In Hawaii we pay the some of the highest electricity costs in the nation. My average electricity bill for the past 4 years has been around $400 a month at .36 cents per Kilowatt with a monthly usage of about 1100 Kilowatts.
Today we had 32 photovoltaic panels installed that will zero my electricity bill minus a $19.95 monthly connections fee. The Electrician comes Monday to finish it but I thought I would share what it looks like to have the equivalent of a brand new car on your roof. My total install cost was $32,387 my tax credit Federal/State will equal to $19,851.
My net investment after “tax credit” will be $12,986 with a system payback of around 32 months. If I do not factor in the tax credit my payback would be 6 years 8 months.. Considering that the system is warranted to last 25 years. My minimum 25 year savings will be $120,000 if power prices do not go up a penny.
With Federal Tax credits expiring at the end of 2016 you need to move now if you are considering solar. I really got tired of being robbed by the local utility each month.
I will follow up with some pictures after the electrician finishes and show you the meter running backwards.