As I’ve already discussed in this “Going Green Tips” series, one of the most important things we can do to go green is cut the coal. Cutting your use of air conditioning, especially if you live in a hot climate, is one great way to do so, as is switching to LEDs or getting a home energy audit (or both). However, if you want to go a step further on this home energy front, one of the first things to consider is going solar.
How to Go Solar
There are many options for going solar. Many people just think about the option of buying solar panels on your own, but there are others as well.
You can:
1. lease solar panels (it’s now the most popular way to go solar in California),
2. own part of a community solar garden (or participate in some other solar hosting option),
3. build solar panels yourself,
4. steal them from your neighbor (just kidding!),
5. finance a solar installation with PACE financing (if it’s available in your area),
6. (again, if it’s available in your area) just buy renewable energy credits instead of dirty energy from your electric company, or
7. buy your solar panels — across the United States, Admirals Bank now offers a $0 down solar loan.
Why Solar is Green?
It is quite common knowledge that solar power is greener than most other options. The main environmental benefits of solar are that:
1. Solar energy doesn’t emit greenhouse gases or other pollution (although, a very, very, very minimal amount is emitted in the production of solar panels). Solar and wind are clear winners when it comes to global warming.
2. Solar energy, especially solar PV, uses very little water.
Of course, solar panels are not made of air, and some parts of both the product and process are not so green. Luckily, independent bodies are evaluating solar power companies and promoting best practices in the field.
In the end, going solar is one of the greenest things you can do, so consider going solar now, while costs are at an all-time low and great government subsidies are available.
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Reason residential solar power installations haven’t picked up is because the companies that install these panels are worse than used car salesmen. Prime example is that none of the websites I have found can give me an close approximation of how much it will cost to get a 2.5Kw system installed on my roof. They want me to enter all kind of information so they can bug me by calling me and trying to rip me off by giving me all kind of nonsense. (actually I did enter the information in one site that promised me a quote and at the end what I got was a bunch of mombo jumbo and preaching that think of that you would be saving environment. Just give me the quote you $$%#%$# scammers. I don’t need your preaching.). Solar panel cost has gone down to earth yet these scammers still charge upward of 30K for installation that some people can do themselves.
I’d like more information about getting a loan for solar panels (residential). Thanks!
I’d recommend the SunPower/Admiral’s Bank one: http://planetsave.com/2014/06/25/home-solar-loan-program-sunpower-admirals-bank/
I’d like more information about getting a loan for solar panels (residential). Thanks!
I’d recommend the SunPower/Admiral’s Bank one: http://planetsave.com/2014/06/25/home-solar-loan-program-sunpower-admirals-bank/
Zach……….do you know of solar incentives in Canada?
unfort., i don’t, but Roy L Hales might: http://www.theecoreport.com/
Zach……….do you know of solar incentives in Canada?
unfort., i don’t, but Roy L Hales might: http://www.theecoreport.com/
Solar City has FINALLY expanded to the east coast!!! PPA no costs!
Contact me for more info, a consultation or to schedule a site audit to see if you qualify!
[email protected]
Solar City has FINALLY expanded to the east coast!!! PPA no costs!
Contact me for more info, a consultation or to schedule a site audit to see if you qualify!
[email protected]
Ha that’s a laugh. You mean PPA with no upfront cost but higher overall costs than a purchase. http://vimeo.com/92203019
DEFINATELY not worth it. The figures for my house would take me over 22 years to break even! And that is not considering inflation or maintenance costs (which I’m sure there will be). Also, I’m sure these figures are for optimal conditions. Meaning, I would have to be cleaning the panels constantly to maximize the amount of solar energy being collected. They need to MAJORLY reduce the cost of these systems before more people can afford, let alone, consider them cost effective.
Wow, that’s extremely uncommon.
You’ve checked recently? You know the costs have come down ~50% within the past few years, right?
Curious what kind of odd situation you have.
DEFINATELY not worth it. The figures for my house would take me over 22 years to break even! And that is not considering inflation or maintenance costs (which I’m sure there will be). Also, I’m sure these figures are for optimal conditions. Meaning, I would have to be cleaning the panels constantly to maximize the amount of solar energy being collected. They need to MAJORLY reduce the cost of these systems before more people can afford, let alone, consider them cost effective.
Wow, that’s extremely uncommon.
You’ve checked recently? You know the costs have come down ~50% within the past few years, right?
Curious what kind of odd situation you have.
Leasing really is a no brainer. Barely any money upfront, you freeze most of your electric bill and you have the option to buy the system after 15 years… plus they maintain everything, no liability for you..
MrEnergyczar
With Admirals Bank now offering a $0 down solar loan nationwide, i think that is the best way to go for most people who don’t have cash available to purchase outright. http://cleantechnica.com/2013/10/25/solar-loan-admirals-bank-vs-solar-lease/
I haven’t heard of many solar leasing companies offering to sell the systems after the leasing period is up. Where have you seen that?
Yes, leasing truly is a no brainer as in as in, you would have to have no brains to choose an expensive solar lease over an outright purchase or a purchase with a $0 down solar loan with tax deductible interest.
1. Add up your lease payments and when compared to an outright purchase you’ll find that you’re easily paying up to 3 times more on a $0 down solar lease versus a purchase.
2. You’ll pay so much more for a lease than a purchase that’s it’s actually you who will be over-paying for your own maintenance, monitoring and insurance not the leasing company.
