I Took Out A HELOC For Solar Panels! (And I Make $200,000 A Year)

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  • Опубликовано: 18 янв 2023
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Комментарии • 519

  • @TheRamseyShow
    @TheRamseyShow  Год назад +2

    Looking to learn more? Check out these related articles from Ramsey:
    HELOC: What Is a Home Equity Line of Credit? - bit.ly/RamseyHELOC
    How to Create a Home Renovation Budget - bit.ly/RamseyHomeRenoBudget

  • @alrbredwall
    @alrbredwall Год назад +271

    This show has taught me time and time again that your income potential is not tied to your intelligence.

    • @semosancus5506
      @semosancus5506 Год назад +7

      He installs HVAC. HVAC installers are very valuable because it is hard work and not many are willing to do it. But it doesn't require a 140 IQ. Just a strong work ethic.

    • @alrbredwall
      @alrbredwall Год назад

      @semosancus5506 yes.

    • @Ultrajamz
      @Ultrajamz Год назад +1

      Its vermont so probably trying to keep up with green obsessed neighbors

    • @tylersanders2388
      @tylersanders2388 Год назад +3

      Income level is tied to some combination of intelligence and hard work. Just because you’re good at engineering doesn’t mean you inherently have good financial sense or good resistance to a salesman’s pitch

    • @alrbredwall
      @alrbredwall Год назад +1

      @@tylersanders2388 thencallow me to edit my statement: your income potential is not directly related to your intelligence.

  • @ChadCandiceMorton
    @ChadCandiceMorton Год назад +82

    This guy doesn't sound 34, I thought he was 60+

    • @khaitran8951
      @khaitran8951 Год назад

      That’s kind of a rude comment.

    • @ChadCandiceMorton
      @ChadCandiceMorton Год назад +9

      @@khaitran8951 it's not rude, his voice is just very mature sounding. Nothing wrong with that!

  • @psyko0906
    @psyko0906 Год назад +100

    You know what’s crazy is he isn’t the only guy doing the whole solar thing and a $800 car payments. We need to standardize financial education

    • @philipgerry5228
      @philipgerry5228 Год назад +7

      People have plenty of sources to learn about money. They choose to ignore smart choices then wonder why things fall apart.

    • @genxx2724
      @genxx2724 Год назад +1

      Zero common sense.

    • @blackworldtraveler3711
      @blackworldtraveler3711 Год назад +3

      Twelve years of reading and math should be enough.

    • @blackworldtraveler3711
      @blackworldtraveler3711 Год назад

      @@Andrew_406
      My parents had us saving money in piggy bank and a savings account in our name at preschool.

    • @alinatamashevich3354
      @alinatamashevich3354 Год назад +1

      @@blackworldtraveler3711 Key word...Should be

  • @RSBuddie
    @RSBuddie Год назад +99

    Their math is off on taking 100 years for ROI. During the life of the loan, he's saving $30 a month. But once the loan is paid off, he is saving his $300 average monthly.

    • @bensondentalassociates8690
      @bensondentalassociates8690 Год назад

      @Mac im jealous honestly

    • @jamesbecker3420
      @jamesbecker3420 Год назад +12

      Live in upstate NY, about 60 mins from VT and the sunlight amount surely isn't like out West. Solar panels "life" is approximately 20 years and they produce less power as they age. That doesn't include the support electronics(inverter/converter/controller) and if they fail or age out. Just a poor investment in the Northeast...

    • @genxx2724
      @genxx2724 Год назад +15

      @Mac Or buying a Prius when a regular fuel-efficient Honda or Toyota is so much cheaper. It’s nothing but arrogant virtue signaling.

    • @bensondentalassociates8690
      @bensondentalassociates8690 Год назад +1

      @Mac I’m a buy in cash type of guy so I’m no longer jealous 😅

    • @blackworldtraveler3711
      @blackworldtraveler3711 Год назад +2

      @Mac
      Then realizing you lost 50% of you battery driving from LA to Lake Tahoe due to cold weather.

  • @rleonekc07
    @rleonekc07 10 месяцев назад +2

    "You're not gonna be alive to collect the ROI" - Damn that woke him up

  • @colbymann
    @colbymann Год назад +19

    This call scares me for humanity.

    • @thesig301
      @thesig301 Год назад +1

      You trust George’s math.

  • @humblekind4189
    @humblekind4189 Год назад +47

    Never discussed in the call: the net metering solar system still requires you to be tied into the grid. Even if you paid cash for the solar system you’re still stuck paying the electric company basic charges and meter fees which are likely $60/month once you count both your standard and off-peak meter.

    • @humblekind4189
      @humblekind4189 Год назад +18

      But the solar company will tell you “never have a power bill again.” Greatest lie in the solar industry.

