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Solar panel installs

 
LiquidFluoride
(@LiquidFluoride)
Trusted Member

Has anyone done one recently?

I am planning on buying a house & would like to install enough solar to completely power it. ( 3/4 bed room house) & am trying to get a feel for how the process goes.

I've read you can roll the purchase into your mortgage which is very attractive.

Anything someone should know on this topic?

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Topic starter Posted : January 17, 2013 10:44 pm
gonetropo
(@gonetropo)
Advanced Member

Installed 10 panels in May with 10 microinvertors. Works great. Has taken our $200+ Wapa bill down to $32.-$40 per month.

Not sure about being able to roll it into a mortgage but you do get a 30% credit on your income tax...not a deduction, a credit for the total amount of the materials and the installation.

It looks to be about a 3-4 year payback at the rate we are generating KW.

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Posted : January 17, 2013 11:03 pm
LiquidFluoride
(@LiquidFluoride)
Trusted Member

3. Solar Loans through Energy Efficient Mortgages:
Energy Efficient Mortgages ( EEMs) are provided to new homes, existing homes or a refinance option.

They are the cheapest of all solar mortgage loans available and are subsidized by the federal government. Some of the categories of EEMs are:

A. FHA Energy Efficient Mortgages:

Home buyers have to submit a Home Energy Rating (HER), contract bids and FHA B worksheet to get qualified for FHA mortgages.

B. Department of veteran affairs EEM
C. Conventional EEMs
Some of the government bodies that offer these conventional EEMs are:
1. Fannie Mae 2. Freddie Mac 3. Farmer Mac

Check with your state financing programs for state solar loans from your local state office.

http://www.thankyousun.com/solarloans.htm

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Topic starter Posted : January 18, 2013 5:32 am
Alana33
(@alana33)
Expert

Installed 10 panels in May with 10 microinvertors. Works great. Has taken our $200+ Wapa bill down to $32.-$40 per month.

Not sure about being able to roll it into a mortgage but you do get a 30% credit on your income tax...not a deduction, a credit for the total amount of the materials and the installation.

It looks to be about a 3-4 year payback at the rate we are generating KW.

What did it cost you to do all the work, permitting, parts, etc. - Total?
How did the permitting process go?

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Posted : January 18, 2013 11:38 am
billd
(@billd)
Trusted Member

I put on 13 panels earlier and it cost me 18000 and I got back 9 from the VI gov and 3 from the fed gov. This offer is not available from the vi now.

I am going to' add another 13 panels and I got a cost of 12K and a 3k fed credit. So that brings down the cost to 9K.

But beware that you do not over panel. WAPA gives you a net meter and will not PAY you. They will credit you.

I used solarsystems in Smith bay STT

Bill

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Posted : January 18, 2013 12:37 pm
LiquidFluoride
(@LiquidFluoride)
Trusted Member

I think slightly over panneling wouldn't be a bad thing, later on you can include a battery array (marine batteries work very well) for times when WAPA is down (and so is the sun).

this way you are sure to keep your charge up during the day, at least this is my plan 🙂

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Topic starter Posted : January 18, 2013 8:31 pm
gonetropo
(@gonetropo)
Advanced Member

Installed 10 panels in May with 10 microinvertors. Works great. Has taken our $200+ Wapa bill down to $32.-$40 per month.

Not sure about being able to roll it into a mortgage but you do get a 30% credit on your income tax...not a deduction, a credit for the total amount of the materials and the installation.

It looks to be about a 3-4 year payback at the rate we are generating KW.

What did it cost you to do all the work, permitting, parts, etc. - Total?
How did the permitting process go?

It was about $12000 but this is before the 30% tax credit. Since the credit is directly subtracted from your tax due, you realize the full 30%.

Billd is absolutely correct. You don't want to overdue it. Figure out what you need to get you close to zero KWH. We still have room to add another 3 panels on the racks if we choose to in the future but I think we will stay with what we have.

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Posted : January 18, 2013 10:59 pm
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