Go Into Debt For Solar Panels?!
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- Опубликовано: 18 мар 2020
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Salesman tricked him into actually believing there was a $13,000 time-sensitive discount. Standard sales tactic.
might be a 13k discount on a price inflated by 20k I don't thin kthis guy even calculated the solar needs... I live in a temperate climate, we are predominatly a heating climate whcih takes far more power than cooling, and a system for mine would be 32k (CANADIAN!) to cover consumption. close to half million dollar house also. You will never get the money back on resale, so you better plan to stay there for 10-15 years... never ever get the cash back.
Rookie sales tactic
@@johnjohnstone5206 It worked 😂
Do not believe that, pls!
Actually there are some time sensitive rebates that the utility companies give but they usually only have about a 2 million dollar budget state wide and here in Texas it’s gone by march so the first people on the list get those rebates
82k. Man that would cover my electric bill for 2 lifetimes
I don't think solar panels and an inverter are that expensive. Nowadays, electronics are cheap.
At that price it has to be a VERY large system AND an off grid/battery based system. He did mention "having power when nobody else does" which implies that he is going for battery storage + solar.
Maybe the federal incentives are why costs are so high...when they expire completely, I wonder if they'll come down to earth.
I think the caller had a big house with a lot of AC usage, hence the large electric bills, very similar to Al Gore.
Kevin Lopez yeah you’re right
People who get solar for their homes are mainly doing it for financial reasons. The problem is they’re not saving any money and in many cases they’re seeing their bills, double and triple. Solar panel sales is this centuries version of aluminum siding
I've always said if someone wants to do something bad enough they will find a way to justify it.
Whenever alumni calls in I get embarrassed for them before they even speak.
Why do people talk about how they love FPU and then go into "so I there's this thing I want that I can't afford..."?
Because they're human lol
I thought the same thing.... you know what Dave will say..... you’ve taught it to others... why even ask the question
The caller can afford the solar installation.
@@n9wox it doesn't sound like it's a good investment
@@n9wox Having money to buy a time share doesn't means that you should buy it.
Making $260k a year, you can save up $80k by late November or December. Get the quote, save it for reference. Then save up the cash. In this coronavirus environment, any number of salesmen will be jumping to give you a discount, especially at the end of the year when solar sales are low. Dave is right, be patient, be smart. You hold all the cards.
Based on the current tax code language, residential solar systems need to be Installed in 2020 to qualify for the 26% tax credit. If he waits until the end of the year, his project might not even get permitted until 2021
We might not be here in November ☠️
He doesn’t make 260,000 a year everyone that calls in embellishes their income because it’s human nature and it makes them feel better just as everyone including myself thinks their house is worth more than it is
@@jamesjazzy8040 so are the people who say they make $40k also lying? You could also just take people at their word.
@@yamamancha Yeah there's a couple people that say they make $40K. Not many though :) Everybody's a big time earner in their own mind
I got solar in 2017, back then it generated $200 per month, Duke energy rates almost doubled since 2017, so now the offset is equivalent to $350 a month... I paid $18,000 for the system. It also powers my Chevy Volt, offsetting $200 per month in gas costs. The panels will last 30 years... I paid cash for the system.
No panels last 30 years.
So amazing!
@@jeffro221 Yes they do. Many panels have a 30 year warranty and my boss has worked on panels that are over 50 years old and still producing power, on an off-grid system.
Dave roasting my dude 😂🔥
He needs to do that more
My solar story - I could never make solar math work. Seems to me I would just be trading paying the electric company for the solar installers all while taking on the maintenance burden. After plenty of research, I purchased 144 used solar panels and new micro inverters and installed them on a 40x80 shed. Not hard to do if you have help and are a little handy. So far our production has covered our usage and we are getting minimum electric bills ($23). I estimate my payoff will be between 5-7 years. It was a lot of work but worth it. The best part, other than no bill, is that I don’t care what happens to electricity prices anymore.
Nice. Glad you made it work for you. I have to visit my parents very soon. Found out too late that they had Sunrun install solar panels on their roof. From what I understand, they were told it would be free...??? Yeah, need to look at the contract because they are getting bills plus I am worried about their insurance cancelling their homeowners policy.
@@penguinsforever1609this happened to a couple in Houston. They made it on the news and the company ended up removing the panels due to misrepresentation.