    • @godfathaofyo
      @godfathaofyo Год назад +3

      @@humblekind4189 NYC Here, is a $20/month connection charge

    • @kenofken9458
      @kenofken9458 Год назад +3

      @@godfathaofyo When I looked into it, my monthly bill would only be $13 to $17. Not nothing, but not bad either.
      To my mind, the numbers can work IF I pay cash for the install vs financing or leasing. It would also make more sense if I had an EV or plug in hybrid as the output of my install would roughly equal most of what I'd use driving all year.

    • @Gingerrrrsnapps
      @Gingerrrrsnapps Год назад +3

      In Virginia you just pay taxes so 8.94 a month to remain connected.

    • @costco_pizza
      @costco_pizza Год назад +2

      @@humblekind4189 yep people never truly look at their bill, there are so many city, county, state fees, etc that are all base charges. Don’t forget the solar only works well in places that get a lot of sun and they need to be maintained/cleaned to get the maximum efficiency.

  • @KEP1983
    @KEP1983 Год назад +36

    And this is why renewable energy still isn't there yet.

    • @tylersanders2388
      @tylersanders2388 Год назад +2

      Renewable energy is actually super efficient. I think modern solar panels are around 90% efficient. They can’t get much better just by the laws of physics. The technology is there, it just simply isn’t and won’t be as cheap or easy as burning coal/gas

    • @blackworldtraveler3711
      @blackworldtraveler3711 Год назад +6

      @@tylersanders2388
      They are not that efficient.

    • @hamohun7569
      @hamohun7569 Год назад

      @@tylersanders2388 so only for middle class and higher.

    • @tylersanders2388
      @tylersanders2388 Год назад

      @@blackworldtraveler3711 yeah my bad the 90% figure is from university research. That’s what the next generation will be once they perfect it and get it in production

    • @tylersanders2388
      @tylersanders2388 Год назад

      @@hamohun7569 yeah that’s exactly what renewable energy is. America has a huge amount of wealthier citizens who can afford to spend 10x more for energy without any serious issues

  • @tracygaluszynski1868
    @tracygaluszynski1868 Год назад +10

    You do have to pay for electricity. The electric company will charge him a service fee whether you use their electricity or not.

  • @bensondentalassociates8690
    @bensondentalassociates8690 Год назад +12

    They got the math wrong. At least get it correct 😒

    • @nathanjohnson3668
      @nathanjohnson3668 2 месяца назад

      How did they do the math wrong? Guy was saying he would save $360 a year by giving out $38k. Not including interest costs it would take 105 yrs to make $38k at $360 a year.

  • @azteca6695
    @azteca6695 Год назад +5

    And don't they put a lien on the house, until it's paid off. AND by the time your finished paying for it. Don't you have to upgrade?

  • @krassimirpetrov7131
    @krassimirpetrov7131 Год назад +24

    Someone tried to sell me solar and I let them pitch me it then whipped out a calculator and destroyed their math

    • @lingra1438
      @lingra1438 Год назад +2

      Good for You

    • @davidhill850
      @davidhill850 Год назад

      Leasing is horrible, but buying them is worth it. Depends where you live I got over $13k back from the governments on a $23K system.

    • @georgewagner7787
      @georgewagner7787 Год назад

      So worth it to you but it's really just a tax refund unless you don't pay much tax and then your neighbor paid

    • @davidhill850
      @davidhill850 Год назад

      @@georgewagner7787 I play plenty of tax for stuff I don't use. My neighbors didn't pay for me. The hand outs were so good for two years that I'd say well over half the neighborhood got solar panels one way or another. You can tell the people who got lease systems installed from some company because they covered the roof on the south and the NORTH side. Which of course is dumb.

    • @krassimirpetrov7131
      @krassimirpetrov7131 Год назад

      @@davidhill850 they were trying to sell them to me but the numbers were all fabricated and didn’t make sense . Not a cash deal it was a loan and “reduce your bill promise”

  • @happyhippo1710
    @happyhippo1710 Год назад +19

    He makes $200k and have $1k in savings. "What are you trying to out do me?" lol

  • @zayacz123
    @zayacz123 Год назад +26

    And solar panels wear out.

    • @philipgerry5228
      @philipgerry5228 Год назад +9

      How about when you need to replace the roof? The roof guys aren’t taking the panels off for free.

    • @Gramps935
      @Gramps935 Год назад +7

      This is the main problem I see. Photovoltaic panels lose most of their efficiency after 7-10 years. By the time you pay them off they need to be replaced so you never get to enjoy them without payments.

    • @om617yota8
      @om617yota8 Год назад +7

      @@Gramps935 That's incorrect. Most of them take 25 years to get down to 80% output of new.

    • @genxx2724
      @genxx2724 Год назад

      @@silentnot4812 Maybe someday it will be small and unobtrusive.

    • @linuxsurfer2002
      @linuxsurfer2002 Год назад

      @@silentnot4812 I dunno, home solar panels have been huge for a long time now.

