Keep doing updates for the whole 25 years as long as KZread continues to exist 😀

Another great video on the benefits of Solar. Thanks for keeping us posted as to your savings with solar. Well done Connor! Also, I have enjoyed many of your other videos on home improvements on SuitTV.

Thanks for taking the time to do that!

Nice in depth explanation! Answered a lot of my questions

Think if MOST households took an interest like you. Amazing. Thank you

Wow you covered so much, thank you for sharing your journey with solar panels. I feel more confident about the worth in their investment now... And it doesn't hurt to help save the planet either. On a last note, let's go Mets! And where did you get that sweet turtle calendar?

Excellent information 👌

Thank you for your videos. I did a lot of research after being approached by a salesman. It looked good as a sales pitch. What I found out was the tax incentive is a credit not a check to me from the IRS, Florida insurance companies for the most part will not write new policies with existing solar or will drop non-renew. My insurance broker estimated $800 a year to get a $25k liability coverage. Florida is the sunshine state and unfortunately is a no go for me.

Thk for advising a gal out ❤

Thanks friend. Very helpful.

@SuitTV

11 ай бұрын

Glad to hear it!

$2000 equipment payment per year over 25 years in a bond fund would likely have earned you $180000, lost opportunity cost.

Great Video on Solar. My wife and I took the jump about 2 months ago and had a virtual meeting with our Solar company that we are going with. Here in WI, we have Net metering instead of the money they would pay us at the end of the year. With the City ordinance and Wisconsin Electric here (WE Energies), Everything has to be approved and it might take up to 6 months to put on the roof. March or May 2023 should be up and running. I did ask questions about if I needed a new roof. He told me that roofer could put a new roof on going around the solar panels without them taking them off the roof. Solar panels should last 40 years. panels efficiently go from 100% down to 93% in 25 years. That sun really beats the heck out of your house. You should see my shutters and how fade and I have to repaint them every 5 years. I think taking out a loan for solar panels is a good investment. I have my mortgage paid off. I asked about batteries and the solar company said $25,000 extra that's only enough power for a few things in the house if you lose power.

@SuitTV

Жыл бұрын

Yea that aligns with most of what I have heard. The batteries are not worth it yet. Idk about what you said about the roofer doing it around the solar panels though.

@elrond7887

Жыл бұрын

Hey man, I’m a solar sales rep with ADT solar. You can replace the roof surrounding the panels and all but you aren’t doing your entire roof a good service by doing that. If there are any leaks (or leaks that have not yet come to fruition) under your panels, it’s going to be a headache when it comes to removing the panels to replace that section(s) of roof. What I love about ADT Solar is that we are also a top tier roofing company so we are trained on roofs as well. A lot of solar panel companies don’t have a clue about roofs… but I’m actually allowed to sell roofs too. What makes this valuable is that I can educate the customer on the panels and the roofs which makes me stand out as the most knowledgeable rep. We have our own installers (no 3rd party contractors) and they can take panels on, and when the time comes for a new roof, we can take them off too. You can’t do that with most other companies, and we’re the only ones with a 25 year manufacturer backed production guarantee. Most customers come back to me after they’ve talked to all the other solar companies.

Great video, I never heard that 15 year lifespan.

@SuitTV

Жыл бұрын

For the SREC? I was grandfathered in. In NJ it was changed to only 10years now.

SREC is $45.42/MWh here in NH and a moving target. So really the calculation for NH is essentially prepaying your electric bill for 25yrs and then you enjoy free electricity for ~5yrs before your system needs total replacement. I really want a net zero solar house, but the ROI is double what I’m willing to tolerate.

@SuitTV

Жыл бұрын

Good to know. Thanks for the input

I liked the video very much. Thank you for explaining the maths. 👍 I am glad that the system with SRECs exists in the USA, and you made such a wonderful decision that helps you save money.

These margins… same in Europe. I live in a province w/o any “SREC” and I managed to get discount on solar in amount of the “SREC”. So basically the price for a customer is same and all governemnt funds are just increasing margin of solar companies - crazy. Luckily prices of Solar in Europe are significantly lower comparing to US. My 7.3 kWp system incl. installation and other fees ends up to 12.000€ which is 5 times less than yours 12kWp system. Of course it is not apple to apple comparison.. but 12kWp wouldn’t cost more than 20k here. Given extremly high electricity prices in Europe now and in next years I’m aiming 5-6 year ROI. Take care!

