Shed vs Solar

Nccstud

Daddy no likey
TCG Premium
Aug 20, 2012
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Belvidere
These are the perils of my life. Sold my old house and paid off some debt, so now do I put up solar panels or something like a 50x30 pole barn?

I have a smaller shed full of crap, and would just like a place to store the skid steer and 4 wheelers and what not. Would be able to hang out in if it's shitty outside too.

Solar makes the most sense probably, but isn't as fun as having a nice pole barn. Would have to cut down some trees and set up a ground mount unit I think. 20k kwh worth

Both will probably cost me about the same. Maybe a go with a smaller barn and then solar panels.

What say you TCG? I know a few of you have done solar panels....so are they awesome or what?
 

Nccstud

Daddy no likey
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Aug 20, 2012
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what is the ROI for the system?

5 years with a cash purchase. The system cost a bit more than this quote since I am ground mounting and have to put a 200' trench in to get to it.


Cash Purchase

Total Project Cost: $49,950
30% Federal Tax Credit: $14,985
SREC Income: $23,780
Net System Cost: $11,185
Payback period: 5 years

Finance
First 16 months: $242
Payments after refinancing majority $31,945) of incentives: $182
Total combined incentives: $41,204 (you can refinance all of this, bringing the post month 16 monthly payments down even more)
No prepayment penalties
Term: 20 years
Interest rate: 4.99%
 

Nccstud

Daddy no likey
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Aug 20, 2012
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Belvidere
I didn't have the cash, so I couldnt go that route. The financing is genius on their end. The first 16 months of the system is interest only. Then, assuming you re-invest all of the incentives, then it is a normal loan.

No prepayment penalties...so I plan on financing, but paying off early.

Since it is a little higher than what that quote is..I think my payment is like $268($259 for the solar loan + $9 ComEd charges). My electric bill is currently $230...so yeah, I'll pay a little extra now...but should save a ton in the future.
 

crooks

TCG Elite Member
TCG Premium
Sep 30, 2012
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Elgin IL
5 years with a cash purchase. The system cost a bit more than this quote since I am ground mounting and have to put a 200' trench in to get to it.


Cash Purchase

Total Project Cost: $49,950
30% Federal Tax Credit: $14,985
SREC Income: $23,780
Net System Cost: $11,185
Payback period: 5 years

Finance
First 16 months: $242
Payments after refinancing majority $31,945) of incentives: $182
Total combined incentives: $41,204 (you can refinance all of this, bringing the post month 16 monthly payments down even more)
No prepayment penalties
Term: 20 years
Interest rate: 4.99%

"SREC Income: $23,780"
Over what period of time is this?
 

Nccstud

Daddy no likey
TCG Premium
Aug 20, 2012
2,806
2,290
Belvidere
"SREC Income: $23,780"
Over what period of time is this?
For me 5 years since it is so much. I think on smaller amounts you get the SREC amount right away because they calculate that into some of the numbers they show for refinancing.

Mine being a bigger system seems to put me into the 2nd tier of residential systems. A couple members here have gone solar and could answer that question more accurately
 

Nccstud

Daddy no likey
TCG Premium
Aug 20, 2012
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Belvidere
How big is the system? Panels and production?
Screenshot_20190407-122946.jpeg
 

Knowklew

TCG Elite Member
TCG Premium
Aug 5, 2014
1,900
103
5 years with a cash purchase. The system cost a bit more than this quote since I am ground mounting and have to put a 200' trench in to get to it.


Cash Purchase

Total Project Cost: $49,950
30% Federal Tax Credit: $14,985
SREC Income: $23,780
Net System Cost: $11,185
Payback period: 5 years

Finance
First 16 months: $242
Payments after refinancing majority $31,945) of incentives: $182
Total combined incentives: $41,204 (you can refinance all of this, bringing the post month 16 monthly payments down even more)
No prepayment penalties
Term: 20 years
Interest rate: 4.99%

So is this saying that you pay monthly for 16 months for the installation and cost of the materials for the system? Then what? Are you stuck with a monthly payment? How long? Does that monthly payment cover the entire electric bill? Does ComEd still require a monthly bill?
 

Nccstud

Daddy no likey
TCG Premium
Aug 20, 2012
2,806
2,290
Belvidere
So is this saying that you pay monthly for 16 months for the installation and cost of the materials for the system? Then what? Are you stuck with a monthly payment? How long? Does that monthly payment cover the entire electric bill? Does ComEd still require a monthly bill?
First 16 months is interest only. Then yes, still a monthly payment. The monthly payment for the solar is basically equal to my current electric bill. Once you reinvest the incentives back in, the bill should be less than my current electric bill. No prepayment penalty if I get enough money to pay it all off.
 
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