Quote:
Originally Posted by NH.Solar
Cobalt's analysis is fair but totally ignores three key factors; asset value, inevitable utility rate increases, and the independance of solar electricity.
$20,000 spent on a solar system is funds going to the asset value of your home, $20,000 spent on utility bills is pure expense with zero residual value. If there are two identical homes on the market and one has no solar and a monthly utility bill of $200, and the other has a solar installation and a negligible monthly bill, which do you suppose will sell for the higher price?
Utility rates and the cost of fossil fuel are directly tied together, when fuel prices increases the utility rates must follow soon thereafter. Oil is relatively cheap right now but do you remember the period less than ten years ago when gas was $4+ per gallon? Bear in mind that right now the NHEC is installing thir own solar array on Moultonboro Neck. You can be sure that they have carefully weighed the current and future costs and risks.
Finally, oil is currently less than $65 per barrel but where will the price go if (when?) one of the major refineries is taken out by disaster or terrorism?
But you can be sure that with every morning the sun will rise...
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These are all fair points in a rising rate environment. My neighbor and I both have completely electric homes. Both of us have Bryant Evolution 23 SEER heat pumps. He went the solar panel route, but does not have access to natural gas. I have access to natural gas, and requested an estimate to install a natural gas furnace in the attic that can be mated to the Bryant. I do not have the proposal as of this writing, and these posts pushed me to look at my neighbor's utility bills and request a proposal.
He installed a new roof before going with solar. He owns the system so no liens on the property if you borrow the money. Before credits, he spend close to $45,000 for the panels and new roof. His roof had five years left, and would need replacement. This is just another potential cost in conjunction with solar panels. Clearly, you don't want to install over an older roof.
In responding to the original poster, I believe a natural gas high efficiency furnace may prove to be the less costly, and a better option to save money. Also, I would argue it will add more to the resale value of the property as compared to solar panels. Just my view.