Talk About the Latest in Home Automation/Home Electronics -
Home Automation Forum

Smarthome Forum
Insteon Home Automation
Login or Register
 
Home | Profile | Register | Active Topics | Search | FAQ | Smarthome
 All Forums
 General Discussion
 Energy Saving Solutions
 Solar Panels, investment worthy?
 New Topic  Reply to Topic
 Printer Friendly
Author Previous Topic Topic Next Topic  

IvonetteMadison
Starting Member

USA
6 Posts

Posted - 12/10/2015 :  7:55:40 PM  Show Profile  Reply with Quote
I have been thinking of having solar panels installed in my home because of the positive feedbacks on effectiveness and efficiency. The thing is, I am in the process of having my home loan approved and I was thinking if this can be added to my loanable amount since this is basically will be part of the house, I will be getting. Is this even possible?

The cost is a high but I am sure that this is worth the cost in the long run.

stusviews
Moderator

USA
15603 Posts

Posted - 12/10/2015 :  10:52:07 PM  Show Profile  Visit stusviews's Homepage  Reply with Quote
There is no one answer. That depends entirely on your loan manager/mortgage broker.

Stu's Views is Education and Fun. What do YOU want to VIEW today?
MathLandia High school mathematics learning fun.
Both Stu's Views and MathLandia are free websites that do not sell anything.
Saving energy is not always free. Be a world saver.

Please don't PM with questions that can be asked in a forum
Go to Top of Page

EVIL Teken
Advanced Member

Canada
2316 Posts

Posted - 12/14/2015 :  11:33:00 AM  Show Profile  Reply with Quote
You should also note there are three (common) types of solar installations. Off grid, hybrid, and grid tied which are normally dictated by need and over all goal(s).

Off grid means you rely 100% of your electricity from solar generation and batteries / inverters are in place to supply 120 VAC to the home.

Hybrid means the home can operate in either off grid mode and grid tied mode.

Grid tied means all of the power generated is back fed into the electrical meter supply to the POCO. Normally the POCO will offer the following but each local is unique so it comes down to speaking with your utility as to what is being offered. Some POCO's purchase the generated power at a premium while others only give you a small amount in terms of actual dollars.

While other POCO's offer no money but simply give you credit for the power you generated. So if your area is say $.07 per KWH and you produced / generated 100 KWH the POCO would apply $7.XX to your monthly bill.

It should be noted most grid tied systems will not operate if the line is down. This is done to protect the POCO workers during a grid down event etc. This is why its important you fully understand what it is you expect to see and have during a grid down event.

If all you want to do is generate power and off set your electrical bill than a grid tied system is more than fine. If however you want to have power during a grid tied event you will require batteries, and invertor in place to supply power to the home.

It should be noted that even in a hybrid system the hardware knows and monitors the line voltage. If the line is down it will engage a transfer switch to keep solar generated power from being injected into the line. This is important to protect the line worker down stream.

Lastly, you have a choice of micro inverters or a single whole house invertor. The benefit with a micro inverter that is installed at each solar panel is fail over protection and shading. If a single whole house invertor goes down you have nothing at all.

Don't forget this is the last year the USA Feds are going to allow you to claim 30% of this system so submit all the forms to your local, state, and federal to cash in on any rebates and incentives.

Teken . . .

Want to make a real difference? Cast your vote to make the PLM Pro a reality: http://forum.insteon.com/forum/main-category/new-insteon-device-wish-list/8221-plm-pro
Go to Top of Page

IvonetteMadison
Starting Member

USA
6 Posts

Posted - 12/14/2015 :  11:54:41 PM  Show Profile  Reply with Quote
Thank you for the responses. I have been in touch with a loan manager from a bank and a lending company and no concrete answer has been given so far. It may be to tricky to ever consider this request as they mentioned since this not part of the actual house itself. I am still looking for another loan provider and hopefully I can find one who can be flexible enough with the terms and inclusions.
Go to Top of Page

EVIL Teken
Advanced Member

Canada
2316 Posts

Posted - 12/16/2015 :  08:59:51 AM  Show Profile  Reply with Quote
quote:
Originally posted by IvonetteMadison

Thank you for the responses. I have been in touch with a loan manager from a bank and a lending company and no concrete answer has been given so far. It may be to tricky to ever consider this request as they mentioned since this not part of the actual house itself. I am still looking for another loan provider and hopefully I can find one who can be flexible enough with the terms and inclusions.



I am not sure why the lending company would make a distinction as its the very same if you were to select a more expensive furnace. If you decided to do geo thermo, include a AC unit, solar water heater, its all the same.

Besides costing more than typical upgrades . . .

Lastly, even if the bank does not allow you to do such a thing you can always go the route of solar leasing. This allows you to either not put up any money which is great. Or actually pay someone a monthly fee just like a vehicle loan.

