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I have a friend who spent 46k on solar panels for their roof. He said on average it covers about 5% of his $300 bill every month and is one of his largest regrets. Location is sunbelt, southeast TN.
You would get 25-30% back as a tax rebate. You can apply that amount on your loan as a one time payment. Personally in NJ, my solar panels cover my electric bill 10 out of 12 months of the year and the 2 months in the summer I pay 150-200$. If you average it out I pay $40 per month on electric.
I also generate about 10 SRECs per year which for NJ sell about $220 each.
I love my panels however my regret is that it's costly to remove if you need to do roof replacement. If you do decide to install panels make sure your contract states how much the solar company would charge to remove and reinstall them and also make sure you install them on a new roof
It’s a lien on the property which no one seems to tell the homeowner.
It’s an interest bearing debt.
It doesn’t really add value to the property.
Requires maintenance.
Quite expensive.
Depreciates in value.
But yeah it can help to reduce the electric bill lol.