That is really the only way to do it. You do it yourself, avoid a company, avoid the calls, and pay about 50% less. Its shocking that people still get fooled into paying extra just to get a small tax credit. DO IT YOURSELF. A PALLET of used panels is $1,000. This caller is talking about $82K WTF!!!
Dave is so in touch. He realizes that 250k/yr is good money even though his net worth is over 50 million.
it is very good money
@@dknowles60 I am currently in Dubai
This isn’t good money 🤣
@@carltonthepug i in the us. in 90% of the us that is very good money
Exactly
🎉 =r rr ere err r=re=r==RT err=4=r re err r=rrrr err err====r=rye r===re=re err rr=re==r==r===r=====rr==r==r=rrr=r========r=4rrr===r==rr======rrr======rrr====rrr=rr===r======r==========rrrrr==rr===r=====r===rr=rrr=rrrrr=r=====r========r======rrr=r=r===rr=r=r==r==r=rrr===r====r===r==rr========rr============r=rrr====rr=r=r==r==rrrr=r====r==rr==rrr==rr=rrrrrr==rr=r=rr=r=rr==rrrrrrr=r==r==r=r==rrr======rr=rrrr======rr======r==rrrrr====rrrrrrrr=rr=====r====r===rr=====r=r=r=rr=rr===rrr========rr=rrrrrr=rrrrr=r======rr=========r==rrr=r===rr==rr=r==r=r=rr===r=rrrrrr==rr========r========rr=====rr=r===r==r=r=r=r=r===rrr===rrrr==r=======rrr====r======r=rr=r=====rr====r=r==r=rrr========r===r=====r=r=r=====r=====rr=rr==r===r===rrrrrr=r===rr=rr==r===r======r=r====r==r===r=r==r==rr=r========================r==r==r======r===rr===rr=========rrr===rr===r==r=r==r=r==rr======r===r==r=====rr=r=====r===rr=rrr===rrr==ŕrrr============ŕ===============r=====r=ŕ=====rr=rr==r===========rr===r===rrr===r==r===r=====================rrr==============r====r=========rr======r================r==r==================rr=========r===r=====r===========r=======r=r===rr=r====r=======r=====r=========r===r====r=======r====r=========r===r=rrrrrr===r======rr=====r==r====r===r===r========r==========r=r===rr==r===rr======r==rr=r=r========r===========r==rr=======================r=================rrr====rr===============r==========rr=======r=r===r======r=r=r=r==r==r=r====r===r=====r==rr====r==r=rr=r===r=========rr===r=r=r=====r==========r=r=r===r=r===r===rrr==rr=====r==rr=r==========r=r==r=r=rrr=============r=rr=========rrr====rr=r===r====r===============r============rr===r==r==========r==========rr====r===============rrrrr=r=======================rr==rrr======================r=r==r====r=========r==r=rrr========r=====================rr==r===rr=====r=r=====rr r4r+=====r=r==r=====r====================r====r=
I live in Texas with a fairly new house. A Tesla system that I priced was $41k, with about 14-16k of tax credits. HOWEVER, our Texas electric coop rates are so cheap that it would take me over 10 years to break even. So I am going to wait. The technology is getting better and cheaper.
"Saving the world" and "Protecting the environment" is a luxury. Non-rich people should never go down this route. Stick to gas-powered cars and electricity from coal, we're not wealthy enough to care about the environment. Let the rich people take care of that.
@@JackIsNotInTheBox Short sighted on your part.
Rofl bet you wish you did now
@@jamesborden9343 Nope. We had minimal electricity outages thanks to our member owned electric coop. But, I will ask our builder to give me a bid on a Generac whole house generator. There's only a 6 month waiting list🤣
And you will need to think about the roof maintenance with it's being covered by huge panels.
I installed panels but paid cash for the system. We are on our 4th year with solar with 10% a year return. I paid $21,000 before incentives for 7.39kilowatts. My system generates $1,300 a year.
*Compare different solar panel companies since they are all different before you do it.* 😉
Exactly what I'm thinking.
For sure.
Imagine what that $80k would do in that same 15 year period (or longer) invested into a high growth ROTH 401k!!
Then rethink your purchase immediately!!
I wish we had that income though 👌🏻
100% agreed, i sell solar myself and when clients want to pay cash thats what i tell them to do instead but not financial advice lol
Sounds like he flunked his own fpu class
Get multiple quotes from different installers. I am in the industry myself and on a project this large, I guarantee you someone can do more than $13K off
Same and same!
