No, solar is one of the least cost effective ways to save.
Is using solar energy a cost effective way to reduce global warming?
No. You can go green and reduce global warming with energy efficient appliances with or without the use of solar energy!
What are the things that solar manufacturers, resellers, and installers don't tell you?
Even with the federal grants and state incentives, the recoup of investment time is still more than 6 years. In addition, you may have to get a home equity loan for the high upfront cost.
In the majority of states, you need a licensed installer to do the work for you in order to qualify for incentives. If you want to move later, it doesn't mean the new owner will appreciate the solar equipment, and they may not be willing to pay for the premium for your house. A lot of solar companies are trying tell you otherwise, but no one can guarantee you will be able to recoup your investment.
Here is our example to prove our case in Florida (This is real information from a friend):
Electric charge is 16 cent per KW, including taxes, from the Utilities Company:
5KW (DC) PV system
Delivered and installed (all permits/wiring ETC, ETC)
For a total of: $35,000.00
Expect a rebate from state of Florida $20,000.00 (There are budget for the state rebates and currently there are waiting list.)
30% - Federal Tax CREDIT (not deduction) $10,500
Final expected total out of pocket: $4,500
Use home equity loan to finance the $35,000 at 8% interest rate:
Interest paid for the first year: $2,800
5KW produce is saving you $96 dollar per month ( 5KW * 16 cent * 30 days per month * 4 hrs per day )
Recoup $7,300 is around 6 years with FL state rebate and 23 years without FL state rebates.
What if I don't want to get an equity loan, but I still want to save money, reduce global warming, and go green? What else can I do?
You may want to consider DIY kits: home power generator : Save your family thousands of dollars a year on your electric bill.
For a free non-solar energy: CLICK HERE ->home power generator : Save your family thousands of dollars a year on your electric bill.
