Anyone finance solar panels?

[Rocka_84]

We live in San Diego county and are thinking about getting solar panels. Our monthly electricity bill is about $230-$250 and $400-450 during summer months. We have an electric car we charge every night.
We found a 7.68 KWh system that is $27,775 before the 30% tax refund for 24 panels. We are going to pay this loan off as soon as possible but we want to find a good loan. Anyone know of any good ones?

They are offering us a 12 year loan with 4.99% interest. $256.75 a month and after we get the refund of $8332.50, the loan payments go down to $176 a month for 11 years and 2 months.
We would pay off the loan as soon as possible. But would like to have our payments be less than our electric bill since we are building our emergency fund for the time being.  We have no other debt.

Thank you!


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[Bruinguy]

On the system, are you sure you need that large of a system?  We are on sdge and have a similar electricity cost (maybe a little lower than yours) and are looking at a 4.8 kWh system that will produce approximately 8,000 kWh per year. Our quotes are between $15k and $17k for system and install, before the tax rebate.

[Rocka_84]

On the system, are you sure you need that large of a system?  We are on sdge and have a similar electricity cost (maybe a little lower than yours) and are looking at a 4.8 kWh system that will produce approximately 8,000 kWh per year. Our quotes are between $15k and $17k for system and install, before the tax rebate.

We use about 850 kWh per month. This system will average 1050 kWh per month counting the summer months. What is your usage as far as kwh?


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[Bruinguy]

We use between 650 and 700 kWh per month on average.  The 8,000 kWh/yr should be about right for our current usage.  We expect to use a little more A/C if we have solar, but are ok if we net out a little off, as long as we stay within tier 1 pricing.

Our pricing is based on about 17 285w panels or 15 320w panels.

Do you think you need an extra 200 kWh per month, every month, compared to your current usage?  It seems like the proposed system may be larger than you need to me.

I'd get a couple of quotes if you have not already.  I'm a little north from you, but last time I was looking, I got a quote from a company that primarily operates in San Diego, Semper Solaris.  I think they were on the high side, but in the ballpark of the range of quotes I got.

[Rocka_84]

That's exactly who I'm going with! Semper Solaris. We are going for 24 320W panels. I am in Oceanside.

I also looked at Sunrun and they gave me a quote for a 6.6 KWh system (24 panels). A couple of grand cheaper but lower quality panels. 275 watt I believe.
We have a 2,750 sqft home and both companies said I could use this size. This is taking into consideration summer months at about 1200 kWh for 4 months. To have the ac running.

They are offering SDMCU financing, 12 year, 4.99%.
 I wanted to see if there was another better deal out there. I cannot find anything.


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[Another Reader]

In the San Jose area:

Low end pricing: $3.10-$3.25 per watt.  Small installers.  Lower end components, including Chinese panels.
Mid-range:  $3.65-$3.75 per watt.  Medium to larger companies, quality components.
Upper range: $4.00 per watt plus.  The guys with the big advertising budgets. Varying quality of design and components.

ETA:  Sungevity just filed for bankruptcy.  They were a fairly large installer.

[Rocka_84]

In the San Jose area:

Low end pricing: $3.10-$3.25 per watt.  Small installers.  Lower end components, including Chinese panels.
Mid-range:  $3.65-$3.75 per watt.  Medium to larger companies, quality components.
Upper range: $4.00 per watt plus.  The guys with the big advertising budgets. Varying quality of design and components.

ETA:  Sungevity just filed for bankruptcy.  They were a fairly large installer.

So who would you go with?


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[Another Reader]

I have been talking with one of the mid-range companies.  American-made panels with microinverters.  Looking at about 5.6 Kw.

My neighbor went with the lowest bid.  Never heard of the company.  They have been here several times in the last month or so.  The City inspector was out.  As far as I can tell, the system is still not operational.

I would never, ever use Solar City. Cheap components and poor service, per other neighbors.

[cpa cat]

Keep in mind that the tax credits are non refundable. To get that $8333 refund, you'll need at least $8333 in tax liability to deduct it against and then you'd have to have withholdings to then refund. Unused credits do carryforward.

I had one client who was very disappointed to find out that the refund they were promised by the solar salesman didn't appear, since they have no tax liability.

[alison_peta]

+1 on the tax credit being nonrefundable. I financed my solar system and I don't think my salesman knew that fact himself. Either that or he intentionally misled me. I ended up financing the full amount without the tax credit at 2.99% for 12 years. I have been collecting the credit for three tax returns now, and invest it. I'll get the final bit next year.

[Rocka_84]

+1 on the tax credit being nonrefundable. I financed my solar system and I don't think my salesman knew that fact himself. Either that or he intentionally misled me. I ended up financing the full amount without the tax credit at 2.99% for 12 years. I have been collecting the credit for three tax returns now, and invest it. I'll get the final bit next year.

Where did you get the loan? That's a really good rate. They are asking for 4.99 for 12 years.
We definitely owe more in taxes than the credit. Thank you!


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[Rocka_84]

Keep in mind that the tax credits are non refundable. To get that $8333 refund, you'll need at least $8333 in tax liability to deduct it against and then you'd have to have withholdings to then refund. Unused credits do carryforward.

I had one client who was very disappointed to find out that the refund they were promised by the solar salesman didn't appear, since they have no tax liability.

Thank you for this, we weren't sure how it would work with withholdings, that makes sense.


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[Another Reader]

Check around for HELOC rates.  You should be able to beat 4.99 percent.

[alison_peta]

Where did you get the loan? That's a really good rate. They are asking for 4.99 for 12 years.
We definitely owe more in taxes than the credit. Thank you!


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My solar installer had a deal with GreenSky Credit.  GreenSky has been a pleasure to work with.  It looks like the deal is now through a local credit union. http://suncommon.com/affordable-vermont-solar/

In Vermont, there are lots of options for inexpensive loans for energy and efficiency projects.  Maybe there is something similar in your area? The credit union currently partnering with my solar installer has these loans listed: https://www.vsecu.com/financial/clean-energy-loans/about

[Rocka_84]

Where did you get the loan? That's a really good rate. They are asking for 4.99 for 12 years.
We definitely owe more in taxes than the credit. Thank you!


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My solar installer had a deal with GreenSky Credit.  GreenSky has been a pleasure to work with.  In Vermont, there are lots of options for inexpensive loans for energy and efficiency projects.  Maybe there is something similar in your area? https://www.vsecu.com/financial/clean-energy-loans/about

Thank you!


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[Dave1442397]

Here's a good post from someone on Timezone who had solar panels installed, and did a nice analysis -

http://forums.timezone.com/index.php?t=tree&goto=7291953&rid=0