Anonymous wrote:Something doesn't make sense. Spend 26K to save 1500 a year in electric bill.

get 1/3 as a federal credit, so now it is $15k.
get annual SREC revenue and then factor in the savings on the energy bill, you have a 4-5 year payback and then after it is annual profit. Over 20-30 years, it is into the 6 figures.

I'm very pro solar panels but I don't think it's very responsive to OP's plight. Many people cannot get solar panels. We live in a condo building and the building management doesn't want to give up roof space (currently used as a deck) for panels. We suggested building a portico over parking spaces with panels but this was deemed infeasible. So we gave up -- solar panels are just not an option for us, or for anyone who rents, or for lots of other people who don't have a place to put them or can't afford the upfront cost of installation even with the tax rebate.

So for the vast majority of people, it's not a solution.

Anonymous wrote:

Anonymous wrote:Something doesn't make sense. Spend 26K to save 1500 a year in electric bill.

Ignoring the SREC credits...think about it this way...if you spend $26k, you get a $7,280 tax credit if you were to get them installed this year, so that's a net price of $18,720. If you save $1,500/year, that's an 8% guaranteed return on your money. The stock market averages 8% per year over the long-term and there is risk involved...so why wouldn't you opt for a guaranteed 8% return?

Plus, the system should last you 25-30 years. Once you've paid back the money for the system, everything else is gravy.

Anonymous wrote:Something doesn't make sense. Spend 26K to save 1500 a year in electric bill.

Ignoring the SREC credits...think about it this way...if you spend $26k, you get a $7,280 tax credit if you were to get them installed this year, so that's a net price of $18,720. If you save $1,500/year, that's an 8% guaranteed return on your money. The stock market averages 8% per year over the long-term and there is risk involved...so why wouldn't you opt for a guaranteed 8% return?

Anonymous wrote:Something doesn't make sense. Spend 26K to save 1500 a year in electric bill.

If you don't want to front the money and/or don't want to risk the collapse of the SREC market, Solar Solutions and other providers have no-cost solar options. That is, they keep the SRECs and tax credits and you get free electricity.

Anonymous wrote:Something doesn't make sense. Spend 26K to save 1500 a year in electric bill.

I mean...in DC I paid a net $15k after the tax credits and save around $1200 on my electric bill and make about $3200/year selling the SREC credits. So, earn $4400 per year on a $15k investment. Also, in theory I am saving even more $1200 because that is based on what I was paying back in 2022 when I had the solar installed vs. what my old bill would be today with the increased rates.

Make sense now?

Something doesn't make sense. Spend 26K to save 1500 a year in electric bill.

Getting solar as a DC resident is a no brainer. It is beyond me that everyone hasn't done this, and particularly this year before the federal credits expire.

Anonymous wrote:I knew it was coming, but the rate increase really hurts. I looked at my account. I used the same amount of electricity last month as October 2023. My bill is almost $100 higher.

What on earth can we do??

Support nuclear power.

Anonymous wrote:

Anonymous wrote:DP and we have been contemplating this for a while as we plan to stay long term. But I'm so confused about providers and owning vs. "renting" and how repairs are done and tesla and on and on. I think I saved the name of reputable installer so at least I have that.

Buy, don’t rent. We used Solar solutions. Easy and worth it!

+1

We pay $250 a year now for electricity. And get a check back from sending extra to thr grid every few months.

Anonymous wrote:DP and we have been contemplating this for a while as we plan to stay long term. But I'm so confused about providers and owning vs. "renting" and how repairs are done and tesla and on and on. I think I saved the name of reputable installer so at least I have that.

Buy, don’t rent. We used Solar solutions. Easy and worth it!

Anonymous wrote:DP and we have been contemplating this for a while as we plan to stay long term. But I'm so confused about providers and owning vs. "renting" and how repairs are done and tesla and on and on. I think I saved the name of reputable installer so at least I have that.

I wrote a blog post about our experience getting solar that is kind of a Solar 101. You might find it helpful:

https://www.dcurbanmom.com/weblog/special042024/

DP and we have been contemplating this for a while as we plan to stay long term. But I'm so confused about providers and owning vs. "renting" and how repairs are done and tesla and on and on. I think I saved the name of reputable installer so at least I have that.

If you are able, get solar panels. You can still get a 30% tax credit until the end of the year. Plus DC has very high SREC payments so the system will pay for itself quickly.

I knew it was coming, but the rate increase really hurts. I looked at my account. I used the same amount of electricity last month as October 2023. My bill is almost $100 higher.

What on earth can we do??