Tuesday, August 24, 2010

5kW Home PV System: $16,078 Installed After Incentives

Use the AC without the worry...

Southern California is seeing some toasty temperatures right now. But staying cool today can mean some hefty electricity bills next month. Smart people are staying cool by going solar.

My previous post told about unprecedented low prices on solar panels this year. Add this factor to the CA solar rebate and the 30% federal solar tax credit, and staying cool this time of year can mean less sticker shock from your electricity bill.

This is a typical 5-kilowatt system that will meet most of the electrical needs of the average family of four in San Diego. Solar orientation, roof type, roof pitch, and possible shading issues could change this configuration and output.

22 Sunpower Serengeti 228Wdc panels
1 Sunpower 5000W inverter
1 Set standard racking for asphalt shingle roof (tile roof slightly more)
385 Minimum square feet of roof space required for panels

Actual size: 5016Wdc 4244Wac (after inversion)
Production: 7573 Kilowatt hours per year: 631 kWh/month average

$25,798: Clary Solar cash price (including tax)
-2,830: CSI rebate*
$22,968: Net After Rebate
-6,890: 30% Fed Tax Credit
$16,078: Net Total Cost

* CA Solar Initiative for SDG&E customers (Step 7: .65/Wac); SCE customers would get $6544 (Step 5: $1.55/Wac)

Financing options--Unsecured loans

Clary also offers a 12 months same-as-cash option up to $45,000. This option has no application fee and no pre-payment penalty. It basically gives the buyer a year of free electricity

Another route is the 5/15 loan, which is a five-year loan amortized at 15 years. There is a balloon payment at the end of the fifth year or the option refinance as another unsecured loan or tied to home equity at that time. Interest tied to FICO score--680 minimum preferred.
Again, both loans are unsecured requiring no home equity.

Further information can be obtained from David Brands at david@clarysolar.com.


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