What until you’re thinking about building a house from the ground up. Every builder I talk to is “getting ready to raise their lot premiums or the building materials are getting ready to go up significantly!”
I’m amazed at how dumb some people who make serious bank are...
They probably bring it on themselves because they make so much that spending a lot is no big deal.
mac1bc well, this says he taught FPU but he’s calling Dave to get his opinion about borrowing money 🤣🤣🤣
Next caller: “Dave, what are your thoughts on me putting in $25K in new energy efficient windows? I’ll save $50 a month on my electric bill!”
X
He will go Bananas !
Dave does ads for solar companies - he isn't against solar
@@ronr.511 yeah it was one when I clicked the video.
🤣🤣🤣
You have opened my eyes to saving and living debt free and I'm currently reading your book "more than enough" and it's amazing. Thank you sir
The Richest Man in Babylon is another good book. You can download the book in PDF or audio book on RUclips. Great reads.
@@55Quirll thank you I'll check it out
@@zacharyrenderer6940 More then welcome
Watched this and noticed it was before the big power debacle in Texas. If I lived in Texas I wouldn't risk it, I would do solar ASAP as my state is so foolish as to not connect with the rest of the country's power grid. People died in the winter because they had no heat.
I live in Texas, so, I know what you are talking about. It's ridiculous how much the kWh is going up. On average, it's about 16.8 cents/kWh. If I can qualify for solar, I am going to get it.
23k for my solar took the loan because of that that I found Dave with his advise on these videos after 6 months its paid off due to tax credit , throwing all my additional budget and bonus it is payed off. 90 dollars a month went to 10 dollars and the extra daylight and summer has not kicked in to bank credits to make it no cost.
Paying cash for solar panels in one of the southern states like California, Arizona, Texas, etc. Is a great idea that will save you money in the long run, if you plan to live in the same house for 10+ years. Debt, probably not.
biggriggs23 those aren’t southern states those are western only southern state that gets constant sunshine for solar panels is Florida, if I’m not mistaken but I could be
@@kentmill5463 Kent, I guess you forget that this caller is coming from Texas right?
Are electric bills insane in those areas?
Even debt based, it is largely worth it in those regions. Nevada as well. Even IL.
@@brianbest6097 Not in Texas. Around San Antonio electric is less than 7 cents per kilowatt hour. With the savings from solar I would never break even before they would need to be replaced. Even with the tax credit.
..finally .. i really need this information...i have sales people knocking at my door every single weekend here in central FL.......is getting ridiculous...
I love the idea of solar, but these federal credits have caused it to be the biggest scam... 80k to install a system??? its cheaper to rewire the entire house....
Why do you think it's federal credits that have caused this high price? He is getting a massive system, that is why the cost is so high.
Use a burner stove electricity is not always reliable and now solar panels are not always reliable
People often talk about the break even point on these sorts of things, but they never talk about the break even if you took that same money and invested it.
Solar isn’t like buying a pool. You throw out money to the electric company every month. You’re paying them anyway. Why not own your power?
He'd better read the contract and get additional quotes before signing with this company. Solar company salesmen lie a lot...you'd better read that contract and really understand what you're getting into before you sign - better get all the info on the tax credits, energy coverage, permits needed, etc.
That is a huge solar project. I live in Texas and also have 30 panels. Rates are cheap here compared to west coast. My break even was 5 years and covers 60% of my energy load. I don't think I would pull the trigger to go totally off grid in this market.
He said nothing about going off the grid he just said that the seller will cover 100% of his needs if the grid were to go down as Solar goes down with it he never said anything about battery back ups you can’t go off grid with Solar that’s a myth
I have heard so many people call Dave and ask os it okay to go into debt that they should call this show Can we trick Dave into saying yes to debt?
The best way to roll solar is to DIY. Yes you have to know what you are doing but at a small fraction of the cost, this guy can have a decent system that pays for itself much faster.
My neighbor did that. He did hire a Master electrician to hook up the panels to his home though.
Yes, the installation of solar is way over priced. DIY is the only way to make Solar pay back quickly.
I'll probably start considering putting up solar panels only when i got a paid for house since the breakeven period takes so long.
Love your video. I have a ??? Have anyone call in and ask you why the solar show it produce a lot of power but when the Edison bill show up it Show different Less than what is show. Thank you for your time.
I been waiting for this one!
This particular show was very helpful.
