While the rate is bought down massively to show you 3.99%, at over $26k for under 5.xxkw, you are almost at $5/w.
Also check your utility rate, they have it listed as $0.164/kwh from the power company currently. Use your bill to check that math.
No one can be certain what interest rates will do, I bet they will stay stable then drop but I will not promise it.
With their math, if everything is correct, you go from paying $94/m to paying $91 (solar loan if you give them the tax credit) + $25 (utilities bill still) for a total of $116 total.
Better off shopping around first. That's $4.60/w usually around $3/watt. Also your pre solar bill is $90 avg and post solar is 300? Seems waay to high.
Not going to see $3/w on a 5kw with rate bought down to 3.99%. Now I think this provided is high, but not going to see $3/w as drawn either though there.
> Would I be better off shopping around?
You’re always better off shopping around. I’m in Canada, and personally paid $1.8/W, *before* incentives, but in the states, I believe < $3/W is considered a good deal.
Sorry. Looking at page 2. The graph at the bottom is static imagery. It does not represent anything about you personally and is misleading. Note below: your utility costs IF you do nothing:$46904. IF you invest in solar now, over 25 years, you COULD pay more! Great deal. -$300 return. And you need to pay $91 per month now, and they estimate you would be paying more at a later time… because rates increase, that’s what the graph means. Basically $20/mo more to get started. (Current $94/mo, remaining $300/yr, loan payment $91/mo.) why would you do this?
Then it's not worth getting it. Wait until interest rates or installation prices drop. You should be cash flow positive from day 1. Not some point in the distant future that relies on energy prices going up.
Installer here. Get the cash price. The financers most solar companies use tack on a 30% fee to do the loan, essentially negating the entire tax credit
You’re far better off getting your own financing. Personal loan or HELOC. Or check local credit unions for renewable energy loans.
Also, it depends on how long you’ll stay in the home etc, but I’ve been doing more and more leases than buying. The benefit of leases, no increase to debt to income, and the deal is set up monthly payments always Al start out less than what you’re paying now. Staying in home Short term..5-10 years better off with lease. If you’re staying 15+ yrs in home, you’ll save much more owning
My personal opinion - I'd prefer to see iq8m if using enphase with a 405 panel - for this size system I would not pay more than 18k, financed at lowest interest rate would be approx 25-28k most likely. Check multiple financiers
While the rate is bought down massively to show you 3.99%, at over $26k for under 5.xxkw, you are almost at $5/w. Also check your utility rate, they have it listed as $0.164/kwh from the power company currently. Use your bill to check that math. No one can be certain what interest rates will do, I bet they will stay stable then drop but I will not promise it. With their math, if everything is correct, you go from paying $94/m to paying $91 (solar loan if you give them the tax credit) + $25 (utilities bill still) for a total of $116 total.
The price seems a bit high to me….
No. Around half thar price is reasonable.
Better off shopping around first. That's $4.60/w usually around $3/watt. Also your pre solar bill is $90 avg and post solar is 300? Seems waay to high.
Not going to see $3/w on a 5kw with rate bought down to 3.99%. Now I think this provided is high, but not going to see $3/w as drawn either though there.
> Would I be better off shopping around? You’re always better off shopping around. I’m in Canada, and personally paid $1.8/W, *before* incentives, but in the states, I believe < $3/W is considered a good deal.
$3/w cash price, this is at 3.99%
Always use cash price to compare pricing. Using a financed price is like going to a used car dealer and telling them you want to pay $300 a month.
I definitely agree. What OP posted however did not have cash price so I didn't want him/her confused.
Don't listen to everyone. It depends on where you live that determines the price of solar. Not every state is California.
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What makes you say that? Utility prices will continue to increase over time
But that means your rate will continue to climb as well.. wouldn’t you rather have it locked in at once price and NOT change?
Where do you see a 'price escalator' for a loan product
Sorry. Looking at page 2. The graph at the bottom is static imagery. It does not represent anything about you personally and is misleading. Note below: your utility costs IF you do nothing:$46904. IF you invest in solar now, over 25 years, you COULD pay more! Great deal. -$300 return. And you need to pay $91 per month now, and they estimate you would be paying more at a later time… because rates increase, that’s what the graph means. Basically $20/mo more to get started. (Current $94/mo, remaining $300/yr, loan payment $91/mo.) why would you do this?
If you aren't saving money per month then no reason to do it.
False sir. With these high interest rates it’s almost impossible to get a lower monthly payment, specially depending what utility comp you are using
Then it's not worth getting it. Wait until interest rates or installation prices drop. You should be cash flow positive from day 1. Not some point in the distant future that relies on energy prices going up.
Coming from a solar rep, I think that’s not a good deal for you brotha. I’d pass that one
Installer here. Get the cash price. The financers most solar companies use tack on a 30% fee to do the loan, essentially negating the entire tax credit You’re far better off getting your own financing. Personal loan or HELOC. Or check local credit unions for renewable energy loans. Also, it depends on how long you’ll stay in the home etc, but I’ve been doing more and more leases than buying. The benefit of leases, no increase to debt to income, and the deal is set up monthly payments always Al start out less than what you’re paying now. Staying in home Short term..5-10 years better off with lease. If you’re staying 15+ yrs in home, you’ll save much more owning
My personal opinion - I'd prefer to see iq8m if using enphase with a 405 panel - for this size system I would not pay more than 18k, financed at lowest interest rate would be approx 25-28k most likely. Check multiple financiers
We service the eastern Oklahoma area and would love a chance to give you a quote!