I just received a quote to install a 5.250-killowat solar power system and battery. After federal incentives for solar panel system my electricity bill will drop from ~$200 a month to $118.55.
I don't have a down payment and my interest is 0% with a $3,000 finance charge for 25 years. The $3,000 finance charge is offset by choosing autopay at a $10 a month discount over the 300 payments.
From what I've read, several have made mention of the importance of breaking even quickly so that the system pays for itself and begins turning a profit, and if I did put up the money and incentives towards it, it would break even in 14.5 years.
So I am comparing paying $48,000 in cash and recuperating incentives the following year, bringing the total down to approximately $30,500, and saving approximately $2100 a year on my electric bill - which begins making money after 14.5 years - or putting up nothing and receiving a discounted monthly payment for 25 years and then hopefully a little more after that if the system still works.
Is my logic correct in this or am I missing something? And if correct, which option seems like a better one?
Submitted September 19, 2021 at 08:25AM by howzett https://ift.tt/2Z2gzU8