I don’t get this. Bought solar six months ago with a 10 year loan. Was paying $250 a month in electricity prior to solar. No paying $168 a month for a loan and $25 a month for electric bill. Why would I not do this from a cash flow perspective.
Because you are still paying interest every day you don't pay that off. You can save more money by paying off your loan.
Congrats though, you got a better deal than this guy.
@@ruthiemuqatach5942 I’m no debt lover but if you have to buy all of your power from your power provider you are also paying their interest charges. So either way interest is getting paid. Aside from that, borrowing money is almost essential to make a lot of money in real estate.
For realls I don’t get it either
Yes this is the sensible way to do it. I'm not sure who this host is, he clearly doesn't understand borrowing cheap and investing it elsewhere by keeping cash at hand
I literally helped a financial advisor go solar and he financed it lol… then used his cash to buy more real estate. He only wanted to lock in his power payment to hedge inflation
No ones asking how much he’s going to pay to the electric company instead if he doesn’t go solar. Ur already paying for it. Might as well have a locked in fixed rate.
We have customers in west Texas who ended with checks for 2020 for over production. They ranged from $250 all the way to $926.
Electricity provider here in Northern Indiana has stopped paying for power sent back through the meter.
@@davidcurtis5398 Who owns the grid out there?
This guy must be running a welder, a dryer, and air conditioning 24x7 (and has an electric car to charge) for 80K worth of solar.
Exactly. A $4k annual bill is INSANE. And he claims to care about his environmental impact? Maybe start by turning down the AC.
@@unicornswag888 You've obviously never been in Texas during the summer. His house might be all electric or the rates might be exceptionally high in his area. Take the beam out of your own eye before you take the splinter out of his.
@Lyle G
I've lived in the southwest US, and dealt with 110°+ temps in the summer. $4k is ridiculous.
@@LG123ABC if that's the case he needs to spend 2k on some blown-in insulation; not 80k on solar.
@@unicornswag888 cooling is cheap... try living on the north side of the border or close to the border. we have far more cost in HVAC than the most southern state, no question. think about pleny of day at 0 deg F heating a house to 68.. heat pumps are a lot more efficient cooling down to 74 or whatever you guys cool to!!!
Great advice Dave. 🇯🇲💰
That's the exact line of thinking I used when I got solar for my home 2 years ago ;0)
Electric rates went through the roof since this video was made. Mine have nearly doubled! I pay 500 dollars at a minimum and they can go over 1k in the summer. They were much lower when this video was made. Solar making a lot more sense now than then.
It is so good that you addressed this issue but the main thing you can get a cheap Harbor Freight solar panel but the main thing is having battery backup with an inversion inverter to make your power that's a lot of batteries
Wait, there's two main things? The first is the main thing, the next is the secondary thing.
I live in El Dorado county in CA, my PG&E bill was between 700 to 850 a month. I installed solar panels for 30k and dropped not down around 100 a month. My solar has almost paid for itself. I paid cash for a 10kw system. Got a great deal on it. In my senario it made a lot of sense. I designed the system myself, went out and hired a contractor to install them. Purchased Siemens panels. When I was shopping for solar panels my quotes were around 90k. This is one of the way to get solar a lot cheaper.
Soup Natzi we are also in California near Sacramento with PG&E. Never, ever averaged more than $300 per month and I have a/c and heat on almost all the time when necessary because I have a daycare 6am to 6pm. How can you spend that much?
@@cynthiagraham4046 I live in El Dorado Hills and my house is 5500 sqft with a pool. That's why my bills we so high.
@@cynthiagraham4046 I ended up installing solar, and pay anywhere from 800 to 1000 end of the year. Just have one bill from PG&E. You may want to install a small system at your place but it has to make sense financially. What I spent on my own system it almost paid for itself.
That crazy 900 pse bill per month.. 90k is alot of money to pay for solar
A large part of the reason your pwer costs are so high is because of all the solar subsidies the utility pays and the absence of revenues they get because they can't charge for services YOU get.
Cut the grid tie and quit being a solar racketeeer.
He should try solar water heater first. It's cheaper and still lower you electric, by 30% (on average ). Rough estimate.
I don't understand how in some places solar can be so expensive! I have solar and am now putting more solar panels and have never received a quote like that.
Adding solar this year for cash buy through an electrian. Quality product, tax incentives, and grid payback. 5.5 year payback on a 25+ year project. Cost is net 12k year 1. Should save $50k out of pocket after 25 years. If moving adds to value of home since i purchased.
