Recently I've been thinking a lot about adding solar power to my home. It's pretty expensive, and the payback is not very fast. However - I'm still interested.
I've basically come down to looking at it in 3 separate ways but can't decide if doing it is a smart move financially or not. I'm hoping to get some feedback from the finance pro's here.
Here's some basic info:
Currently have around 10k outstanding on my Heloc.
Solar is expected to cost around the 30k mark.
Solar is expected to yield on average $125 savings in my electrical bill.
House has lots of equity. Owe 149k, worth 325k.
Good credit (750?)
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Current:
100/mo 10k Heloc Loan Payment
750/mo Current mortgage
305/mo Escrow
1155/mo Total
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Option 1: Use Heloc
400/mo 40k Heloc Loan Payment
750/mo Current Mortgage
305/mo Escrow
-125/mo Savings Elec
1330/mo Total
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Option 2: Refinance
0/mo Heloc (roll it in)
991/mo for new mortgage
305/mo Escrow
-125/mo Savings Elec
1171/mo Total
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Regardless of which choice I pick, or if i do it at all, There will be a large 30% ($9,000) tax credit that i will have to take over two years. This is mainly due to my income bracket and that I write off 100% of my wife's and my medical premiums yearly. I wont have enough tax paid to claim it in the first year. Additionally Duke Energy in North Carolina has started a rebate program. for a 10kw system (roughly what I am looking at) i'll also get $6,000 back.
I've asked my wife what she thinks. she just shrugs her head and says "Idk". I think shes afraid. it's alot of money. I get it. I'm afraid. It IS alot of money. but in the end its nearly net 0, with cash in pocket. Additionally i get the Heloc monkey off my back.
Advice please!
Submitted June 18, 2018 at 09:00AM by Balue442 https://ift.tt/2K0vKnG