I am now running on solar.

[Dave Gray]

^^^ Just curious, what is the size of each panel (how many feet wide by how many feet long)?

For some reason, I missed this question.  I would estimate that each panel is about 2.5 wide x 5 feet tall.

[Fau Teixeira]

Got my first electric bill.

-177.04

[Dave Gray]

Update on some recent bills:

Aug 2022
$253.54

Aug 2023
$98.61

Savings:
$154.93

------

July 2022
$209.67

July 2023
$70.47

Savings:
$139.20

------

June 2022
$186.08

June 2023
$35.42

Savings:
$150.66

[Spider-Dan]

Did you buy the solar panels outright, or did you finance?
If you financed, what's the monthly payment, and for how long?

[Dave Gray]

Did you buy the solar panels outright, or did you finance?
If you financed, what's the monthly payment, and for how long?

I bought outright.

[Fau Teixeira]

Last july my electric bill was $230, this july it was -$17
I'll know the august vs august comparison any day now

[Spider-Dan]

I bought outright.

What's the warranty on the system?

[Dave Gray]

20 years, I believe.

[Dave Gray]

I got my September bill and something is weird -- it's too good to be true.

September 2022:
$276.34

September 2023:
$35.82

Savings: $240.52


I don't know why this month is so low (I will double check when I get the actual bill) -- I am wondering if this might only be a half-month and they are switching me to a month's-end type of billing.

My kids did go back to school so there is definitely less A/C, doors open, devices running all day, etc.  But also, it finally started to curb temperature a little bit, while we have had mostly sunny days.  So, perhaps this is how it's supposed to be.  ...who knows.

[Fau Teixeira]

more than likely it's how it's supposed to be. I'm sitting at a $500 credit with my electric company from having solar running this summer. I haven't paid an electric bill since may.

[Dave Gray]

Update:

I still don't have 12 months of data, but it's February, which is when I do my financing.

One year of electricity, pre-solar, averaged $224.27 per month.
Over the last 12 months, the average was $77.01

However, that still accounts for about a month and a half without solar.  Over the past 10 months, which have been full-solar, the average has been $52.46.

It's saving about $170 per month, a bit over $2000 per year.

[Fau Teixeira]

before solar, i averaged about $170 electric
after solar i average about -$70 on my bill
and i get a check from the electric company for about $150 every quarter.

my solar financing is $120 / month, so net i'm down $50 / month and get $50 / month back in a direct deposit to my bank account based on production. So my real expense for electricity and solar panel financing is $70 / month before any tax rebates or incentives.

[masterfins]

before solar, i averaged about $170 electric
after solar i average about -$70 on my bill
and i get a check from the electric company for about $150 every quarter.

my solar financing is $120 / month, so net i'm down $50 / month and get $50 / month back in a direct deposit to my bank account based on production. So my real expense for electricity and solar panel financing is $70 / month before any tax rebates or incentives.

Just curious, if your solar financing is $120, how long is this for; or more importantly what was the total cost for purchase and installation of the solar panel system. What tax credits, if any, did you get to defray the cost?

Solar power interests me, but for the few people I have seen get it, it doesn't make sense because of the long period to recoup your initial outlay.  If it can be financed with zero down (or most of your downpayment recouped via tax credits) and you are "net" ahead on monthly bills, as in your example, then it would make sense.

[Fau Teixeira]

40k total, 20 year financing %2 interest rate, 0 down
i've collected no rebates or tax credits yet because my system went live in 2023, so it'll be part of this year's taxes.
i get 30% of the total cost in tax rebate i get to claim this year (which i will choose to go directly to paying off the loan)

my monthly payment assumes i want the rebate to go toward the loan (that's a choice i made when signing up for the project) if i choose to take the lump sum rebate my monthly payment would go up accordingly (i think $170 / month) but i'd rather pay $120 than 170.

[masterfins]

40k total, 20 year financing %2 interest rate, 0 down
i've collected no rebates or tax credits yet because my system went live in 2023, so it'll be part of this year's taxes.
i get 30% of the total cost in tax rebate i get to claim this year (which i will choose to go directly to paying off the loan)

my monthly payment assumes i want the rebate to go toward the loan (that's a choice i made when signing up for the project) if i choose to take the lump sum rebate my monthly payment would go up accordingly (i think $170 / month) but i'd rather pay $120 than 170.

Thanks for the info.  This makes sense to me.  Nothing down, low interest rate on the loan, and you have a net savings month to month.  Considering utility rates are only going to rise makes it even more beneficial.  I wonder if the loan is transferrable if you sell the house, probably not; but that really doesn't matter the increase in value to the house would probably generate enough of an increase to pay off the loan.