This guys deal sounds like dave read it. Bad deal.
Solar with a battery storage system is never going to pay off if your property has grid power available. Grid tie might pay off 20 some years down the road
The only thing that kept me from buying panels, was that the numbers didn’t add up. I always turn those clowns away now. They tried to get me to sign up in WA state on the west side lol.
Rent electric forever or purchase solar, with the same funds. If you rent electric why not rent a house forever?
When your power bill is over 200 and your solar bill is only 120 fixed you cut off the power company And now you’re paying to own your power . It’s a no brainer to me.
What if the Interest rate is very reasonable at 1.49% and ROI is 10 years and plan to live in this home for at least 18 years?
I'm looking to build a modular system piece by piece until I get enough to get a check from the EMC instead of a bill
I hope his system includes batteries considering this salesman is selling him on resiliency. FYI if the grid goes down, a normal grid tied system will shut off to protect any linemen servicing the powerlines
Ehhhh. Maybe. KWH is fluid.
You can also get a smart switch
@@robertmills7058 Still have to have batteries, or a generator backup. Until then, switch or no, grid tie is dark when the power fails.
Great life advice from Dave. When you’ve got the money, you’re holding all the cards.
When you have money, no debt, and no home loans you will have the upper hand on most people.
Who would you rather hold the cards you or your utility company?
Because without solar your utility holds the cards and just raises your rates without permission.
I love Dave but solar is not a good financial decision yet, 82K for solar is as bad as 82K in student loans. 60k divided by 4k per year is 15 yrs plus the biggest fact is if you invest that 60k you would have made about $180K in those 15yrs in hi yeild stocks instead of just getting your money back
Paid cash for mine and I make 25k a year. Tax credits are a scam used by overpriced installers.
An emergency backup solar system to run basics is good. Solar generators or a small system to learn on and have cooking, electric blankets, lights, devices covered. A few low watt appliances. Portable Fridge or freezer, induction burner, few 100ah Lifepo4 batteries that last over ten years at least. Yes, need a spot where the sun shines. A solar cooker oven doesn’t even need electricity. Good to have for emergencies, power outages, camping, road trips etc.. They can be expanded or add another system for more power as you learn or want to invest more knowing more how it works.
Get a grid tide system you can sell your SREC’s to, save your money on batteries and buy a generator or two.
1300$ should get you a good grid tie inverter kit , 500w -1000w diy , each outlet can handle about 1500w per outlet. Look at your KW use , then size it up. It's not ok to borrow , diy , plenty of RUclips n sources to learn. Diy , it's fun cuts down on my bill, I have small unit tester 300w just see and it cuts bill down , I'll be upgrading to 1000w 80-100$ per panel at 100w per once all this blows over
80k for a solar panel? That's very expensive.. I heard these were around 30 to 40k.
If you get the storage battery it is
It’s all relative to energy usage. Solar isn’t one size fits all.
Love how you hype this guy up and say, “You make 260k annual (probably household).” “He’s just a Solar salesman.” Who’s to say a solar representative couldn’t make equivalent income? I guess that’s what happens when you make millions selling envelopes full of pipe dreams.
We got ours for 18k, powers both electric vehicles and the house for free. Worth it if you have the cash.
@@mattmcgehee2312 Yep the solar guy easily clear $400k if he hustles and is good at sales
Id rather have the 90,000$ dump truck,the return payback would be far better and has resale value.(:
Solar is growing though.
18 wheeler.... Rolling cash machine!!!
I have a buddy who got bamboozled into spending 70k on a solar panel install. I told him not to do it.
82K is too high, most of the systems we sell are $30K to $40K, before the 30% tax credit, payback is 7.5 years here in Florida on a grid tied system. The battery back-up will NOT lower your bill. A system that costs $22K after the tax credit will generate $300 per month here in Tampa.
NONE!! 😁 some of these callers REALLY make me happy that this is via phone calls and youtube because I would probably be catching cases every other call😂😂
When you make $260.000 and can't save up $82.000 😂😂😂😂 that's pathetic
You clearly were not listening. He just finished paying if his land and barn. Smh
something wrong 😂😂😂😂
I pay around $2000 a year for electric probably less, and was quoted $47k for solar , I just took the cash and bought a few dividend stock that pay me around 3300 a year . now i am going to buy a whole home generator for emergencys for $7000 installed. I dont think i would live in my home long enough to pay off the solar and it was so expensive to purchase.
