Is Solar Worth It? My experience after two years owning Solar Panels



After two years of owning solar panels, I look at the finances of owning solar panels to see if it was a positive investment.
EDIT: For those of you who keep asking: I have put the Guaranteed KwH production per year in my warranty in the google sheet below.

29 comments

  1. My wife and me live in South Africa. Our government's power utility is inept to the nth degree in providing electricity to the country. We are looking into setting up solar for our house but all our electricity generation must be declared to the government. Generators and solar panels are subject to additional taxes and levies……

  2. This is way too much to pay for solar. I installed an 11kW system with battery backup for just a little over $10,000. I bought everything outright and installed it myself. In the past three years my system has produced 75% of the power I've used. The best part is I don't have to worry when the power goes out.

  3. What happens when your 30 year shingle doesn't last 30 years and one needs a new roof ? Can any roofer just take them off and reinstall . At what cost .

  4. A couple of reasons why this was probably a good investment – 1. high-quality solar panels can last up to 50 years or longer. 2. It will increase the house value – who wouldn't want nearly free electricty? From reading all of the negative comments, I am also worried about "maintenance" after their warranty is up, and cost of replacement batteries. I'm thinking about solar and the batteries are warrantied for up to 10 years. I don't know about the maintenance, probably will end up getting a ground unit vs a roof mounted. Worse-case scenario, it will be a break-even investment.

  5. What numbers did you put together in order to get the the -15000 I see in the video I’m confused how/where you got those numbers please help!

  6. After 10 years will this same system be able to produce the same power? And after 20 years? I would want any solar system to pay for itself over 5 years.

  7. Unless you have a massive house will a 2 grand plus bill every quarter, it’s not worth it. Biggest scam going, that’s why they try to sell it to you

  8. I just bought a home in NYC, i was required to take over the solar panel lease for the last year since the home came with the panels. Can i sell the srecs for tbis year?

  9. What’s so tough is trusting everyone to do everything for you…
    All the financial research takes nearly as much time and effort as studying solar technologies and procurement of your own equipment and DIY installation.

  10. Hi, I liked you video, thanks. I was questioning, is SREC you have same as national grid? I know that I can sell electricity to national grid which is similar to you selling to SREC? or different? thanks

  11. Wow! $150 a month for a power bill must be nice! During the summer here in Blue State California my electric bill runs $700 to $800 a month! It's nice to see your break down and it is definitely an eye opener to see how you are basically trading one bill for another with a solar install if you do not go after the government incentives. Of coarse just like with any other government incentive, it is only valid while a small percentage of people are receiving it. As more people "Go Solar" the incentive will shrink until they start losing money on the power grid and then the bureaucrats will start taxing all the solar systems to make up for their losses LOL. Your chart also doesn't take into consideration the degradation of your system's efficiency over it's lifespan. The amount of power the system produces will drop over the years but your payment for the system will remain the same tipping the scales even further into the red. Thanks again for the information, you are the first honest review I have seen on YouTube so far for solar that didn't turn into a lousy misleading commercial for some solar company.

  12. My god, watching you go over your cost actually killed me…please see below,

    Repayments (Without interest)
    $40,120 / 300 = $133.73

    Actual payments = $180.77 (Interest = $47.04 on each payment)
    So, $180.77 x 300 = $54,231

    The $12,036 Tax credit should have been entered in the excel as a minus ( -$12,036)
    Why would you say your paying 12k when you are getting credit???

    To work out how many payments you have saved from the credit.
    So then you go, $12,036/180.77 = 66.5 payments made.

    300 – 66.5 = 233.5 payments outstanding.

    233.5 x $180.77 = $42,209.70 (R↑)

    So total cost = $42,209.70 over 25 years. Total saved per year ($1,800 – 236 = $1564 savings x 25 = $39,100)

    Out of pocket (without SREC) = $42,209.70 total cost – (savings over 25 years) = $39,100 = $3,109.70 Out of pocket.

    Then you add the SREC, $41,557 – $3,109.70 = $38,447.30 profit.

    Giving you ($38,447.30 / (years) 25 = $1,537.89 profit per year.

    My god, You're welcome.

  13. I used to pay $1400-$1600 for electricity in my business. After investing $29k in solar panels, now I pay about $100 (fees + taxes). So in 2 years the system will be paid for and after it's all profit.

  14. The Financing should not be factored in….I would love to make 6% on my money…you are paying $15,000 in financing, over 25 years.
    You should always BUY outright…you have saddled your home with a “TENANT” living on your roof, that potential new owners will have to deal with. Not a smart idea 💡….
    The cost of anything is easily figured out…installation cost? Really nothing, a crew can install in a mornings work, if the brackets are preinstalled, so $40,000 divided by 32 panels , so around $1200 a panel. So KEYSTONE that price, you double and then double again( that’s why that sofa at $999 costs the store $250, allowing a 50% off sale price still returning a 100% profit)…reversing the KEYSTONE figure, and you end up with $300 a panel not $1,200….you could OWN those panels, for under $10,000, ( plus some additional costs for necessary electronics)if you installed yourself…and those batteries? Why wouldn’t you just buy a generator? Don’t fall for those batteries!
    Anyway, I have seen Solar Panels for camping applications in the under $200 range, perhaps even a $125…
    It makes sense to own, not to finance, and get all those credits in YOUR pocket, and INCREASE the value of your home…a new buyer gets a money making “business” on the roof, not a “tenant”.

  15. A very good outline of how solar works for you and us! While I'm no expert, a variable that concerns me regarding making an investment in solar is panel/equipment life. If they don't last and need replaced say for example in 7-12 years , well you see my question. Great job in any event and thanks!

  16. So I'm curious, having a over sized system would really help in the long run?
    Cost of electricity will increase over the years, the system will be making extra daily…seems in ten years after purchase ones bill could be 50 bucks or free? Guess it doesn't work like that out does it?

  17. I have had solar panels for ten years. I live in Georgia. In the beginning Georgia Power was paying me seventeen cents per KWH. But that only lasted for five years. About three or four years ago GP told the Ga. public service commission they wanted to end that program. Naturally the PCS agreed and GP cut the rate to 3.7 cent per KWH. I could go on and on about hidden cost of solar, like getting a 1099 every year from GP, then you had to add the amount of power you produced on to your income and pay tax on it. Plus there’s a lot more. Bottom line is Solar Panels will never pay for themselves.

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