3. You’ll have trouble selling your home because what home buyer in his right mind will want to assume your lease payments on a used, outdated system when they can buy a brand new system with the latest technology and keep the 30% federal tax credit for thousands less.
4. After making 20 years worth of leasing payments, you won’t even own the system. It will still belong to the leasing company.
5. Check that quote from the solar leasing company and you’ll find that most of the time they won’t even tell you what brand of equipment they’re installing on your home. I wonder why?
6. Most if not all $0 down solar leases include an annual payment escalator that will increase your monthly payment by up to 2.9% per year for 20 years.
7. You’ll be stuck with the same aging solar system without the ability to upgrade for the full 20 year term of the contract. If you bought your system instead, you can sell it at any time and take the proceeds from the sale and upgrade to the latest and greatest equipment. You can’t do that with a lease because it’s not your system to sell.
8. You’ll have to forfeit the 30% federal tax credit and any applicable cash rebate to the leasing company and you won’t get tax deductible interest on your lease payments. Only a $0 down solar loan or $0 down PACE financing will give you tax deductible interest and let you keep all of your incentives for a much better return on your investment.
9. Shall I go on ?
Buying with cash is certainly a better deal (not taking into consideration opportunity cost), but I’ve actually found from limited research that solar leasing turns out better than getting a loan ~50% of the time: http://solarlove.org/solar-leasing-worst-option-going-solar/
Hi Zachary, Thanks for the link. I took a look at the comparisons and a couple of thing that I questioned was the fact that the comparisons do not consider the tax deductible interest that offered by Admirals Bank’s FHA $0 Down Title 1 solar loan (leases and PPAs do not offer tax deductible payments) nor does the site consider the sub $3.00 a watt installed, before incentive pricing that is readily available.
Thanks. I’m curious now. However, I wouldn’t jump to the conclusion that EnergySage isn’t including these things. They are including a large number of variables behind the simple output screen, and aren’t tied to solar leasing companies. But you’d have to check with EnergySage to be sure.
Yes, putting something on credit card is also a no brainer. After all you are not paying anything upfront. But you know you will be paying through nose later. A solar panel installation should not cost more than 5K plus the cost of panels and inverter. These scammers charge upward of 30K for this. Hence, no mass adoption despite various rebates.
Leasing really is a no brainer. Barely any money upfront, you freeze most of your electric bill and you have the option to buy the system after 15 years… plus they maintain everything, no liability for you..
MrEnergyczar
With Admirals Bank now offering a $0 down solar loan nationwide, i think that is the best way to go for most people who don’t have cash available to purchase outright. http://cleantechnica.com/2013/10/25/solar-loan-admirals-bank-vs-solar-lease/
I haven’t heard of many solar leasing companies offering to sell the systems after the leasing period is up. Where have you seen that?
Yes, leasing truly is a no brainer as in as in, you would have to have no brains to choose an expensive solar lease over an outright purchace or a purchase with a $0 down solar loan with tax deductible interest.
1. Add up your lease payments and when compared to an outright purchase you’ll find that you’re easily paying up to 3 times more on a $0 down solar lease versus a purchase.
2. You’ll pay so much more for a lease than a purchase that’s it’s actually you who will be over-paying for your own maintenance, monitoring and insurance not the leasing company.
3. You’ll have trouble selling your home because what home buyer in his right mind will want to assume your lease payments on a used, outdated system when they can buy a brand new system with the latest technology and keep the 30% federal tax credit for thousands less.
4. After making 20 years worth of leasing payments, you won’t even own the system. It will still belong to the leasing company.
5. Check that quote from the solar leasing company and you’ll find that most of the time they won’t even tell you what brand of equipment they’re installing on your home. I wonder why?
6. Most if not all $0 down solar leases include an annual payment escalator that will increase your monthly payment by up to 2.9% per year for 20 years.
7. You’ll be stuck with the same aging solar system without the ability to upgrade for the full 20 year term of the contract. If you bought your system instead, you can sell it at any time and take the proceeds from the sale and upgrade to the latest and greatest equipment. You can’t do that with a lease because it’s not your system to sell.
8. You’ll have to forfeit the 30% federal tax credit and any applicable cash rebate to the leasing company and you won’t get tax deductible interest on your lease payments. Only a $0 down solar loan or $0 down PACE financing will give you tax deductible interest and let you keep all of your incentives for a much better return on your investment.
9. Shall I go on ?
Buying with cash is certainly a better deal (not taking into consideration opportunity cost), but I’ve actually found from limited research that solar leasing turns out better than getting a loan ~50% of the time: http://solarlove.org/solar-leasing-worst-option-going-solar/
Hi Zachary, Thanks for the link. I took a look at the comparisons and a couple of thing that I questioned was the fact that the comparisons do not consider the tax deductible interest that offered by Admirals Bank’s FHA $0 Down Title 1 solar loan (leases and PPAs do not offer tax deductible payments) nor does the site consider the sub $3.00 a watt installed, before incentive pricing that is readily available.
Thanks. I’m curious now. However, I wouldn’t jump to the conclusion that EnergySage isn’t including these things. They are including a large number of variables behind the simple output screen, and aren’t tied to solar leasing companies. But you’d have to check with EnergySage to be sure.
Going solar is a good idea if it works fine for you, Generally it takes 1-3 years of operating at peak exposure (which does not happen every day-everywhere) .
You can check my blog about this http://www.mychoicegreen.com/solar-panels-disadvantages/
Thanks, Mike. That’s a good piece on it