Only way to buy a solar panel system is to buy it cash(and when you can afford it). It takes so long to break even and the credits or rebates are not worth the debt.
I am for alternative energy, but you do not have to do such a loan on solar.
Step 1: First of all begin by paying off the mortgage since you make a good income. Now you will own the house and can do things to it.
Step 2: Make your house solar ready by building the needed solar "infrastructure" this includes getting a legel issues and permits taken care of, getting a new meter that can go backwards. Make a place for the batteries and build the racks for the panels. When it comes to panels, try the very affordable this film Cadmium Telluride solar panels from First Solar. Not only they come at a fraction of the cost, but are also produced with the best practices in the industry. Build your racks for those panels. Avoid Chinese panels since they are produced as dirty solar. Also you need the inverters and all necessary switches and controls to ensure a safe installation environement, and safety for you at home and safety for electric grid workers in case of blackout while you can still have electricity.
Step 3: once the "infrastructure" is completed, begin by finding out how much energy do you need and how much storage in batteries do you need. Begin by setting up some storage such as a battery out of a number of batteries that you might need for your house. Then you can choose to buy 1 battery at a time until you can afford all the batteries. This will allow you to make a transition by lowering your fossil fuel consumption gradually.
Step 4: now you can go for buying 1 panel at a time and installing it. Once you can afford all the panels and batteries you will be done and upgraded your house to alternative energy solar and battery.
weird, I live in Texas and just got solar panels for $26,900 with a $7,000 federal tax credit... I hoping I can write some off for my tax return in 2021... Curious rather I should paid off Mortgage first or the solar panel first?
Again, good advice from Dave. I am just worried why this caller and his wife are in their 50's and have a household income of $260K... why don't you have the cash? Live within your means and his wife and him should have been worth a couple million at least. Unless their income just grew $100K+ in the past few years, why don't they have money for such a project?
James Forinash because women believe a man’s higher income means a more expensive lifestyle
Matt P Pretty much.
@@MathiasJarlson blaming a women because a guy can't control his spending is pretty low. If he doesn't have willpower or the ability to say no, that is his own failings. Can't scapegoat everything guys... man up a little.
Paid for their kids’ college tuition?? Lost a business or two along the way? High medical bills? Who knows.
I looked into solar for my house. 20 year projection out, I would literally have been double my return on solar by just putting the money into savings. Conclusion, I don't have solar panels.
Some people have other reasons for going solar such as being independent from the grid, etc. It's the same reason why some people drill a well instead of simply buying water from their local utility.
@@LG123ABC Of course, but at that point solar panels are a toy purchase, and need to be treated and financed as such.
Hey it’s another om617 guy! Mines going into a Jeep though....
@@M1ttnss Yessir, it's a fun little monster.
Still smarter the finance solar at a low rate then pay Warren buffet for every
I was considering solar as an alternative to a whole home generator backup. My electricity bill is about $1,200. I really can’t justify it. I considered that the value my home, but I could put that money back in my mortgage and do better.
I am still hoping that solar tech will improve.
Hey how is the alternative going? Were you able to figure something out to help with that $1,200 bill?
it’s not solar tech that needs to advance it is battery technology
I have about same electric bill, determine I dont have enough roof for enough panels and even if I had 3x roof, I still couldn't break even in 20 years.
You can refinance the home along with the panels and take advantage of the low 1.99% rate
BUY USED PANELS and do what you can and learn.
Was looking into solar panels, but the monthly cost is more a month than i pay now and for 20 years.
Had to turn it down. Thought it wierd how these arent cheaper when its all about climate change.
I know this is 3 years ago, but I had the same question. I'm getting pressured to borrow 22k for a loan to put solar panels. Or I could lease. I don't like leasing anything and I heard from so many don't do it! Also, I don't think it would be worth it to go into debt. So, I said no.
He should ask Tesla if they Price match!
You are ... confused
I'm concerned he's getting ripped off big time. 4k a year is 300 a month of electricity, less than 2x what I pay. But solar for my house would run about 15k with more than enough panels to sell some back to the grid, and cover install and battery back up
The break-even period is key!
dave should ask if this property is something they plan on having long term... may be forever, but what if its for the next few years. solar financing is an assumable payment from a person looking to sell the property if the equipment is financed
Paying interest on your solar panels defeats their purpose
If your leasing them you’re paying an annuity/perpetuity - which likely cancels out the entire solar panel arrangement
It depends... I got a deal for 0.99% interest rate.