  • @dynamicphotography_
    @dynamicphotography_ Год назад +13

    Solar Panels are a passion project. It doesn't pencil out. Only pay cash. Never get a loan. Only get them if you have cash and a passion for it.

    • @theartofbecoming5429
      @theartofbecoming5429 Год назад +2

      There are a lot of people who come out ahead, especially if they live in a sunny state with good incentives like CA, NV or NM. I get that Ramsey fans are dogmatically opposed to debt, but the fact is most people don't have the cash to buy a solar system outright, but it can still be a good financial decision to finance in the long run. There are many solar businesses that offer bad financing deals, but that doesn't mean financing is inherently bad.

    • @ZacharyHillary
      @ZacharyHillary Год назад

      @@theartofbecoming5429 this guy sells solar panels :D

  • @barnesnplebian6462
    @barnesnplebian6462 Год назад +7

    Sometimes we know a decision is completely stupid but we need someone else to tell us it's stupid before we believe it.

    • @thesig301
      @thesig301 Год назад

      Sometimes you believe people who are really bad at math and take their word.

  • @MichaelRoberts9000
    @MichaelRoberts9000 Год назад +16

    The math on his solar installation needs to be clarified. $36k should get you a 20KW or greater setup with some battery backup. That should completely eliminate his bill on most days. His electric bill would average $100 a month in the worse case. It would take less than 100 years to pay off. It could be between 10 and 20, depending on interest and how much he pays monthly. Not saying anyone should go into debt for solar, but you also can't say that it never pays itself off in your lifetime. With energy bills north of $600 a month, people wouldn't be crazy to look for ways to make their own power.

    • @sblijheid
      @sblijheid Год назад +3

      Really? Pay it off in 20 years while it has to be replaced in 20 years? Where's the savings then. And you did not factor in the maintenance.
      I understand that pro solar folk want to justify everything about it, but the math does not compute.

    • @captainviper3888
      @captainviper3888 Год назад +1

      They design it so when you finally break even you have to replace it and get another loan!

    • @Andster2
      @Andster2 Год назад +5

      They are completely ignoring the 30% tax break which would give him around $11,000k back in the first year...

    • @lorenantolik2735
      @lorenantolik2735 Год назад +2

      When I installed solar it was 30% state and 30% federal tax credits.

  • @ryanoonk8147
    @ryanoonk8147 Год назад +7

    If you guys wouldn't steam role Will with your spiel and ask more questions, Will was saying he wouldn't have an electric bill after the loan was paid off. It sounds like his electric bill is $300/mo. avg. and the HELOC payment (not the new elec. bill) will be $270/mo. With this info you can back into the loan he was offered - 15yr term 3.99% rate $12K total interest $273.5/mo payment. This would make the pay back/ROI 13.67yrs(assuming electricity rates don't increase.. yeah right). I totally agree that debt is dumb and cash is king but can we at least present an accurate picture.

    • @arijitpanda7321
      @arijitpanda7321 11 месяцев назад

      The calculation was ridiculous.

    • @rist98
      @rist98 11 месяцев назад

      Yup. Im assuming they made the wrong assumptions on the numbers he gave them. I doubt that its gonna take over a 100 yrs to ROI. Not that solar ROI is short, but still its not that bad.
      But if he wants solar, he should not take loans for it, if he is trying to follow the Ramsey plan.

    • @rizwanmuhammad6468
      @rizwanmuhammad6468 7 месяцев назад

      @@rist98 yea and worst thing is they know thier speil was not correct. and they were only playing to the Gods of the RUclips.. how are they better than what some of the Solar companies are doing..

    • @marklee4409
      @marklee4409 6 месяцев назад

      He should also get a tax credit of 30%. My Solar quote was 34K, then I get 10K as a tax credit the next year. If I go ahead I plan to pay down the 24K left in a few years. For me money wise its not a bad deal if I stay in my home for 8+ years. Clearly a long time. Like him along my way its roughly break even Loan vs Bill. Thats said, You have to want Solar for more than just the money.

    • @nathanjohnson3668
      @nathanjohnson3668 2 месяца назад

      ROI is more like 20-25 yrs on a 5% interest and $300 a month bill (discounting the loan period payments). Either way, it’s a long time. If you pay it off sooner then you are better off for sure. But you are still buying something that will depreciate and need maintenance and replacement at some point so it’s still like buying a car to some degree. There are much better investments out there.

  • @stephenabril7084
    @stephenabril7084 Год назад +5

    Long term the stuff needs to be maintained and it wears out too!!!

    • @stephenabril7084
      @stephenabril7084 Год назад +1

      @Donovan Lewis everything wears out eventually

  • @strangeluv8
    @strangeluv8 Год назад +1

    LOL…”What are you trying to outdo me!?” 😂
    $800+ car note….no stinkin way!

