Tweet
Finally found a great price (I think). 11.44kW system on a ground mount 300ft from my house for $44,600. I’m ready to sign. I’m slowly reading through all the paperwork and finally came across the finance charge. $8,800! That’s insane. That’s .20 cents on the dollar just to make this purchase. Does anyone have any other tips or things I should be looking out for? This package will be financed through Sunnova 0.99% 25 year easy-own program. I can’t believe how high that rate it. Probably better to do it through a heloc im guessing.
-
-
if I understand you correctly that Annual Percentage Rate is 0.99% per year. That is a lower APR than I got on a HELOC a few years ago. Truth in Lending laws say they have to disclose the rate and describe it as an Annual Percentage Rate. The length of time is the reason the total interest is so large. How did your other bids compare or what led you to the conclusion that $4 a Watt was a great price?9 kW solar, 42kWh LFP storage. EV owner since 2012 -
There must be more to the financing. I just ran your numbers 1% on a 44,600 loan for 300 months (25 years). My numbers say your monthly payments should be 168.09 with a total interest charge of 5,835.53.
Download a loan amortization app for your phone/ipad and run try running the numbers.Comment
-
probably somewhere will tell you there is other fees involvedComment
-
Usually they are using the finance fee's to buy down the interest. Basically $8,800 is interest they are having you pay upfront.Comment
-
I still can't believe that people willingly lock themselves into 25-30 year loans to go solar. It is mind boggling to me. I wouldn't even do that for a house! I don't think that is a great price but admit I don't know about the associated ground mount costs.Dave W. Gilbert AZ
6.63kW grid-tie ownerComment
-
[QUOTE=azdave;n432730]I still can't believe that people willingly lock themselves into 25-30 year loans to go solar. /QUOTE]
Some folks have their mind made up and don't want to be confused with the facts - especially if they've already drunk the kool aid served up by solar peddlers and their media shills.
Comment
-
Not everyone puts money as a matter of prime controling
importance. Bruce RoeComment
-
Agreed. In most cases I'm familiar with, the more they have, the more prime and the more controlling it becomes.
And since poor people don't seem to have many PV arrays (next time you're on an airplane, notice the dearth of rooftop arrays in poor areas), that means monied folks have most of the residential PV. So, to the extent my observation about financial success and controlling priorities holds water, people with arrays will have a higher probability of money as being - as you write - a matter of prime controlling importance.Comment
-
I don't know what life's betterments are achieved by having money. We all end up in the same place eventually however the trip to '' the place'' certainly can provide greater comfort having money. Each of us is taught we have equal opportunity, the decisions we make determine our lifestyles.Comment
-
It actually sounds like a very bad deal. I’m in New York where electricity is very expensive. My solar was $1.13kw after incentives with a 4 year payoff.
Also that finance charge is absolutely crazy.Comment
Comment