Question for you who have solar panels on your roof. Will it affect your warranty or increase insurance rates since the roof will have penetrations?
It shouldn't affect your entire roof. Only the portion(s) affected by the installation of the railing system. Typically what happens is the installer will take over the roof portion and cover the warranty on their own, as well as any issues with penetrations. This is where having a reputable company comes into play.
It ties into your hoi 😊
ive seen 90k systems in texas go like bbq sauce at the rib shack ahaha gotta be out there to know whats going on
You can slash the price in half by DIY. Solar is not that hard. Especially if you have enough land to do a ground mount, no need to deal with roofing.
Full disclose, I am a solar salesperson in Southern Texas.
Why would you, Dave Ramsey, recommend to pay cash for solar panels?
You teach your students to buy their homes as soon as possible, and with as little money as possible so they could stop paying rent.
An electric bill is something people pay their whole lives regardless; so it is an indefinite, and undefinable expense, due to inflation. JUST LIKE RENT.
So if it was possible to replace another indefinite bill with one you can pay off, why wouldn't you advise that.
There are solar banks that fund solar projects at .99-4.99 interest, for 0 down. Often the payment on these notes, are lower than the electric bill they are already paying.
When you go into an investment for 0 down and it is profitable from day one your ROI is infinity.
When you pay for things cash then you will actually have to calculate an ROI and determine if it makes sense or not. Buying solar, Cash, does not make sense. I agree with you on that.
You need to do more research. Dave does not teach people to buy a house asap with as little money as possible. He teaches them to put 20% or more down and buy when it's the right time for them.
You of course are neglecting the depreciating value and repurchase cost after 20 years replacement
If this guy bought that solar power system the salesman would have been laughing all the way to the bank!
Wait one year. Those solar panels will drop in price or wait for Black Friday!
People who cite "stewardship of the planet" as their reason for getting solar power have no clue how solar panels are actually made. lol
Not only that but they drive a large diesel truck and pull a large camper and fly all over the place. They are a bunch of fakes.
I am just curious how much peak kWh on panels he was going to order. For comparison, over here I would have to install 65 kWh peak (about 130 panels) to get to that amount of money
I can go out and buy panels for 25 cents per watt all day long. that would be $16250 plus $10000 for inverters. Batteries about 25000 $5000 for electric hook up The rest of the money goes into profit and labor to install the system. Sounds to me that someone is putting the rest of the money into a nice bass boat
I have been considering the same thing but grid tied to get rid of my 500 electric bill every month. The loan for it would have been around 350 a month if I did the instal
So in a case were it would save 150 a month for a bill you have to pay anyway would it be worth it then ?
Nope.... Never ever go solar....
He is not done with his homework. Need to get back to the drawing board and he can get something cheaper than a $80k job. Good God that's expensive!
Yes you see a lot of people saying I am only paying 15 dollars a month for electric but what they dont say is the loan for the panels is way more what they were paying for electric
That's the catch entire forgets.. Including depreciation.... After 20 years. You have to buy it again.... So the price is really hidden twice as much as the amount you paid.... Like buying a car to drive yourself vs a taxi
Leasing solar a good idea. Since interest is so high.
I installed my own 10kw system for $5000. You don't need a solar contractor everything you need to learn is online. Solar contractor wanted me to give him $32k for 10kw system. I saved $25k by doing it myself.
Solar for me says 50 years payback. Paying like 4000 dollars to cover 50 kilowatts a month. In puetro rico. But power outages are daily. Here solar not pay back plus no tax credits
Depends. One of my coworkers is making payments on solar panels and his energy savings is more per year than his payments. In 8 years it’s all savings for the next 12-17 years. Money management is more than just “debt = bad”
Yeah, but tax credit are based on the installed year not contract signed. Which means his 86k system - 26%Tax Credit = $63,640 -$13k discount = $50k . If the man gets a 86k loan at 6% interest the loan would only cost $1,511.
Plus the man would own his power!! He currently a slave to utility company wasting away his money with no ownership in sight. You can make a 1000 utility payments and never own your power.
Honestly Solar IS a financially sound decision and can save people 75k -250k over 25 year period versus staying with the electricity companies for the equivalent period… energy rates are skyrocketing.
Check out NOVA Solar in Dallas. I hear they are fantastic!!!
How many kWh for $82K?