  • @n1k01k0
    @n1k01k0 Год назад +23

    My understand is that your roof must be relatively new, ready to go for 20 years before the panels go on. After you spend 20 years financing this project, they need a massive maintenance which will cost you a lot of money all over again. At that point you need a new roof, too. If you are trying to move in the middle of financing this, someone told me their contract read that they gotta take them off and take them with them at their own expense.

    • @whywouldigivemyrealname5162
      @whywouldigivemyrealname5162 Год назад +3

      I could see solar panels as a worthwhile investment if you had a lot of land and built a solar field to get off the grid. I'm not sure it makes sense to add them to a home. The reasons you mentioned and the limited roof space make it seem like a poor investment.

    • @aliparker3
      @aliparker3 Год назад

      @@whywouldigivemyrealname5162 Completely agree. A solar 'garden' is a better investment while also serving off grid values.

    • @isiahreed3588
      @isiahreed3588 Год назад +1

      Totally agree!!! Also after you take the panels off the roof, you're left with holes, now you have to replace the roof.

    • @adamseidel9780
      @adamseidel9780 Год назад +2

      They don’t need big maintenance after 20 years and you don’t need to spend 20 years financing it, probably more like 8-12. It does, however, make sense to take care you don’t install solar within 5-10 years of your roof needing to be replaced since it adds cost to the replacement to take down and remount the solar. I would personally likely not want to plan to replace my roof within the financing term of the solar.

    • @billhaar2919
      @billhaar2919 Год назад +1

      Also if you decide in a few years to sell your house. Maybe a potential buyer doesn’t want your solar panels & doesn’t want to inherit the problems associated with solar panels on the roof.

  • @NathanRance
    @NathanRance Год назад +2

    I have solar. Their math is wrong. He pays $300 a month for electric. So now with Solar he pay $270 INSTEAD of his electric. So his ROI will be much sooner than they say.

    • @Dan16673
      @Dan16673 Год назад +1

      Yeah they do not get this. Paying toward the solar instead of utility

    • @khaitran8951
      @khaitran8951 Год назад +2

      You are absolutely right. The bad math and misinformation on this episode is so disappointing

    • @amireallythatgrumpy6508
      @amireallythatgrumpy6508 Год назад

      He pays more like $370 instead of his electric when maintenance costs are factored in.

  • @jordanmcmurray5785
    @jordanmcmurray5785 Год назад +6

    It’s amazing how many stupid mistakes you can make and still be okay when you’re making $200k. It’s the households with limited skills working incredibly hard and still only making $45k that I really feel bad for, that’s gotta be difficult.

    • @reese85
      @reese85 Год назад

      It’s really not that hard to make a decent income as a man! They just gotta put in that work and don’t settle

  • @walters24051
    @walters24051 Год назад +12

    This call is hilarious. Lol

  • @kasession
    @kasession Год назад +7

    "You're not going to be alive by the time you're ROI on this thing." "True" 🤣

  • @mmp495
    @mmp495 Год назад +4

    Great call on this one! People need to understand the simple math and how not to get scammed on these panels. 🌞🌞🌞

  • @mxerb5912
    @mxerb5912 Год назад +2

    Unreal. Makes 200k and only has 1000 dollars in the bank.

  • @djtecthreat
    @djtecthreat Год назад +3

    Solar is crazy, I've had so many companies trying to push me to do it. A friend installs them and ran the sun calculations and because of shade I may never realize a benefit of it.

  • @jeremybrowand5941
    @jeremybrowand5941 Год назад +2

    Solar panels in Arizona, reasonable. Solar panels in VT, why?

  • @lorenantolik2735
    @lorenantolik2735 Год назад +3

    Their math is wrong. He’s currently paying $36k for 10 years of electricity. ($300/month). The solar system will cost him $36k. So for the cost of 10 years of electric bills he will own a system that will provide possibly 20 years of service. So he cuts his bills in half in the long run.

  • @Jay4Three
    @Jay4Three Год назад +2

    Did my man just quote Bruno mars 😂 “I’m a dangerous mannnnn with some money in my pocket “

  • @randocrypto1678
    @randocrypto1678 Год назад +5

    George did the math wrong here

  • @shumatsuopost
    @shumatsuopost Год назад +14

    There will always be a lot of lessons from your content! Keep it up!

  • @symlexbrn5396
    @symlexbrn5396 Год назад +9

    On my Engineering degree first year in University we were made to do presentations on ROI on things like solar, wind turbines and electric cars, it was an eye opener I was shocked that you can never break even on a Tesla at its premium price

    • @georgewagner7787
      @georgewagner7787 Год назад

      I would have guessed that about a car. Panels not so obvious

    • @akui88
      @akui88 Год назад

      I learned about that in high school, don’t need a fancy degree to know about this. Heck I learned about ROI when i was in 5th grade in the late 90’s.

    • @rist98
      @rist98 11 месяцев назад

      Break even on a Tesla? How could you ever break even on smth that doesn't even generate an income?
      If you're comparing a Tesla to an ICE car, then it depends what you compare to.

