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Home > I think I'll pop back into debt

I think I'll pop back into debt

February 11th, 2007 at 04:05 am

I would like solar panels on my roof. We looked and although our HOUSE doesn't face south we have lots of roof space facing south. If we buy them this year we get:
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[*] a tax credit for 30% of the qualified solar-system expenditure (must produce 50 percent or more of the hto water needed)
[*] no sales tax for OG-300 rated solar heaters.
[*] every dollar I spend on this system will be added to the home's value when I sell.
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So if we use our home equity line of credit for this, amd we can pay it off in a year, I'm going to pop for solar. The downside is that I'll still be dependent on natural gas in the winter months of Sept-March.

I want the windows done first though. Still. Years overdue for replacing the rest of the windows, and they'll make a little difference in heating the house.



5 Responses to “I think I'll pop back into debt”

  1. boomeyers Says:
    1171167268

    It is never ending the stuff that has to be done around the house! Love the tax credits for solar!

  2. yummy64 Says:
    1171206066

    How long does it take to recoup this investment (forgetting the extra value to your home for the minute). You'll get 30% back at tax time (nice!) - the other 70% - what is that in dollars.

    How much do you pay for heat? If you save 25% or 50% of that bill (I'd play with a few scenarios myself) - how long til you break even. I'm a geek but I might or might not play with the time value of money in all of this.

  3. paulettegoddard Says:
    1171211286

    The payback calculations I was keen to learn about during the solar energy class I took yesterday. The 70% could be from $4500 - $5600. Eleven - fifteen years.

    Admittedly my enthusiasm waned once I considered my gas bills in June through August: $20/month. And my gas bills from December through February: $140/month. I don't use electricity to cool my home in the winter, so the gas bill, showing my food prep and hot water usage, is what I pay for thermal comfort during the summer. Nobody seems interested in giving me a coefficient to use for computing the rising cost of natural gas annually: 5%? 8%? Should I use a logarithm?

    I also don't know how much lower the bill would be after installing new windows everywhere and doing other energy-efficient improvements to the home. My conversion to gas has almost paid for itself six years later. My EnergyStar washer (2005) and low-flow toilet have too.

  4. katwoman Says:
    1171224827

    I think you may be trying too hard to "go green" and save money; so much so, that you may accomplish one objective at the expense of the other.

    I love the idea of solar, I really do! But given all the other things one can do (and for far less money) it doesn't justify it unless you're building new. From first hand experience - if you need new windows anyway....do that and be pleasantly surprised to find how much money/energy savings you get! It really is amazing what that one improvement can do besides ramping up the value of your home.

  5. pfmax Says:
    1171926389

    to me it sounds a just cause, it may be costly but in the long run you will save the money, not to mention increasing the value of your property.

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