We recently took the plunge into solar and I’m so, so excited! Investing in panels is something that my husband and I have always considered, but until recently it was just on our “someday” list. Honestly, we knew nothing about going solar, but assumed it would be a daunting undertaking — contractors, electric companies — not to mention, how on Earth would we finance it? It’s so expensive, right?
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Then my brother-in-law and his family got them and ya know what? NOT getting them seemed like a bad idea. Turns out that the solar company, All Energy Solar,* coordinates everything — contractors, the electric company, permits, and financing (low interest, we’re at 3.5% for 15 years). Plus they’re in-the-know about tax credits and incentives — federal and state.
What are some of the perks of going solar?
Reduced Carbon Footprint
My husband and I recently underwent a number of life changes; one of which was a move closer to his work. Part of the decision to move was to reduce our carbon footprint. Going solar will allow us to further accomplish this goal, as we’ll be able to rely almost completely on solar to power our home. Based on estimates of our usage, this will reduce our CO2 emissions by 145 metric tons (or roughly the amount produced by burning 160,000 pounds of coal) over the next 25 years (the estimated life of solar panels). I’m guessing Mother Nature will be very happy about this.
Serving as a Role Model
Be the change you want to see in the world, right? In our town of 16,000+ (5,700 households), only seven have solar. SEVEN. That’s 0.1%. That’s a really disappointing statistic, but I also know that there are some very motivated people in our town who feel similarly about the planet and would love to implement change. I’m so excited to serve as an advocate and to be solar household #8.
Financial
I don’t know about you, but over the eight years we lived in our previous home, we saw our annual highest winter energy bill (usually January) increase by about $60. With the financing provided by All Energy Solar’s affiliate, Sunlight Financial, we’ll have one consistent payment every month over 15 years and after that, we’ll be largely free & clear of energy bills. (Hooray!) I don’t know about you, but I love consistency in my finances.
So how much is it really going to cost?
I’m not going to lie, I had a bit of sticker shock when I heard the number, but there are a lot of factors in going solar and we anticipate being able to rely on solar for about 80% of our energy usage when all is said and done. The part we couldn’t deny, is that In 2019, there’s a 30% tax credit. The really great part is that the financing company assumes that we’ll be paying this down after we receive our tax refund, so they don’t figure this number into the payment until 18 months later, should we not use our refund to pay it down. Additionally, the state of Wisconsin offers a $1,500 refund on solar, as well, so we’ll be receiving this after installation (cha-ching!). (Note: the tax credit will be reducing to 26% in 2020 and 22% in 2021.)
And one more thing: If we don’t use all of the energy the panels produce, we’ll receive a check at the end of the year. We’re not banking on this, but we do plan to take a number of steps to reduce our energy usage in the coming year, so the possibility is there.
So will the transition be all roses? No. Our install won’t be until December when weather is dismal and the panels may be snow-covered, so we’ll likely have loan payments plus full-size energy bills for the first few months. We’ll just have to bite the bullet when the time comes. Additionally, the financing is set up so we’ll have adequate time to recoup the tax credits and pay down the balance with our tax refunds, so the payment for the first 18 payments will be higher than the 13.5 years after that. But this is a long-term investment and the payments won’t be that much higher.
Additionally, All Energy Solar has a referral program with which you can earn a stipend for spreading the good word to your friends and family. If you live in Iowa, Massachusetts, Minnesota, New Hampshire, New York, or Wisconsin and are considering solar, please check them out through this link. You’ll be my new favorite reader and it won’t cost you a thing. 🙂
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— Funky Crunchy Mama
P.S. If you have any questions on the how the tax credits will affect you, please consult a tax professional.
Solar panels are high on our priority list when we buy our forever home! Which hopefully will happen in the next two years. That is the major goal right now. Needless to say I was excited to read about this! I’ve heard of people selling their excess energy back to power companies as well. That could be an excellent way to create a profit and help the panels pay for themselves. I don’t know if that is an option for you, but hopefully it could be!
Unfortunately, in Wisconsin the energy companies only buy back at a tariffed rate, which is about 20% of the retail rate, so overproducing isn’t advantageous for us. If it had been, we may have considered more panels.
I live with my parents and they have solar pannels and it’s been such a great investment. I think more than anything, reducing your carbon footprint is so important. The more people on board, the better! I liked this post because it just shows you how taking a small step can create a really big difference in this world. Thanks for sharing x
Great post! I love finding posts on how to live more sustainably. I’ve been turning quite a few of empty receptacles like cans and yogurt containers into little terrariums. It’s been so nice having a mini garden in my apartment!
How fun! Single use plastic is the worst. I’m glad you’re finding fun, whimsical ways to reuse it. 🙂
Great article, it’s awesome to hear that your brother decided to go solar after you did. The best thing we can do is keep people informed. Many may find themselves working from home during this time which certainly raises electricity bills, it makes it a great opportunity to look into going solar, it might be intimidating but the long term benefits make it worth the investment. Thanks for sharing!