I just got a DIY kit quote for solar and it’s ~$18,000. That would mean a contractor installing is at least $25,000 if not more. That’s a big chunk of change upfront.
Home equity loans are used by a lot of people for this sort of stuff.
You’d have to consider also long-term maintenance and repair costs to that …
Make sure to do the math if solar is even worth it for you. Electricity is relatively cheap in my area. When I did the math, it would take me at least 20 years to break even (that’s if I paid cash, even longer if I finance). Considering 25 years is an average panels lifespan, it would not save me any money.
Being independent of the grid is the only selling point, but I haven’t done enough research if that’s even true with solar. If it’s still connected to the grid, will I even be able to utilize my panels if there’s an outage in the grid?
You should get another quote, we have a decent sized 8kw array with a fronius inverter and smart meter that we had installed for $8000AUD.
Unless you’re getting an insanely large array, I don’t see this price being worth it. You’re likely not gonna save $25K over the lifespan of the array. Unless you live in a country with extraordinarily expensive power
Did you just learn that some people have more money than you?
Even having the money, most people that install solar panels, and don’t do it just for idealistic reasons (fighting climate change, etc), expect to save more money than they spend in the long run. Well, depends of the specifics of course, but it might take years, even decades to recoup that initial expense. Even if you have the cash, it might not be worth it.
Did you know, some people pay cash for cars, or even homes?
I knew a guy that had a boat, that crazy mfer
And no plans are in place for the disposal of panels, batteries, etc after their 25 year useful life…
Lithium batteries are highly recyclable… The current rate is something like 60% recovery, and that is bound to increase over time.
