I saw this exchange between a couple of members
CaptMoosie:
3). Going Green in other ways is a huge hobby of mine! Installation of
a 7.56 Kw Solar PV system on our house roof to help us get nearly off
the electric grid.....it'll be installed sometime this next month by
the Solar PV Contractor. We're also installing Radiant Insulating Foil
in the attic as well as the underside of the first floor joists to help
reduce thermal transmission by a substantial amount. We're also
painting all of the "exterior cold walls and Ceilings" with a thermal
insulating paint additive!
garth:
I am curious how long will it be before you pay back your systems costs ? Could you give some indications?
CM:
Hello Garth,
It's been a while since I looked at the pay back period that was
prepared for us, but I somehow remember it was in the vicinity of 6.5
to 7 years for us based on a number of variable factors and
assumptions. Our loan is for 10 years, but the PBP will drop
dramatically if I accelerate the monthly payments. I want to finish
making all the loan payments for the system by the end of the fifth
year. Of course we received generous Federal and New York State Tax
Credits as well as a huge Rebate from NYSERDA that goes a long way
towards reducing the principal costs!!!! Now, if I can get everyone
here trained properly to turn off lights and other stuff during the day
when we're making lots of juice, then we'll reap more benefits due to
the Reverse Meter credits we'll receive from our power
company......conservation is a huge factor here
garth:
That is impressive a very short payback time for 7.5Kw system.I have a
1.1Kw system and even with our government grants and credits it cost me
$3000.00, it will have to generate 5000 KWh at our current rate of
payback which equates as 3.7 years estimating average production. Some
people had this system installed for free with the government grants
but I was suspicious as were many of the free offer. Since Sept last
year the government has reduced the amount of the grant but $3500.00
will get a 1,5Kw system now. An extra 6Kw plus inverter to match would
cost in materials alone approx $27,000.00 Au st add $3500.00 say
$31,000.00 minimum. It would average about 10,000KWh a year approx.
With a payback of 5 to 6 years so it would seem to be very close to
what your system will do with grants etc.
on this thread:
I Have A Hobby
I hope other people how have or are about to do solar installs will chime in, with their stories
Garthh