  • @thomasfradd2034
    @thomasfradd2034 Год назад +4

    The RAMSEY team will always have jobs 😂

  • @lizg1976
    @lizg1976 Год назад +4

    I get an email every month that contains county permits issued in my county.lately a large number of the permits are for solar panels. There is a reason these companies go door to door trying to sell them.

  • @rossmcgreg6r642
    @rossmcgreg6r642 Год назад +1

    Good advice. One of your best.

  • @trainboy192
    @trainboy192 Год назад +9

    Most roof warranties are void if you put solar panels on them. Plus we have lots of hail storms where I live.

  • @homeaudiobasics
    @homeaudiobasics Год назад +1

    Key is to make your house as energy efficient as possible, and have a grid interfacing system installed that sells power you're not using to the grid.

  • @slippinslidewayz
    @slippinslidewayz Год назад +3

    WOW! I just finished this video and an ad popped up saying how much I could save and that "there's never been a better time to go solar"! 🤣😂 I know it's targeted from the description but that got me good.

  • @JustinCase780
    @JustinCase780 Год назад +5

    Isn't selling solar panels in Burlington, VT similar to selling surf tank wave machines in Hawaii?

  • @niftyifty
    @niftyifty Год назад +1

    Is he using $30/mo to calculate roi? That wouldn't be the calculation. Only until the loan + interest is paid off. After 10 years that goes up to $300/mo.

  • @groundsurvivalstudygracieg4034
    @groundsurvivalstudygracieg4034 3 месяца назад +1

    Wish I'd found this before I financed my solar panels at 53k... but there's a federal tax incentive in the neighborhood of 16k I can apply to the principal. So ~37k is financed at 4.99 percent interest... the payment per month ends up being in the same neighborhood as my electric bill already was, but the pitch was that the energy companies are trying to increase the rates in the next 3-5 years, and my electric company is a middle man buying from another electric company, so my rates are already higher than they should be. So far (November/December) the panels have reduced my energy bill by about half, not replaced it completely as the typical solar company claims. Hopefully in the sunnier months the extra energy output beyond my usage will credit me with enough to pay the difference in the darker months and I'll break even on them from a "cost replacement" basis.

  • @AnalyticalMenace
    @AnalyticalMenace Год назад +1

    The only time solar panels make any sense is if you live in a desert where there's sunlight 16 hours a day. In Vermont (and pretty much anywhere in New England, for that matter), this plan is literally backwards.

  • @jonquindiagan682
    @jonquindiagan682 Год назад

    Thank you for sharing your experience.

  • @TMHF
    @TMHF Год назад +6

    Ken's reaction @2:40 had me laughing out loud

    • @PreppyAnglican
      @PreppyAnglican Год назад +3

      George at 3:42 was pretty good too 😂

    • @cataranneth8517
      @cataranneth8517 Год назад +1

      True! Hysterical! See Dave would have said.. "Don't be stupid !"

  • @robertbell525
    @robertbell525 Год назад +1

    There's also a thing called night when the panels don't work. All you are doing is trading an electric bill for a solar payment for 25 or 30 years. Pay it off just in time to replace them. And geez, he's got heat pumps in VT and his heating bill is $300-400 per month. He must have his house set at 80°.

  • @ministryoftruth8588
    @ministryoftruth8588 Год назад +2

    These two should be reported to the WEF! How DARE they advise counter to the save the planet narrative!

  • @NicESpurling
    @NicESpurling Год назад +1

    I really wish you had actually listened to what the caller was saying. The amount he’d be paying on the loan is $270/mo and the electricity is free. The $300/mo is what he’s currently paying. That means an immediate savings of $30/mo (albeit with the added risk of having a loan out) and $300/mo (or probably more) as time goes on. This is actually a smart decision for him to make, if he’s good with his money. If he had a used Nissan Leaf he wouldn’t have to worry about the huge car payments either.

  • @JustAName-it5qp
    @JustAName-it5qp Год назад +2

    Buying solar panels from CEOs flying jets around the world.

  • @greenhack1069
    @greenhack1069 Год назад +5

    I’ll never understand people paying money to save money. It’s no different with paying tons for a car because it gets better gas mileage.

    • @porkyrabbit
      @porkyrabbit Год назад +1

      Maybe it’s not about money,maybe it’s about the environment

  • @blackworldtraveler3711
    @blackworldtraveler3711 Год назад +8

    Rationalizing getting into debt for a whole house solar system is like listening to a broke guy explain buying a Tesla.

    • @godfathaofyo
      @godfathaofyo Год назад +1

      Not at all, you anti solar/electric car people are funny. Solar panels generate electricity, Tesla vehicles use electricity, you are comparing apples to oranges.

