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Solar year two [1]
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Date: 2023-01-17
Two years ago we had solar installed on our home.
This was not so we could “save the planet” or because we wanted to reduce our carbon footprint. It was simply so we could reduce our costs and be less dependent.
When we first looked at Solar a 9.9 kWh system would not fit on our roof and would cost us over $35,000.
Five years later we have a 9.9 kWh system with room for another seven panels. It cost $24,231 (though I’ve noted the price of systems seems to be higher equal to the refund offered by the government)
We got grandfathered under 1 for 1 net metering, so our ROI is better than what we would get now.
The first year we calculated the cost of the electric we did not use and the cost vs our payments on the loan. We came out ahead by $17.73.
This year the power company was allowed to increase the price to $0.11 per kWh (and add in a cost of generation fuel kicker).
We generated more this year (see bar graph above) but we also increased our use. When the gas mower of 21 years finally died we got an electric to replace it. (Really like it, it folds up for easy storage!) I also set up a hydroponic system experiment. Four grow lights, a pump, and warmer. This has increased our use.
Overall with the new higher per kWh rates, even with the increased use our end difference was $56.47 cheeper than straight electric.
This is not the savings I had thought it would be when I did the back of the envelope numbers. I had thought the savings would be more so I could direct that towards adding a battery back up system in year three or four.
We have been paying extra on the loan, which I am not counting as part of the yearly cost, as part of our effort to get rid of all debt but the home mortgage, property loan, and Sally the student loan. (The spouse pointed out that Sally has been with her for longer than we have been together (20 years) and will be part of the family for another 20+ so why not name it)
Do I recommend solar? Yes IF it makes economic sense. LG&E/KU has convinced the public service committee that home solar is not good and is fighting to make it non-economic. This year instead of getting a 1 for 1 kWh credit for surplus generation, you get “paid” for your surplus at $0.0785 per kWh (which they sell at $0.11per). They want to push that down to $0.0275 per, because it is unfair the utility has to pay more than wholesale.
This changes the numbers on the system. When I ran them we would have paid almost $400 more for the solar system than we saved in electric charges. Talking to our installer she said they do two approaches: increase the system to the max that fits on the roof (I would have a 12.2 kWh in that case) and boost the payment higher. The other way is a minimum size to meet 75% of usage and lower total cost. So a 5 kWh that reduces billed usage by 50-75% which is less than the loan.
We are happy with it and are glad we did. The utility companies hate them, and are trying to kill home solar. From cutting net metering to banning first use, they don’t want any independent generation they don’t control.
If the numbers work, go for it.
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