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First off thanks for the tips and advice I got here a couple of months back. It really is difficult to find good, unbiased information about the solar panel process and this site was invaluable. I am just South of Boston and we have the SREC program up here so its a massive incentive as the system will actually be saving me around $50 a month right off the bat.
First the rough, projected numbers.
5kw system with 20 250AC SunPower panels with Microinverters. 25 year warranty on labor and all parts. <<-- mattered alot to me.
Also the aesthetics are just awesome. Invisimount System is used.
$24,000 or $4.80 a watt. There was no better price from over a dozen installers I called in New England.
SRECs are currently going for around $280/kw. Using PVWATTS on my home it expects about 6,300kw per year. So roughly $1,680 with a slight decline each year for 10 years.
After federal and state rebates cost of system was $15,800. (24,000 - 30% - $1000 MA rebate)
I put down $1000 at start of process and will put down another $2,400 at completion. Took out a 10 year Second Mortgage at a fixed rate of 3.75% from Berkshire Bank in MA. I am a teacher so I got a .5 rate discount. Mortgage payments for the $20,600 loan are $208/month for 10 years.
So to figure out my monthly difference you can look at it this way. The past year I have been paying $110 a month for electricity.
Now I will be paying $0 for electricity, and $208 for a loan. However I will be getting an average $140/month in SREC Revenue, making my monthly expenditures for electric production now a net of $68 dollars per month. With a 25 year bumper to bumper warranty.
Additionally I will be paying this system off with additional monthly payments in about 7 years, so for the last 3 years the SREC revenue will be pure profit. Man, I feel bad for people who think they are getting a good deal when they lease.
Anyways again, thanks guys! I hope this picture attach thing works.
sp install small.jpg
First the rough, projected numbers.
5kw system with 20 250AC SunPower panels with Microinverters. 25 year warranty on labor and all parts. <<-- mattered alot to me.
Also the aesthetics are just awesome. Invisimount System is used.
$24,000 or $4.80 a watt. There was no better price from over a dozen installers I called in New England.
SRECs are currently going for around $280/kw. Using PVWATTS on my home it expects about 6,300kw per year. So roughly $1,680 with a slight decline each year for 10 years.
After federal and state rebates cost of system was $15,800. (24,000 - 30% - $1000 MA rebate)
I put down $1000 at start of process and will put down another $2,400 at completion. Took out a 10 year Second Mortgage at a fixed rate of 3.75% from Berkshire Bank in MA. I am a teacher so I got a .5 rate discount. Mortgage payments for the $20,600 loan are $208/month for 10 years.
So to figure out my monthly difference you can look at it this way. The past year I have been paying $110 a month for electricity.
Now I will be paying $0 for electricity, and $208 for a loan. However I will be getting an average $140/month in SREC Revenue, making my monthly expenditures for electric production now a net of $68 dollars per month. With a 25 year bumper to bumper warranty.
Additionally I will be paying this system off with additional monthly payments in about 7 years, so for the last 3 years the SREC revenue will be pure profit. Man, I feel bad for people who think they are getting a good deal when they lease.
Anyways again, thanks guys! I hope this picture attach thing works.
sp install small.jpg
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