    • @drazicmilosovic1065
      @drazicmilosovic1065 Год назад

      @@godfathaofyo genuine question / not being confrontational: what’s your take on the embodied fossil fuel energy that goes into the production of solar panels, a consumption which is never offset by the energy harvested by the panels, and the panels ultimately becoming landfill - notwithstanding that being the scenario also shared by the electric car batteries? It sounds like one unsustainable approach being swapped out for another one. I’m undecided myself.

  • @winewoman224
    @winewoman224 Год назад +1

    Go to Home Depot and put a Nest computer on your thermostat, it costs $150 and will save you thousands of dollars.

  • @9liveslisa
    @9liveslisa Год назад +7

    Thank you for this conversation because I've been wondering if I should get solar and you just quashed that idea. Thanks!

    • @375Cheytac
      @375Cheytac Год назад

      You definitely should ESPECIALLY if you’re able to do it yourself. DIY is about 1/2 - 1/3rd the price of the exact same setup, but installed by a solar company.

    • @375Cheytac
      @375Cheytac Год назад

      Not to mention, what wasn’t factored into the “ROI” calculation in the vid, is the increase in cost of electricity which seems to go up every other year at this point

    • @willtacoma2ndgen661
      @willtacoma2ndgen661 Год назад +1

      Pleases don't get solar, you will regret it when you receive you monthly bill. All solar companies are thief.

  • @traedawg28
    @traedawg28 Год назад +2

    This had nothing to do wit solar being bad or good. Wit him having a debt and only $1000 saved he’s grasping for straws while drowning. If he paid off that debt and save more he wouldn’t even feel that $30 he could be saving by going solar.

  • @Strugglin.on.YouTube
    @Strugglin.on.YouTube Год назад +1

    “You tryin’ to out do me?” 😂

  • @babyblondiebeauty
    @babyblondiebeauty Год назад

    Lol George coming through with the Bruno mars reference. 😂

  • @jimmymcgill6778
    @jimmymcgill6778 Год назад +2

    37k for solar, just to save three sixty a year?
    It's not worth it.
    But also the price of power will only go up.

    • @Dan16673
      @Dan16673 Год назад

      No. He would be paying 270 toward the solar loan. Roi would be much much faster

  • @markg999
    @markg999 Год назад +1

    Problem is most get loans for this so they jack the price up...another example of loans making things more expensive for people. Most only look at monthly payment cost not total cash price.

  • @user-wq5ws1qs7x
    @user-wq5ws1qs7x Год назад +1

    Also have to take in consideration the utility payback. Some states offer nothing while others the utility will pay you the excess.

  • @danclapper626
    @danclapper626 Год назад +1

    Nor will he stay in this house long enough, most people change jobs and houses so often it's crazy.

  • @MichaelSims94
    @MichaelSims94 Год назад +30

    How does somebody who has that kind of salary make such a stupid decision? I feel like I’m vastly underpaid because I wouldn’t even think about making such a decision

    • @lmelior
      @lmelior Год назад +5

      Does it seem stupid because you trust George's math? Would you think to check it?

    • @dec1slh
      @dec1slh Год назад

      Since when is intelligence tied to income? If you are so intelligent try to figure out how to make more money rather than criticize someone else. If you are financially responsible/irresponsible when poor, you will be the same when rich.

    • @maximustrolleus9860
      @maximustrolleus9860 Год назад +1

      @@dec1slh money is more about who you know vs what you know and id say its more grit rather then pure intelligence. thats why i know a lot of intelligent ppl that are like middle class only

    • @dec1slh
      @dec1slh Год назад +1

      @maximustrolleus9860 not true in all cases, but I get it, people tie their opinions to their experiences.

    • @maximustrolleus9860
      @maximustrolleus9860 Год назад

      @@dec1slh whats not true? Most billionaires came from family connections. Theres a recent video that showed how every actor is basically a nepo baby. At this point ppl dont even deny it and say that life isn’t supposed to be fair. Well thats the point im making. Other factors besides intelligence determine success in life. You need grit, hard work, luck and connections. You need all these factors.

  • @santino5873
    @santino5873 Год назад +22

    I had to convince my good friend not to go through with getting panels. It's a fad and all his neighbors were doing it. Absolutely doesn't make sense in savings lol, they sucker people in so badly 😂

    • @genxx2724
      @genxx2724 Год назад +3

      I was raised with this question: “If your friends jump off the roof, are you going to jump off the roof, too?”
      Analyzing for myself instead of doing what everyone else is doing has served me well.

    • @OBI-KONOBI-ISRAEL
      @OBI-KONOBI-ISRAEL Год назад

      Unless they are doing it for there kids who inherit the land or home and then they won’t have to pay for anything 😁😉

    • @raulmunoz9735
      @raulmunoz9735 Год назад +6

      Are you taking into account that you will have to pay for electricity for the rest of your life, and that it will cost more in the future? Im sure there are bad deals out there, but that’s not exclusive to solar panels or electric cars.

