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Originally Posted by California98Civic
Neil, do you have an updated estimate of the pay-off period for the panels? Seems you could make a pretty realistic estimate with the data you now have.
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We are on track to meet or exceed the original estimate of 5.1 years to payback for this system. And that doesn't take into account the savings on gasoline, and much lower maintenance costs of EV's.
We will be able to take our federal tax rebate next year, and pay down our solar loan. So, that will save us a lot more.
SREC's (solar renewable energy credits) are paying about $206 / MWh, and the first payment will be at about 9 months, and then every quarter after that, until 10 years from now. At this rate of production, and if that bid price holds, we will get about $2200 on that first check, and then $725 or so every three months.
Please note, that we are buying electricity from the grid from a company that is buying wind power REC's - and we are saving 3.19¢ / kWh from what we were paying.