@SuitTV

Жыл бұрын

Wow that's quite a difference in price. I'm glad it's a lot more affordable for you. Thanks for your input.

@SuitTV

Жыл бұрын

@@craigkennedy5104 that's awesome. I'm guessing your payments for your panels are lower than what your electric would have been as well?

Again a few questions. For your house insurance with solar added did it go up or down? You have had no weather issues? Maybe it is a NJ thing(I'm in IL) but for my 2400 sq foot house my electric bill is normally in the 100-105 range. We seem to have a bit more rain and snow with less sunshine so it looks like a tough sell here.

@SuitTV

11 ай бұрын

I never adjusted my home insurance after getting solar. I haven't had any weather issues and have never had to clean my panels. The solar company should be able to get a pretty good estimate of how much solar your system will produce so use that in your decision. Good luck!

If the grid power goes out, do you still have power for emergency use through your panels? Also after 40yrs what does the company say what your options are, do you buy a whole new system or just replace parts and do you start the whole process again? Great video! Thanks!

@PavelQuiteGood

Жыл бұрын

No, he does not, as there are no batteries and all the electric consumption comes from the grid.

@tookster7483

Жыл бұрын

@@PavelQuiteGood While this is true, Enphase now has the ability to run some appliances straight from the IQ8+ micro-inverters. See Sunlight Backup more for info. Tech is continually changing for the better!

@ex8280

Жыл бұрын

@@PavelQuiteGood Haven't taken that into consideration.

@Perly53

Жыл бұрын

@@tookster7483 Yes, however, from my understanding that as you mention "sunlight" backup, it's only going to provide power during sunlight hours. Not during the night. If you're in Florida, or any place hot in the evening, you'd still need a generator to power a window a/c (for example) during the night hours. Or anything else you'd want to power up at night.

You mentioned the solar tax credit would drop off to 22% by 2023. The tax credit will remain 30% for systems installed up to 2032, and will drop off to 26% for systems installed by 2033, then 22% for systems installed on 2034.

Tax credits and SRECs = additional profit for solar company which is added to the actual cost of producing and installing.

@SuitTV

Жыл бұрын

Yea man unfortunately that's how it goes, it doesn't help the consumer as much as intended

Great videos. Why do the SRECs expire after 15 years? Won't you just renegotiate that in 11 years?

@SuitTV

Жыл бұрын

It's set by the government. Also it's changed from SRECs to TRECs in NJ

MOST energy companys only let you make half and keep rates the same as soon as you cross half way the price of eletric goes up and the price they pay you goes down,

Do you have to maintain the system? Do you have to carry insurance to cover the panels themselves from damage?

@SuitTV

Жыл бұрын

I haven't had to do anything maintenance wise yet. I don't even clean them or brush off the snow. Some people get the panels added to their home insurance but you don't have to. I did not.

Where are you located? I ask because solar production varies from southern to northern states. I am trying to figure out if making this investment is worth it to me. I live in New England, and my current electric bill averages $85 a month. I expect it to jump to $135 a month with the upcoming rate increase. Is it worth my while to sign a 25-year contract with a solar company that says they will save me 10% off my average bill?

@SuitTV

Жыл бұрын

I'm in NJ. If you're planning on living there for 10+years it's probably worth it but you need to do your own research

@99shadows66

Жыл бұрын

@@SuitTV Thank you for the quick reply.

One thing about the 30% tax credit - you can only get a credit each year up to the amount of federal taxes you pay. Example: Your system cost is $40,000. The 30% credit is $12,000. However, you only pay $4,000 a year in federal income taxes. So - it will take you 3 years to get the entire $12,000 back from the IRS. If you apply all of the $4,000 to your loan each year, keep in mind you'll have additional interest to pay (and a higher monthly bill) as you weren't able to apply the entire $12,000 to the loan principle all at once.

@SuitTV

Жыл бұрын

Yes that's correct. And why I sold some stocks to increase my taxes so I would receive the credit in full.

Are you legally bound to sell the extra energy to the state, or are you free to do whatever you want with it?