    • @genxx2724
      @genxx2724 Год назад +5

      @@OBI-KONOBI-ISRAEL The solar panels will disintegrate by the time the kids inherit the house, and the system will be obsolete.

    • @OBI-KONOBI-ISRAEL
      @OBI-KONOBI-ISRAEL Год назад +2

      @@genxx2724 gotcha I guess that makes sense.

  • @steve03260
    @steve03260 Год назад +5

    I liked my mortgage company until they offered a HELOC ......

    • @georgewagner7787
      @georgewagner7787 Год назад

      As soon as my mortgage was paid off, they started sending ads

  • @GolfDuff
    @GolfDuff Год назад +18

    I really enjoyed watching Ken suffering through this call!

    • @MichaelHollen
      @MichaelHollen Год назад +3

      That head shake, and head in hand 😂

    • @mmp495
      @mmp495 Год назад

      He was getting snarky 😄

  • @captainviper3888
    @captainviper3888 Год назад +1

    The panels will need to be replaced when he's done with the payments....that's by design!

  • @robertkrumm2470
    @robertkrumm2470 Год назад +1

    I'd check into it and be 100% sure that you can still back out of it

  • @willberg8599
    @willberg8599 Год назад +2

    I'm feeling the "lifestyle creep" hard these days... I should be debt free by now but taking my time. At least I rejected the solar people until I have the CASH

  • @brock9872
    @brock9872 Год назад

    The average time a person owns a home is about 13 years. Most people will never see a return on investment. I looked into solar for my previous house but I ended up spending a few thousand to insulate better and seal it up. I will likely do the same with my current home. Also about 50 percent of houses heat with natural gas. You can't cut that without changing the furnace and water heater to electric too.

  • @flipmex1
    @flipmex1 Год назад

    Did George sneak in a a Bruno Mars lyric from that 24k song at the end? Lol

  • @DG-is2xc
    @DG-is2xc Год назад

    Did George just quote a Bruno Mars song at the end? 😂😂

  • @screwdriver_bandit
    @screwdriver_bandit Год назад +3

    From one HVAC guy to another, you make us look bad here brother. Dear lord.

  • @GETole
    @GETole Год назад +2

    One thing rarely discussed with the solar "deals" is maintenance and replacement costs.

    • @davidhill850
      @davidhill850 Год назад

      Nonsense. What maintenance or replacement costs? I've had panel for years and never touched them. You don't need to replace them ever. they just lose out put over the years. maybe 10-20% after 20 years. But never lease panels just buy them.

  • @matthunter9380
    @matthunter9380 Год назад

    Don't forget the maintenance costs for the solar. Especially when you need to do roof repair

  • @jocarson5310
    @jocarson5310 Год назад

    Solar is an excellent idea. Forget ROI; you will never regret it in the days to come.

  • @allthingsnu4673
    @allthingsnu4673 Год назад

    They didn’t mention the alternative of getting a solar generator as backup for when power goes out. That makes much more sense and is much cheaper.

  • @gerikelly
    @gerikelly Год назад +3

    Thank you, George. Your calculations were enlightening.

    • @genxx2724
      @genxx2724 Год назад +18

      His calculations were incorrect.

    • @lmelior
      @lmelior Год назад +2

      @@genxx2724 Yep, gotta love the confidently wrong condescension in this one.

    • @davidhill850
      @davidhill850 Год назад +1

      He was wildly off by a factor of ten.

  • @slomo1562
    @slomo1562 Год назад

    Geez! Solar sucks long term. The diminishing returns on the panels make them less viable than small household wind turbines within a decade.
    When they become damaged they are difficult to dispose of cleanly and you are still paying for them like a mortgage.

  • @theshield2004
    @theshield2004 Год назад +3

    And add to the fact that if he ever sells the property, the buyer of the home would need to qualify for the additional loan on the solar panels...

  • @kevinkidneyy
    @kevinkidneyy Год назад +1

    Sounds like the people that spends 40 k EV cars to safe on gas 😂😂😂

  • @SilentEire
    @SilentEire Год назад +4

    Solar makes sense for some people in certain areas, it’s very important to do all your research beforehand. I also don’t believe it makes sense unless you also install a battery pack for your house. Make sure to do your research!!!

    • @kenofken9458
      @kenofken9458 Год назад

      Storage gets into much more expense. People do it off grid but for the most part, the idea is to sell power back to the grid and get as close to zeroing out your electric bill as possible.

    • @greggpurviance7252
      @greggpurviance7252 Год назад

      @@kenofken9458 selling it back may bw good for you but not the environment. Grid pull back & ramp ups negates the solar

    • @kenofken9458
      @kenofken9458 Год назад

      @@greggpurviance7252 I've never heard such a thing. Demand goes up on the grid, demand goes down. What matters for the environment is the generation source.

