+- MacResource (https://forums.macresource.com)
+-- Forum: My Category (https://forums.macresource.com/forumdisplay.php?fid=1)
+--- Forum: Tips and Deals (https://forums.macresource.com/forumdisplay.php?fid=3)
+--- Thread: Just paid off my solar loan! (/showthread.php?tid=264926)
Pages:
1
2
Just paid off my solar loan! - DinerDave - 03-08-2022
Four years and 7 months, loan gone.
Total electric house, no electric bill, no solar loan, no mortgage.
Just rolled car loans over to the same credit union that had the solar loan.
Shorter term and still lower payments.
Combined will be about $380, down from $663.
Credit union's 1.99% rate made a big difference.
Today has been a good day so far!
dave
Re: Just paid off my solar loan! - ztirffritz - 03-08-2022
My solar is only 1 year old, but I'm about on the same pace to pay it off.
Re: Just paid off my solar loan! - mikebw - 03-08-2022
Nice!
Re: Just paid off my solar loan! - decay - 03-08-2022
What state and how many panels did you have installed?
Total cost of install?
Supplies enough for zero electric / heating bill? wow.
Re: Just paid off my solar loan! - hal - 03-08-2022
I remember when you installed them. I think you mentioned 5 years, maybe 7 to break even. How's it looking now?
Re: Just paid off my solar loan! - mattkime - 03-08-2022
I'm jealous, and yet I'm not sure I could install them on my older home. Then again, I'm not sure if residential install makes more sense than central solar power locations.
Re: Just paid off my solar loan! - DinerDave - 03-08-2022
decay wrote:
What state and how many panels did you have installed?
Total cost of install?
Supplies enough for zero electric / heating bill? wow.
Massachusetts, excellent SREC program here, 34 ground mount panels (SunPower)
Total cost $52,785
Designed for 103% of electric usage during prior year lookup. My son was still home for part of that
lookup year raising my bill with his computers, lights, heat, etc. in basement space.
Yup, minisplits for heat, house all electric, doesn't even have a chimney.
What REALLY shortened the loan payoff was the 30% Fed tax break, dumped right back on loan as a principle payment. Also the SREC program paid me $12,017 to date. That also applied as extra principle payment.
Now the balance of the SREC payments, 5 1/2 years is all mine above the 'no bills'.
Dave
Re: Just paid off my solar loan! - DinerDave - 03-08-2022
hal wrote:
I remember when you installed them. I think you mentioned 5 years, maybe 7 to break even. How's it looking now?
Maybe a little mixing of words here, but since all those bills are gone, and now I get the balance of the 10 year SREC payments, even with a bit of degradation, S/B another $12,000 or so in my pocket.
In my mind, I already broke even.
Dave
Re: Just paid off my solar loan! - mrbigstuff - 03-08-2022
did you get in before the net metering rates changed?
Re: Just paid off my solar loan! - hal - 03-08-2022
DinerDave wrote:
[quote=hal]
I remember when you installed them. I think you mentioned 5 years, maybe 7 to break even. How's it looking now?
Maybe a little mixing of words here, but since all those bills are gone, and now I get the balance of the 10 year SREC payments, even with a bit of degradation, S/B another $12,000 or so in my pocket.
In my mind, I already broke even.
Dave
NICE!