Either method works but it comes down to your finances and actual needs. Most people can't front $5000 - 25,000 for a solar system so going the route of leasing or even doing some kind of mortgage backed loan is very common.

The last part requires you have equity in your home so that requires time. Meaning, as you own more equity from paying off your mortgage you will have more equity in the home.

The banks then allow you to have line of credit that is based on the amount of equity or value of the home. In this way it allows you to set what ever payment and frequency you wish.

This is similar to a over draft but not . . .

Its more like a line of credit / loan which you have complete control over the payments etc. Talk to a bank manager and see what options there are for you and report back your success / failures as i am sure this information will help someone else down the line.

Merry X-MAS

Teken . . .

Want to make a real difference? Cast your vote to make the PLM Pro a reality: http://forum.insteon.com/forum/main-category/new-insteon-device-wish-list/8221-plm-pro
Go to Top of Page

Geo
Advanced Member

Canada
732 Posts

Posted - 12/16/2015 :  2:55:48 PM  Show Profile  Reply with Quote
Let's not forget to consider your location. You should be looking at the return on your investment in about 5 years. After that things begin to require maintenance, replacement and and the obsolescence kicks in. All that stuff costs money.

GJN
Go to Top of Page

stusviews
Moderator

USA
15603 Posts

Posted - 12/16/2015 :  10:35:55 PM  Show Profile  Visit stusviews's Homepage  Reply with Quote
quote:
Originally posted by EVIL Teken
I am not sure why the lending company would make a distinction as its the very same if you were to select a more expensive furnace.


That may be true if it's a home being built and the contractor adds the cost to the selling price, It's very unusual, but not impossible, to include financing the cost of including upgrades when purchasing an existing structure.

Stu's Views is Education and Fun. What do YOU want to VIEW today?
MathLandia High school mathematics learning fun.
Both Stu's Views and MathLandia are free websites that do not sell anything.
Saving energy is not always free. Be a world saver.

Please don't PM with questions that can be asked in a forum
Go to Top of Page

Harleen123
Starting Member

1 Posts

Posted - 02/23/2017 :  03:37:47 AM  Show Profile  Visit Harleen123's Homepage  Reply with Quote
Solar panels are much more worthy than you think.Installation may cost but the return profit is much higher.Now a days all the people tend to move to renewable energy resources than spending their money whole life

Read more about http://www.hayleys.com/sector?sector_id=10 Energy in Sri Lanka
Go to Top of Page

wickrush
Starting Member

9 Posts

Posted - 02/24/2017 :  01:47:22 AM  Show Profile  Reply with Quote
Yes it is worth it

Reasons to install solar panels:

Energy prices look set to continue rising. The savings you will make plus payments from the Feed-in Tariff make solar panels a worthwhile investment.
The price of installing solar panels has fallen by over 70% in recent years.
Experts suggest that investing in solar panels could provide a long-term subsidy to regular savings and pensions.
If you are nearing retirement age, solar panels could be a good investment as a large percentage of of pension money is spent on monthly energy bills.
Solar panels can increase your property value and make mortgage providers more likely to lend.
Solar panels are long-lasting and require little upkeep.
Go to Top of Page

stusviews
Moderator

USA
15603 Posts

Posted - 02/24/2017 :  12:25:53 PM  Show Profile  Visit stusviews's Homepage  Reply with Quote
If you look really carefully at the financial end, you'll find that it takes decades to recover the cost and, at the end, you don't own the panels.

But, if you are concerned about saving energy and our natural resources, then solar panels are the way to go.

Stu's Views is Education and Fun. What do YOU want to VIEW today?
MathLandia High school mathematics learning fun.
Both Stu's Views and MathLandia are free websites that do not sell anything.
Saving energy is not always free. Be a world saver.

Please don't PM with questions that can be asked in a forum
Go to Top of Page

Jeromesmith
Starting Member

4 Posts

Posted - 02/27/2017 :  9:39:12 PM  Show Profile  Reply with Quote
quote:
Originally posted by IvonetteMadison

I have been thinking of having solar panels installed in my home because of the positive feedbacks on effectiveness and efficiency. The thing is, I am in the process of having my home loan approved and I was thinking if this can be added to my loanable amount since this is basically will be part of the house, I will be getting. Is this even possible?

The cost is a high but I am sure that this is worth the cost in the long run.



Setting up of solar panel will be very useful to you. Nowadays due to increased consumption of electricity, the world is facing the problem of energy shortage. As solar power is an inexhaustible source of energy most of them now try to use it. Installation costs might be little higher but you can avail loans for that. Compared to our normal electricity it has got a lot of advantages. So I always support the use of solar panels.
Go to Top of Page
  Previous Topic Topic Next Topic  
 New Topic  Reply to Topic
 Printer Friendly
Jump To:
Smarthome Forum © 2000-2017 Smartlabs, Inc Go To Top Of Page
Powered By: Snitz Forums 2000 Version 3.4.07