    • @greggpurviance7252
      @greggpurviance7252 Год назад

      @@kenofken9458 actually not. Grid planning is something most don't consider. Draw is one variable add another it makes grid balancing much more difficult.
      Does work well for off grid if storage is enough. Boats, RV, Tiny House

    • @kenofken9458
      @kenofken9458 Год назад

      @@greggpurviance7252 It's the grid. It's never going to be static. Solar also produces peak power at the same time of day and often season as peak demand.

  • @Jajaky
    @Jajaky Год назад +1

    Solar will end up being a burden to all these people, unless they got it because they're amish or in the wilderness

  • @operationandy
    @operationandy Год назад

    How fitting , an add for solar roofs and how they finance

  • @Natashahoneypot
    @Natashahoneypot Год назад +1

    36000 loan /3600 per year is 10 years. After this he gets free energy, or at least cheaper energy. The boys here are wrong.

  • @DoctorSmartyPants
    @DoctorSmartyPants Год назад

    Caller said home equity loan and George jumped to HELOC. Not the same thing.

  • @Archdukecollins
    @Archdukecollins Год назад

    This is so funny 😂

  • @CurieBohr
    @CurieBohr Год назад +1

    Never a HELOC. NEVER

  • @kulpatel7624
    @kulpatel7624 Год назад +1

    Making 200k a year is not stupid
    Well said ❤

  • @josephsonntag1354
    @josephsonntag1354 Год назад

    Why do people always try to justify solar with saying they will save money by taking out a huge loan

  • @joeriveracomedy
    @joeriveracomedy Год назад

    Bruno Mars reference? Dude might give Dr. John a run for his money in jukebox battle.

  • @donnalutheran6335
    @donnalutheran6335 Год назад

    I have solar on my deck that I use to charge my solar power banks. No permits or high pressure salesmen that get huge commission. I use the power banks in areas in my house that I don't have wiring.

  • @jasonbrown7258
    @jasonbrown7258 Год назад

    I don't understand how people are going through so much electricity. I got a 40x60 pole barn with a bunch of shop equipment welders air compress and my bill is only 100-130 a month.

    • @alanhodgson7857
      @alanhodgson7857 Год назад

      Heating with electricity. Even a heat pump uses a lot of power in a real winter.

  • @lavy1513
    @lavy1513 Год назад +1

    I would like solar panels but how can you afford to place them without taking out a loan or paying a lease fee, idk. My electric bill is crazy in NY, $300 and I have everything plugged out (except frigid, stove, and internet). The gas company in upstate is a rip off, there are class action suits against them but it's not stopping the outrageous bills.

    • @blackworldtraveler3711
      @blackworldtraveler3711 Год назад

      I live in a 1500sqft condo. My electric bill is around $50/mo. or less and my heating gas bill is lower so a solar system isn’t necessary.
      But I do have a two 2k watt portable solar generators and four 175watt panels for backup in case power goes out for a long period of time.
      Have two balconies and awning to place the panels so no one will see them.

    • @caelcripe6419
      @caelcripe6419 Год назад

      Solar loans make sense if you plan on staying in the home.

  • @MichaelJones-rn2pq
    @MichaelJones-rn2pq Год назад

    Solar panels in Vermont? Not a lot of sunlight and a lot of snow to sweep off of them.

  • @dennishuffstutler9820
    @dennishuffstutler9820 Год назад

    Something is wrong with this. With Solar panels typically you should be 100% of your power bill.

  • @lightersonlock
    @lightersonlock Год назад

    I would be interested to see what the inflation rate for electricity is where he lives. I also didn't hear anything about time of use, what kind of offset his system has, or if he has plans to leave this home to family later on or get an EV instead of gas. I won't argue that solar may not always be the right choice but honestly with everything else involved this guy really might get his money back in 15-20 years.
    I will admit that is still a long time, but is this a multi-generational home and how reliable is the grid there?

    • @nelsonortega2281
      @nelsonortega2281 10 месяцев назад

      Where he lives there’s no time of use. Assuming the total cost of the solar system cash is $37,000 and the net system cost is $25,900 after the tax credit with a $300 a month average it will take him 7.2 years to break even. That’s not counting that he can qualify for SRECS (Depending on the utility) that will help even more getting a faster ROI. Of course there’s a connection fee to the grid but the highest in his states is $12 a month.

  • @MegaLilJen
    @MegaLilJen Год назад

    Financially, yeah, sometimes it doesn't make sense. But in terms of saving our environment. . . it's a choice that is substantially less damaging in the long term than oil, natural gas, and coal (all used to some extent in Vermont).

    • @GETole
      @GETole Год назад

      It's not "saving the environment". Check out what has to be harvested from the Earth to contruct these panels. It's not Earth friendly.

  • @janhatcher6991
    @janhatcher6991 Месяц назад

    my 32-year-old niece pays $850 a month for car payments. This is ridiculous.

  • @kochubobby
    @kochubobby Год назад

    I cannot go without liking this. Great comments George amd Ken