Should I Finance Solar Panels?

Should I Finance Solar Panels?
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  1. Solar panel ads at beginning, middle and end of this clip…

    Why would anyone think Dave would endorse going into debt?

  2. I am normally against debt for these types of purchases, but Arizona where there's tons of sun and a $400 electric bill? If you can show that solar is going to cover your full electric usage (bonus if you have net buy back in your area for any over production), then you would be lowing your monthly bills by $250/month based on the numbers given in the episode. You're either paying a loan for your own solar equipment, or a lease for the electric company's equipment to generate your power, so why not get out of the "fleece" as Dave would like to say?

  3. For those who don’t believe what dave said he I remember years ago he had a caller that was trying to sell the house but in order to sell she had to paid the stupid loan on the panel leaving her with 80k negative balance after the sale. It my be a good idea but be careful what you get into there is a lot of scammers out there

  4. So you'd rather not finance and pay less per month on your electricity coming from solar vs your never ending utility company bill? You're already paying a bill monthly you might as well take advantage of a lower monthly payment and invest in something that will pay you back.

  5. It costs the same as a bill that I’m already paying, and will continue to pay for the rest of my life. How is that worse than paying a loan with a lower interest rate than the rate that my power bill has been increasing?

  6. People pay this guy to keep them poor. Believe what you want about his financial advice, but he is clueless when it comes to solar. Most solar loans are retail installments, not a traditional loan. My home was appraised after solar was installed during a refinance ( yes, Dave I’m the devil, I have a mortgage). On the appraisal there was a comment about the value of solar and it increased my home value more than my contract price of the solar. The information on solar he’s providing is so far off, I question if he is receiving kickbacks from utility companies. My advice; everyone’s situation is different solar is not for all, but it’s a great investment for homeowners that get direct sunlight, have taxable income and are in an area with favorable net metering. I also have advice for Dave, when you don’t know what you’re talking about, say I’m not sure but I’ll do some research and get back with you. SMH

  7. This guy is a complete joke. There’s a saying called “inspect what you expect”. His comments on solar finance do not include the review of the details before making an uneducated opinion. These are facts.

  8. This guy has no idea what he’s talking about as far as Solar goes, you can save money with solar day number one and people like this that don’t do their research give their opinion freely with no crosscheck. Roi for solar in Arizona saves you money right away. Long term homeowners save money with solar period!

  9. When I bought my house, I checked on solar. Crunched the numbers, and 20 years out, buying solar vs. buying grid power, cost was double buying solar. I didn't get the solar, it didn't make sense.

    I am building an off grid solar system, but that's just for my own enjoyment and backup use. Paying cash for it as I buy components out of my toy fund, and it's never meant to have an ROI.

  10. Dave,

    I’m confused how solar doesn’t make sense.

    Homes that make sense for solar don’t cost more to live in. Homeowners are re-allocating the money they spend on their electric bill to pay for their solar.

    Since there are no moving parts and solar doesn’t require maintenance or upkeep there is no monthly or yearly upkeep cost

    Why would a home upgrade that sits on a homeowners unused roof space that generates power for the home and helps the homeowner lower their monthly fixed cost be a bad investment?

    Going solar is just like setting up utility services at your home. Cost you $0 out of pocket to get your services started and you get your first bill usually 30 days after they have been activated.

    Same goes with solar. Get solar installed for $0 down. Pay your first bill 30 days later, but the only difference is now you own your power versus renting it from the utility company.

    Also if you add battery storage when the grid goes down you still have power.

  11. Seems likes a lot of misinformation in an attempt to stay on brand and avoid any kind of financing. Having family members and friends that have sold homes with solar, they don't share Dave's opinion. The thing is it's true that they are trading a $400 electric bill (renting electricity from the utility company) for a $150 monthly loan…. How is it not worth it to save thousands a year when the production and performance of the system is guaranteed for 25 years? Not to mention you don't even have to increase the home value to pay off the loan when you sell, the loan transfers almost as easily as a normal handover of the utilities. I would personally want to buy the home if it already had solar as I could use the thousands I save in electricity cost for wiser investments.

    Perhaps do some more research on the topic. Maybe by doing your own study on homes that have sold with solar instead of giving potentially harmful advice based on your opinion?

    (PS: Financing solar is not for everyone: If you don't have the space for solar panels, if your income tax liability is too low, if your utility company has unfavorable net metering policies, or if you aren't able to pay your current electric bills regularly, solar indeed might not be the right fit for your home.)

  12. Sticking to your guns? I believe in everything you say except for this. Zillow and Fannie Mae are resources to show you home value increase. Everyone is fleecing their electric…haven’t you heard of good debt?

  13. Every utility company, in every state will create a different experience and ROI with solar. Some states have greater rebates, and other incentives like (Renewable Energy Credits).

    If you’re considering solar, do your research and then do the math. For some people it doesn’t make sense to go solar, and for others it absolutely makes sense for them to go solar.

    There are good companies to deal with that ha e great actual warranties, and others that won’t be in business next year. Just be wise and make sure it works for you. Saving $250 a month on an electric bill is A lot. They could using the savings to pay the system off even faster. Isn’t that a Dave Ramsey trick anyway?

  14. Dave doesn’t like anything financed. That’s his brand, it works for him, and he sticks to it.
    This didn’t address (so we don’t know) whether the caller’s solar costs would be more or less than their electric bill costs – which is kinda important.

  15. Dave you couldn’t be anymore uninformed about solar financing. If your gonna comment please do so in a informed manner. It’s about solar savings on a monthly basis. So taking a monthly electric payment from $400 to $150 is not worth it? Solar panels have 25 yr warranties on production! Dude don’t be lazy, do your due diligence.

  16. You literally sound so uneducated. This is not how solar works at all. You need to get some education and training before coming on here and saying these things. You’re purposely trying to ruin a great industry with your false claims.

  17. I wanted to go green, but I did the math and it turns out to be an expense in comparison to the little I would save. Unless it's truly your FOREVER home, solar panels are a waste of time, money and only benefits the energy company. Do your research.

  18. The way I have been going about my solar and wind setup is if I got some extra cash I might buy another panel, or an extra battery. Never even considered financing a huge system up front because there was never a need to do that

  19. Summer electric bill: $20-$25, Winter: $40-$60. I'd like a backup battery for my fridge and cell phone in an emergency. But I'll survive. Lol

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