Quote:
Originally Posted by Robbie
They didn't set you up to pay the company as a sort of "lease"?
Instead you bought the system with a loan from your bank? If so...that's pretty cool! What's the interest rate? And do you plan on living there for the next 20 years?
Also...would it be smarter to pay MORE per month on that loan and pay it all off quickly and save on interest...or just pay the minimum and treat that as your new "power bill" and keep it low?
On one hand that would keep your power bill low at $117. On the other hand you could save thousands in interest over the years and pay it off quickly and have a power bill of $0
Here in Nevada they have made law after law that have made that almost impossible to do. They keep you paying the power utility under all circumstances. 
Which sucks because out here in the desert is THE place that solar energy would work the best. |
I don't recall the interest rate, we did this a few months ago. It was with a local credit union so it was low. I usually pay my bills off as quickly as possible; I don't like carrying debt.
Do I plan on living here twenty years? I have no idea what the future will bring. However, in theory the value of our house goes up with having solar - home buyer will like not having to pay for power (or solar). If the house goes up $20k in value we just use that money to pay off the loan when we sell the house.