saving $$ already with IRA

junior1

Well-Known Member
May 29, 2001
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7,379
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well, the democrats were right. Just signed the bill yesterday and I'm already saving money under the IRA. In doing my part, I'm going to install solar at my house and eliminate all my electricity costs.
So after installation, I'll eliminate my normal $1600 annual electricity bill. (feel like the clampetts)

Now to do that it will only cost about $33,000 minus the 30% credit from the inflation reduction act.....so my initial out of pocket is only $23000....of course there are maintenance costs, these vary according to the installer (makes sense). So my payback is only about 14.5 years. The good news is that life expectancy of the panels is about 20 years (plus or minus) at which point I pay to have the panels removed and then can save even more money by having new panels installed.

Of course, I'll add value to my home. If I sell during the 14.5 years I'll be able to add the outstanding cost of the panels onto my sales price, or may be the buyer will just assume the remaining payments on the original purchase.

Guy is coming tomorrow with the contract, can't wait.

By the way, I'm going to use all the money I saved to buy an EV. That way I'll not only save on my electricity bill, but I can also save on gasoline. I drive about 9,000 miles a year. I wonder what the payback will be on my EV purchase. I'll bet it will be even better than my solar deal.
 
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The Spin Meister

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Nov 27, 2012
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An altered state
well, the democrats were right. Just signed the bill yesterday and I'm already saving money under the IRA. In doing my part, I'm going to install solar at my house and eliminate all my electricity costs.
So after installation, I'll eliminate my normal $1600 annual electricity bill. (feel like the clampetts)

Now to do that it will only cost about $33,000 minus the 30% credit from the inflation reduction act.....so my initial out of pocket is only $23000....of course there are maintenance costs, these vary according to the installer (makes sense). So my payback is only about 14.5 years. The good news is that life expectancy of the panels is about 20 years (plus or minus) at which point I pay to have the panels removed and then can save even more money by having new panels installed.

Of course, I'll add value to my home. If I sell during the 14.5 years I'll be able to add the outstanding cost of the panels onto my sales price, or may be the buyer will just assume the remaining payments on the original purchase.

Guy is coming tomorrow with the contract, can't wait.

By the way, I'm going to use all the money I saved to buy an EV. That way I'll not only save on my electricity bill, but I can also save on gasoline. I drive about 9,000 miles a year. I wonder what the payback will be on my EV purchase. I'll bet it will be even better than my solar deal.
That is assuming you are paying cash up front and no loan. With a loan the interest will kill the deal.

But even cash is a bad deal because you could have put the 23,000 in a CD or mutual fund. The opportunity lost should also kill the deal.

Also, tell the sales rep you want a clause added stating that if you should need a new roof at any time in the next twenty years they will remove the solar system and then reinstall it after the new roof is on at no cost to you.
 

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