[Raywatkins]

Apart from the economic aspect there is a potential greater danger.
These companies often have contracts that in effect rent your roof space.
Our neighbour, despite our words of caution, went ahead. He then had a massive stroke and now is in care full time.
His daughters have been unable to sell the house - even dropping the price well below market levels.
Be very careful if tempted.

[USOTR]

Since they act as a lifting plan on your roof, in higher winds like a hurricane, they can pull that section of your roof off. Look at videos of the west coast after last years storms and you'll see what I mean. As such your homeowners insurance company can deny your claim.

[coleprice]

Solar Panels don't ever pay for themselves. They lose power output over time and the cost of a New Roof increases substantially. Unless you live off the grid, don't consider powering your home with solar panels.

[Dotneko]

Originally Posted by coleprice

Solar Panels don't ever pay for themselves. They lose power output over time and the cost of a New Roof increases substantially. Unless you live off the grid, don't consider powering your home with solar panels.

You need to qualify this statement. In Massachusetts, on the roof of our horse farm, we installed 175 panels. Our normal electric bill in February was over $2,000. The indoor arena lights, barn lights, apartment heat etc. Between the net metering resulting in a large credit during the summer months to offset the low producing winter months, and the SRECs from the state of about $18,000 a year, the $200,000 installation had an 8 year payback. We even converted our house from oil to electric.
What you meant to say was that solar panels dont pay for themselves in every state and situation.

[westernrider75]

Originally Posted by shut the front door

Is this the same outfit that tells you that you pay absolutely nothing out of pocket?

My neighbors put solar panels on about a year ago as they have a pool to heat. They say they have paid zero for them and their highest electric bill has been $17! Not sure where the catch is, but I bet there is one.

[Southwest737]

After tax credit the cost of our system was 11k. Electric bills run from $5 to $50 each month. That includes charging up a Tesla and an EZGO. Zero gasoline bill and tiny SECO bills. Gotta like that. After nine years the system has almost paid for itself and there have been zero problems.

[retiredguy123]

Originally Posted by Southwest737

After tax credit the cost of our system was 11k. Electric bills run from $5 to $50 each month. That includes charging up a Tesla and an EZGO. Zero gasoline bill and tiny SECO bills. Gotta like that. After nine years the system has almost paid for itself and there have been zero problems.

It looks like you didn't factor in the time value of the $11,000 initial cost. In 9 years, $11,000 invested at 5 percent per year, would yield an investment income of about $5,000. Also, have you factored in the cost to remove and re-install the panels when you replace the roof? This can cost about $3,000 to $5,000. And, during that 9 years, if you didn't have roof leak, you have been lucky. Try calling a roofer to repair even a small leak and tell them that the leak area is covered with solar panels. They will probably hang up on you.

[EatthMama]

Originally Posted by villagetinker

I never let them get to that point, when I pointed out I was a member of the IEEE that wrote the national standards for these, as well as being on UL standards boards, and pointing out that I would never get my money back, they left.

Exactly - thanks for sharing your calculations that it is not cost effective. I would add that whenever you have to have a new roof, it costs an additional $7,500 to remove and replace the panels. Then there is the issue upon resale - not too many people are comfortable with the idea of 100% solar.

[coconutmama]

Originally Posted by CigarMaster

School Math:

Jimmy spends on average $150 a month on all his electrical needs in his home.

If James sells Jimmy a solar panel system for 30k, with a 10 year average of battery replacement at 8k, how long will it take Jimmy to recoup the money he has spent and break even?

Answer:
a: 65+ years because the panels have to be replaced every 25 years
b: never but it sure looks ritzy on the roof of my house
c: doesn't matter, I'm stopping climate change
d: Jimmy couldn't sell his house because buyers didn't want solar issues
e: salesman said I could sell the extra back to the power company
f: the real money is selling the panels and James is laughing all the way to the bank

And then the solar panel company goes out of business & you can’t get parts from China.

Nope. Not going to get solar panels. Our electric bill only averages about $125/month anyway, even with a heated pool.

Can cost that much to go out to dinner these days.

[Wondering]

Originally Posted by shut the front door

Is this the same outfit that tells you that you pay absolutely nothing out of pocket?

There is no out of pocket money, because the Solar companies are affiliated with a national Solar loan company. I have had solar panels since 2019 and love them. Twenty five year warranty and recently had an inverter replaced at no cost. Payback period is about eight years.

[Bill14564]

Originally Posted by retiredguy123

It looks like you didn't factor in the time value of the $11,000 initial cost. In 9 years, $11,000 invested at 5 percent per year, would yield an investment income of about $5,000. Also, have you factored in the cost to remove and re-install the panels when you replace the roof? This can cost about $3,000 to $5,000. And, during that 9 years, if you didn't have roof leak, you have been lucky. Try calling a roofer to repair even a small leak and tell them that the leak area is covered with solar panels. They will probably hang up on you.

But the $11,000 would not have been invested at 5 percent per year. Interest rates have not been that high for the past nine years (and are not that high today) and 5 percent per year would just cover inflation so there would be no effective gain. Besides, by now all of that $11,000 would have been paid to SECO or Duke.

I wonder if the additional cost for removing and reinstalling the panels would be much different than the variation in cost for grades or colors of shingles. Basically, is the amount in the noise? And since the panels would keep much of the roof in the shade, the shingles would not degrade as quickly and might hold up longer. Then you could consider the time value of the replacement money if it was invested at 5 percent for an additional year or two.

[retiredguy123]

Originally Posted by Wondering

There is no out of pocket money, because the Solar companies are affiliated with a national Solar loan company. I have had solar panels since 2019 and love them. Twenty five year warranty and recently had an inverter replaced at no cost. Payback period is about eight years.

When you sell your house, what options do the buyers have? I assume that you have already taken the tax credit.

[retiredguy123]

Originally Posted by Bill14564

But the $11,000 would not have been invested at 5 percent per year. Interest rates have not been that high for the past nine years (and are not that high today) and 5 percent per year would just cover inflation so there would be no effective gain. Besides, by now all of that $11,000 would have been paid to SECO or Duke.

I wonder if the additional cost for removing and reinstalling the panels would be much different than the variation in cost for grades or colors of shingles. Basically, is the amount in the noise? And since the panels would keep much of the roof in the shade, the shingles would not degrade as quickly and might hold up longer. Then you could consider the time value of the replacement money if it was invested at 5 percent for an additional year or two.

Do you have solar panels on your roof?

I don't because it sounds like a bad investment with high risk and a low potential for return. Even at $11,000, which is low, that would be enough to pay my entire electric bill for about 9-10 years, assuming the money is invested.

A few other points:
What happens if you have a roof leak and no roofer will touch the solar panels? Will the solar company repair the leak?
How many small companies can afford to service a 25-year warranty? Is the warranty transferable?
How many buyers will you attract with an older solar system? Some buyers, like me, will not even consider buying a house with solar panels.

[Number 10 GI]

If solar panels are such a money saver why does the government have to pay out taxpayer money to entice people to purchase them?

[BrianL99]

Originally Posted by Number 10 GI

If solar panels are such a money saver why does the government have to pay out taxpayer money to entice people to purchase them?

There you go.

All you need to know about Solar power, is in that sentence.