Author Topic: Is Arcadia Power Community Solar Worth it?  (Read 3769 times)

tj

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Is Arcadia Power Community Solar Worth it?
« on: September 23, 2017, 12:15:53 PM »
I mentioned this in this thread, but it most likely got buried in the welcome/general discussion:

https://forum.mrmoneymustache.com/welcome-to-the-forum/sign-up-for-arcadia-power-get-$30-credit/msg1681415/#msg1681415

Arcadia Power is selling "community solar". You invest $100 upfront for a "portable panel". In return you get $1/mo for 10 years to go towards your electric bill. You are essentially giving out a 10 year 3.75% loan to Arcadia, and presumably Arcadia is charging a higher interest rate to the person who is financing the panels. But...how do I know Arcadia Power will even still be around 10 years from now?

https://solar.arcadiapower.com/

When I asked Arcadia for more details, this is what they told me:

Quote
The fixed payback rate for the Passaic River project is $0.168/kWh. We used the National Renewable Energy Laboratory's PVWatts Calculator to determine the projected output of the panels according to location, orientation, etc. The projected output, the value of the associated SRECs, local incentives, and our agreement with the solar host all factor into the payback rate we're able to offer you. Please see below.

Passaic River Project

    Location: New Providence, NJ
    Price per panel (one-time) = $100
    Savings term = 10 years
    Estimated monthly savings = $1.00
    Total estimated savings = $120.00
    Start date = 10/01/2017

Over the course of 10 years, the net savings for 1 panel is $20. Some of our customers choose to subscribe to 1 panel and others choose to subscribe to more. For example, if you paid $2,500 upfront to subscribe to 25 panels, we estimate your net savings over 10 years would be $500.

My local utility rate is a lot closer to 8 cents per kilowatt hr in winter and 11 cents per killowatt hr in summer, so it seems like purchasing something that is worth 16kwh would be more lucrative, but the numbers seem decent but nothing special considering the risk of if Arcadia Power has long term viability.

Does anyone see any value here other than feeling good about "going green "?

gooki

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Re: Is Arcadia Power Community Solar Worth it?
« Reply #1 on: September 25, 2017, 05:01:14 AM »
I would not do it.

DrumAllDay

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Re: Is Arcadia Power Community Solar Worth it?
« Reply #2 on: May 23, 2018, 11:02:08 AM »
TJ, I just heard about this program and found this thread. Did you decide to sign up? It sounds like an interesting idea to me. Like you said, an easy way to "go green" while getting a little return back.

AMandM

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Re: Is Arcadia Power Community Solar Worth it?
« Reply #3 on: May 23, 2018, 02:54:12 PM »
If you put your money into a CD paying 2% you'd be better off at the end of the 10 years. Banks that issue CDs are a lot more likely to be around for the whole 10 years, and the CDs can't get damaged as solar panels can.

tj

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Re: Is Arcadia Power Community Solar Worth it?
« Reply #4 on: June 06, 2018, 09:48:51 PM »
TJ, I just heard about this program and found this thread. Did you decide to sign up? It sounds like an interesting idea to me. Like you said, an easy way to "go green" while getting a little return back.


I have one solar panel, so I didn't invest too much, but I am doing the free wind. Feel free to use my link to signup. :)

It's not a very good financial investment. I don't know that a 10 year 2% CD will outperform it though.