Solar panel loan?

[msming]

This sounds intriguing.  If this article is accurate, SolarCity is about to start offering homeowners loans for purchase and installation of solar panels on their rooftops, with the loans to be repaid based on the amount of power the panels produce, potentially still delivering savings on energy costs and allowing homeowners to take advantage of generous federal tax credits.  I'm interested to see how this plays out.  Thoughts?

http://abcnews.go.com/Technology/wireStory/solarcity-loan-deal-propel-rooftop-market-26034335

[This_Is_My_Username]

calculate the interest rate on the loan.    I am in australia, but a similar scheme had a 14% loan rate.  (too expensive).

Note also that solar panels depreciate faster than cars!  solar panels from even 3 years ago are shitty pieces of shit, compared to today. 

[msming]

The article says SolarCity will charge 4.5%.  I'm not saying I would personally opt into this plan.  But if it does lead to more widespread adoption of solar in the U.S., that may be a good thing.

[TomTX]

As much as I like Elon Musk, there are lower cost providers out there:

http://solarhome.com/

The method we considered was to get a car loan on our paid-off car @ 1.65% from our credit union, and use that for a solar install. Much better rates. Still can't quite make the numbers work.

[workathomedad]

They're looking for ways to get early adopters onboard to ramp production and hopefully bring costs down. I'd wait 10 years for the tech to improve, especially since natural gas is super cheap right now.

[Calvawt]

Solar City was about 50% higher than the vendor I selected to install my panels a few months ago.  They aggressively push the power purchase option, not an outright purchase.