@SuitTV

Жыл бұрын

I'm not sure what the legality of that is to be honest, but I would think so. I don't think you could sell it to say another third party.

How many power inverters and batteries did you go through and what was the cost $10k is my guess.

@SuitTV

Жыл бұрын

Seems like you didn't listen to the video. I said that I my system does not use batteries. I haven't had to replace anything yet.

Are the SRECs a contract limited to 15 years and cannot be renewed? Is there a loophole for gaining another 15 years of SRECs?

@SuitTV

Ай бұрын

There's no loophole that I've heard of. Also in NJ they are called TRECs now and you can only sell them for about half of the SREC. www.solarunitedneighbors.org/new-jersey/learn-the-issues-in-new-jersey/solar-incentives-in-new-jersey/#:~:text=New%20Jersey's%20popular%20SREC%20program,qualifying%20for%20different%20incentive%20rates.

@s30n25

Ай бұрын

@SuitTV I see the changes, and now I'm more discouraged from investing in solar panels.

@SuitTV

Ай бұрын

@@s30n25 yea the incentives now aren't as good as when I got mine.

@s30n25

Ай бұрын

@@SuitTV thank you, man, and let's go, Mets!

I'm waiting for solar glass ......

GO METS!!!

i called around they gave you that agreement knowing they would go out of bizness before that happens call them tommorrow and say come take them off see what they say

@SuitTV

Жыл бұрын

Trinity Solar is the biggest solar provider in the north east. They are doing extremely well. They're not going out of business anytime soon. Look it up.

Great video(s) I have been considering Solar Panels, and I hear that the SREC price is grandfathered in, in the sense that the price you sell for will never be less than what you started with even if the general SREC price falls for the state. Is that true? Here in PA its a mere 30$ though not your 200$ in NJ

@parody_bear_mike

Жыл бұрын

so you takign that money raises everyones taxes thanks

@bmx4free

Жыл бұрын

@@parody_bear_mike You are most welcome

Why pay 5.99% interest? Refinance and pay the same monthly rate. Pay it off much more quickly. Save $60 per month by getting your own loan.

@SuitTV

Жыл бұрын

I tried looking for a lender that would refinance a solar loan but I could not find one. Do you know of one?

@marbles05

Жыл бұрын

@@SuitTV I used the house as collateral and took out a Home Equity Loan (HELOC).

Whenever you do calculations, never use the word "if"

Why did you take out a loan for 25 years?

@SuitTV

10 ай бұрын

So I wouldn't have to pay it all up front... the same reason people take out loans for their homes

so take away SRC payments and solar cost mone ydoesnt make money and never pays for itself unless you install it yourself ive done the math 10 differnet years if i get 20 200 watts panels and install myself it pays for intself after 7 to 11 years once you add install price you never get your money back.

@SuitTV

Жыл бұрын

Yea at the prices I paid, it wouldn't be worth it without the SRECs. Unfortunately the solar companies know this and they just increase their prices to fatten their margins.

@parody_bear_mike

Жыл бұрын

@@SuitTV i think you got a fair price - if you search youtube some paying 90,000 for a system that has no batterys its some kind of lease and some people are trapped in thier home owners are trapped in a house they cant sell i thought solar was all bright and sunny from all the videos i watched. man its scam city i was watching battery videos and solar with mirrors to over produce im about to invest in a used solar farm im doing the math now and a solar genaration farm can pay itself off in a just over a 2 years now. imma see if this can earn me SREC'S .CRAP MY OLD NUMBERS are crap now crap they want 400 a pallet crap imma guess and stick with 5 year pay back dam it..... do it yourself its a good trade if your honest guy i watch some swedish guy build batterys it looks fun i dotn trust batterys that burn at 5,000 degrees.

any one watching this search youtube for solar nightmaRES

Hello good Sir. I am of the mind its never too early to engage with content creators - would you be interested in working with a small company in some of your content?

@SuitTV

Жыл бұрын

Possibly. Feel free to email me mlb53cn@gmail.com

...A 40 year old Solar Panel ....Time to Toss it and get in debt again! .....Your very own Money Pit! .....where do I sign!

@dylandeleon8991

Жыл бұрын

So buying again (even though you’ll be saving money) will deter you from saving again? Haha cmon