Author Topic: Solar panels  (Read 3091 times)

Offline ari833

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Solar panels
« on: August 09, 2017, 12:42:08 PM »
I'm considering installing solar panels on my house. I live in NJ. DOes anyone have any epxerience with solar panels and can share the cost/pros/cons as well as the leasing v. the buying options. Thanks!

Offline as2

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Re: Solar panels
« Reply #1 on: August 09, 2017, 12:47:24 PM »
I'm considering installing solar panels on my house. I live in NJ. DOes anyone have any epxerience with solar panels and can share the cost/pros/cons as well as the leasing v. the buying options. Thanks!
I do not, but I know if someone who purchased them in NJ, and I believe about 50% was subsidized. Look into the rebates/discounts etc as it can definitely take a lot off the price. I believe that if you produce more electricity than you use, the electric company will buy it back. This was in Clifton, I don't know much more than that.
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Re: Solar panels
« Reply #2 on: August 09, 2017, 12:51:17 PM »
its 30% federal tax rebate that you get.
plus you can sell SREC to a broker, which is certificates of electricity earned.
you get each SREC certificate when you produce 1000kwh
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Offline hachover

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Re: Solar panels
« Reply #3 on: August 09, 2017, 01:37:16 PM »
I've looked into it and the only option I wanted was to own the system. Does not make financial sense in my calculations.

Lots of people I know have solar systems though, but all of them lease it. The math is much easier - if the amount you spend on average per month in electricity is more than the monthly lease price, it's a good deal. In some cases it can make sense even if the lease costs more than your current bill, depending on how much you think electricity prices will inflate in future.

Another important thing to find out about is what your home insurance company thinks about it. It's not a positive in their view.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline deal catcher

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Re: Solar panels
« Reply #4 on: August 09, 2017, 01:39:47 PM »
I do not, but I know if someone who purchased them in NJ, and I believe about 50% was subsidized. Look into the rebates/discounts etc as it can definitely take a lot off the price. I believe that if you produce more electricity than you use, the electric company will buy it back. This was in Clifton, I don't know much more than that.
Powerlutions Solar is a very knowledgeable frum company in NJ, i recommend you contact them at (732) 987-3939

Offline as2

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Re: Solar panels
« Reply #5 on: August 09, 2017, 01:41:40 PM »
Powerlutions Solar is a very knowledgeable frum company in NJ, i recommend you contact them at (732) 987-3939
I don't live in NJ, and am not currently interested. Let this info be of service to those it applies to.
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Offline HKFS

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Re: Solar panels
« Reply #6 on: August 09, 2017, 01:51:45 PM »

Offline as2

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Re: Solar panels
« Reply #7 on: August 09, 2017, 02:33:40 PM »
Oh, and happy 5th DDF birthday OP
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Offline henche

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Re: Solar panels
« Reply #8 on: August 09, 2017, 02:37:04 PM »

Lots of people I know have solar systems though, but all of them lease it. The math is much easier - if the amount you spend on average per month in electricity is more than the monthly lease price, it's a good deal. In some cases it can make sense even if the lease costs more than your current bill, depending on how much you think electricity prices will inflate in future.


You also need to know how much electricity you'll generate. It's not nearly the maximum.

Offline hachover

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Re: Solar panels
« Reply #9 on: August 09, 2017, 02:47:25 PM »
You also need to know how much electricity you'll generate. It's not nearly the maximum.

I've heard the leasing companies build in a guarantee of some kind (if it doesn't generate at least x, you get $). There's a lot of reasons that I don't like the leasing, but it's very popular with the average joe.
I'm an optimist; but only because life isn't going to give me any other good choices.

Offline aygart

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Re: Solar panels
« Reply #10 on: August 09, 2017, 02:48:47 PM »
Even within the basic types of solar contracts there are numerous different structures which can make a very big difference. The first thing to keep in mind is that they will be overcalculating your future electric costs on proposals since they base it on inflation while energy prices have been very stable recently. The value of unused generation can also be grossly overstated as it is nowhere close to the amount you would pay for consumed electricity. It is more like .015-.035 depending on timing. How much the tax rebate is worth depends on your personal situation. SREC also can be dealt with in different ways. If there is no contract for the SRECs then you are subject to their market fluctuations. The contracts are long and complex. Make sure you understand it well.
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Offline aygart

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Re: Solar panels
« Reply #11 on: August 09, 2017, 02:51:53 PM »
how much you think electricity prices will inflate in future.
Or if it will inflate at all.
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline Mordyk

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Re: Solar panels
« Reply #12 on: August 09, 2017, 03:09:51 PM »
its 30% federal tax rebate that you get.
plus you can sell SREC to a broker, which is certificates of electricity earned.
you get each SREC certificate when you produce 1000kwh
dont base a decision of SREC's    its worse than the stock market

Offline noturbizniss

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Re: Solar panels
« Reply #13 on: August 10, 2017, 12:12:46 AM »
My understanding is you basically need to see what your average electric use is over a year. Then see how much it costs to install solar and how much of that use it covers. Then see how long it takes to recover that. Build I'm an interest rate (or don't) and you'll see if it's worth it.
I just moved a month ago and my bill was crazy so I'm looking into it.

One consideration is that in a fire the ff will punch holes in roof to get in or to vent or something but they can't do that with solar.
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Offline Mordyk

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Re: Solar panels
« Reply #14 on: August 14, 2017, 07:33:39 AM »
My understanding is you basically need to see what your average electric use is over a year. Then see how much it costs to install solar and how much of that use it covers. Then see how long it takes to recover that. Build I'm an interest rate (or don't) and you'll see if it's worth it.
I just moved a month ago and my bill was crazy so I'm looking into it.

One consideration is that in a fire the ff will punch holes in roof to get in or to vent or something but they can't do that with solar.
Dont base it off your first bill. I did that until i realized the bilk was for a few months... in reality ibwould not save that much money every month so i didnt