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metalandmeeples OP t1_iy831vj wrote

Reply to comment by dancingkittensupreme in 6 Month Solar Panels Update by metalandmeeples

At this point I've financed about 70% of it through a HELOC, but that will drop to 40% with the tax credit. The interest rate at the time was 3.25% so it made sense. The rates are over 7% now so I wouldn't recommend it unless you're simply looking to stabilize your utility bill over a w 20+ year period.

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dancingkittensupreme t1_iy842b7 wrote

Whay do you pay monthly compared to what your electric bill was

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metalandmeeples OP t1_iy850lz wrote

I was averaging around $134. With the increase that is coming next year, that same average would be $167.

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Blue_Eyed_ME t1_iy8knvd wrote

So that means you'll recover your costs in less than 7 years? Will you generate enough in longer days to fuel an EV? That would be my ideal... No gas or heating costs!

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metalandmeeples OP t1_iy8kz76 wrote

With the assumption that utility costs will increase an average of 2% a year going forward, yes. I won't know what our excess will be, if any, until we get through a full 12 month cycle. If we do have excess, it's effectively gifted to CMP so I'll need to find a way to use it. I think a heat pump and/or heat pump water heater would be our first purchase but both of those add another initial cost to the equation.

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Blue_Eyed_ME t1_iy8lmeo wrote

I haven't looked into what's coming in federal grants and rebates from recent green-friendly legislation, but your timing is excellent.

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