Live in AZ on a property with two houses, but tied to 1 meter. Annual usage is 40,000 kWh per year and average electric bill is $409 a month. $750 is the high, $200 is the low (no heat needed here). Looking to put on a solar system that is 110% of my annual use. Power company will buy back excess at $0.105 per kWh generated locked for 10 years. That should leave me with $0 a month bill even after the grid access charge with credits I build up.
The system costs $41k after rebates and tax credits if I buy upfront. That represents a savings of just under $5k a year in energy with a break even of about 8.5 years. We plan on living here long term. It should add value to the home. Energy cost inflation is about 2% a year, without taking that into account I'm looking at an ROI of $5k or 11.9% a year.
This seems like a no-brainer. What am I missing? This is a huge up-front investment and I want to make sure I get the numbers right and am thinking about this correctly. My only motivation is financial.
Other info:
I have received 6 bids so far, getting 2 more.
Includes a panel upgrade which I would need if I ever added pool/spa heating or an electric vehicle in the future.
We just redid our tile roof 2 years ago.
Submitted April 07, 2021 at 07:33PM by pattonc https://ift.tt/3cWVyic
