LI and not give LIPA/PSEG another dime. Look at what state rebates are still available for 2015. I saw something of this years state tax form - not sure what's available this year though.

I think the state rebate is $5,000 - but I am getting my taxes done tomorrow and plan to discuss with my accountant. I will let you know.

 

[Master Yoda]

I think the state rebate is $5,000 - but I am getting my taxes done tomorrow and plan to discuss with my accountant. I will let you know.

You typically do not get a rebate or tax credit when you lease. Any breaks will go to the actual owner.

This is yet another thing that raises a red flag about a lease since I know of no company that has been doing this for very long.

It does not seem like it would be that hard for a company to buy the panels and the install on credit, collect the rebates and then skip town the second the return hits the downward slope on the bell curve.

 

[NYwdwfan]

You typically do not get a rebate or tax credit when you lease. Any breaks will go to the actual owner.

This is yet another thing that raises a red flag about a lease since I know of no company that has been doing this for very long.

It does not seem like it would be that hard for a company to buy the panels and the install on credit, collect the rebates and then skip town the second the return hits the downward slope on the bell curve.

OK - from the NY State Department of Taxation and Finance website - the credit IS available for leasing a system but it is capped at $5,000 and will actually be 25% of the qualified solar energy system expenditures. I believe the use of the word "qualified" opens this up to interpretation. Interesting:

Solar Energy System Equipment Credit
You are entitled to claim this credit if you:

• purchased solar energy system equipment,
• entered into a written agreement for the lease of solar energy system equipment, or
• entered into a written agreement that spans at least ten years for the purchase of power generated by solar energy system equipment not owned by you.

The solar energy system must use solar radiation to produce energy for heating, cooling, hot water, or electricity for residential use. The system must also be installed and used at your principal residence in New York State.

How much is the credit?

The credit is equal to 25% of your qualified solar energy system equipment expenditures and is limited to $5,000.

 

[Master Yoda]

OK - from the NY State Department of Taxation and Finance website - the credit IS available for leasing a system but it is capped at $5,000 and will actually be 25% of the qualified solar energy system expenditures. I believe the use of the word "qualified" opens this up to interpretation. Interesting:

Solar Energy System Equipment Credit
You are entitled to claim this credit if you:

• purchased solar energy system equipment,
• entered into a written agreement for the lease of solar energy system equipment, or
• entered into a written agreement that spans at least ten years for the purchase of power generated by solar energy system equipment not owned by you.

The solar energy system must use solar radiation to produce energy for heating, cooling, hot water, or electricity for residential use. The system must also be installed and used at your principal residence in New York State.

How much is the credit?

The credit is equal to 25% of your qualified solar energy system equipment expenditures and is limited to $5,000.

When we looked at it, the credit was in the $10k-$20k range for purchasing a system.

 

[NYwdwfan]

When we looked at it, the credit was in the $10k-$20k range for purchasing a system.

Wow - good to know. I think the system runs around $25K so the credit on the purchase would practically cover the entire cost - now I have even MORE to think about! Will definitely bring up with the accountant tomorrow.

People say "money can't buy happiness" but when you don't care about money you don't have the stress of researching these types of things!!!

 

[Master Yoda]

Wow - good to know. I think the system runs around $25K so the credit on the purchase would practically cover the entire cost - now I have even MORE to think about! Will definitely bring up with the accountant tomorrow.

People say "money can't buy happiness" but when you don't care about money you don't have the stress of researching these types of things!!!

When I was looking at it the system cost was closer to $50k.

 

[NYwdwfan]

When I was looking at it the system cost was closer to $50k.

Oh wow. My husband's friend is purchasing/financing one and I think he said it's around $25K. I'm guessing if the coast of the system came down so much the available rebates would be much less as well. More questions for the accountant!

Again - thanks for your input - it's helping me figure out the right questions to ask!

 

[Master Yoda]

Oh wow. My husband's friend is purchasing/financing one and I think he said it's around $25K. I'm guessing if the coast of the system came down so much the available rebates would be much less as well. More questions for the accountant!

Again - thanks for your input - it's helping me figure out the right questions to ask!

It was also a few years ago and it was for a 2000 sq foot house with vaulted ceilings.

 

[njDizFan]

I had someone from come out from a solar company(Vivant) a few months ago. they were canvasing all the streets in my neighborhood. They came out and gave a really good pitch. We decided to move forward(it was no cost to us). They put in all the permits, inspected the roof, put in some test strips to determine our amount of sunlight. they did quite a bit of legwork.

Their deal was similar to the one you talked about. It was for 20 years. I agreed to buy energy from them. There were caps on how much we would have to pay per kilowatt. And they agreed to remove the tiles if the roof needed to be repaired or replaced. Bascially it would have lowered our bill by about 30%.

Now I love the idea of solar panels but really without the infrasturcture with batteries and all it was just swapping my utility company in essence. But obviously it does not cost anything to the homeowner. Where it kind of broke down for my liking was the fact that we sold the house the contract would be moved to the next owner. They had realtor testimonials that stated it would be an actually selling feature. But I felt it was risk.

The other negative was that while you were contract and decided to remove the panels you had to pay the cost of the installation deprciated by the years left. so in the end we decided to back out

 

[NYwdwfan]

I had someone from come out from a solar company(Vivant) a few months ago. they were canvasing all the streets in my neighborhood. They came out and gave a really good pitch. We decided to move forward(it was no cost to us). They put in all the permits, inspected the roof, put in some test strips to determine our amount of sunlight. they did quite a bit of legwork.

Their deal was similar to the one you talked about. It was for 20 years. I agreed to buy energy from them. There were caps on how much we would have to pay per kilowatt. And they agreed to remove the tiles if the roof needed to be repaired or replaced. Bascially it would have lowered our bill by about 30%.

Now I love the idea of solar panels but really without the infrasturcture with batteries and all it was just swapping my utility company in essence. But obviously it does not cost anything to the homeowner. Where it kind of broke down for my liking was the fact that we sold the house the contract would be moved to the next owner. They had realtor testimonials that stated it would be an actually selling feature. But I felt it was risk.

The other negative was that while you were contract and decided to remove the panels you had to pay the cost of the installation deprciated by the years left. so in the end we decided to back out

Thanks - yeah we don't plan on being here for 20 years so the selling of the house and transferring ownership is a concern of mine. I definitely appreciate hearing why others decided against it - curious to see if there's anyone that has gone through with it (although I find it telling that nobody has so far).