Are my math figures correct?

[gte]

I want to double check my figures on my solar project to make sure they are not too optimistic. This is for a Maryland install.

Thanks





$55000 install cost - 15420 tax credit
- 1000 MD incentive
_________________
25 year mortgage on $38580 at 4.5% = $222 per month


Extra incentives I receive each year:

If BGE pays me .095 cents per overage it equals = $2144 in a check to me in April
If BGE pays me .1195 cents per overage it equals = $2696 in a check to me in April
If BGE pays me .144 cents per overage it equals = $3249 in a check to me in April
$1000 from Maryland as a credit for kwh produced to the grid
$7280 - I receive credit for SRECS that I can sell on the open state market
+________________________________________
10400 each year at least, that I receive in credits, system is paid off in 4 years, maybe 3 with the mortgage payments also going towards it.

[mattlreese]

Also in MD, but I have Pepco. I have a few questions
1. How are you financing, wrap into your mortgage?
2. How are you calculating your overages? Pepco would will not approve a system that was 100% of my usage, I assume BGE is the same. So while you might make some money in overage its not going to be anywhere near what you have listed.
3. Same with your SREC credits a rough estimate on your system is 48 credits, using an average of $150 per credit in MD. That is a huge system. Far larger then something you could install on a house.

[gte]

I was going to get a home improvement mortgage and try it pay it off as quick as I could.
I calculated what my estimated usage would be vs what my system would put out and multiplied it by the lowest and highest BGE would pay per kwh.

Why do you say it is far larger than what could go on my house? It would cover most of the roof.

[sensij]

What size system, and what did you calculate it would put out?

[SunEagle]

I was going to get a home improvement mortgage and try it pay it off as quick as I could.
I calculated what my estimated usage would be vs what my system would put out and multiplied it by the lowest and highest BGE would pay per kwh.

Why do you say it is far larger than what could go on my house? It would cover most of the roof.

The coverage mentioned is not the roof space but how much of your existing kWh usage your POCO would allow you to "exceed" in generation. Most POCO's do not allow a home system to go bigger than a specific kW size or yearly kWh production.

An example would be if you generated twice the number of kWh than what you normally use, you would be considered a Co-Generator subject to different rules than a home generator.

[ButchDeal]

Why do you say it is far larger than what could go on my house? It would cover most of the roof.

He is talking about what is allowed for net metering. If you go over your usage by too much then you do not qualify for net metering, so all the power is at wholesale rates.

[gte]

Thank you everyone, I was not aware of that, I will have to check into that and find out what is allowed. How do you find that out?

My system would put out 52000kwh each year. I use about 30000kwh each year.

[gte]

Am I still ok, a quick google search yielded this ... I wonder what they mean by 2mw of power, is that per year or per billing cycle? That part is confusing me

A: Maryland residents can absolutely sell their excess solar energy back to their power company. Maryland has committed to producing 20% of its energy from renewable sources (including 2% from solar) by 2020. The state is actively encouraging the practice of net metering – selling excess energy generated from privately owned systems back to the utilities – in order to meet this goal. To be eligible for net metering in the state of Maryland, your solar electric system must meet the following conditions:

• It must produce no more than 2 megawatts of power. (Most residential solar electric systems fall in the 4-6 kilowatt range, well within the guidelines.)
• It must be intended primarily to serve your own needs for power. Eligible systems may not generate more than 200% of your annual baseline energy usage.
• It must be located on your property or on a property immediately contiguous to yours. However, you do not need to own the system. Leased systems or solar systems owned by third parties are eligible for net metering in Maryland.

[J.P.M.]

Thank you everyone, I was not aware of that, I will have to check into that and find out what is allowed. How do you find that out?

My system would put out 52000kwh each year. I use about 30000kwh each year.

I think you're a bit oversized for the typical residential installation.
From your questions/remarks so far, it looks to me like you could benefit from some education about what you're about to spend a lot of money on. A read of "Solar Power Your Home for Dummies" might be helpful - a free online download. No offense meant, just sayin'.

[sensij]

Thank you everyone, I was not aware of that, I will have to check into that and find out what is allowed. How do you find that out?

My system would put out 52000kwh each year. I use about 30000kwh each year.

52000 kwh? In Maryland? So you are able to fit over 100 panels on your roof? That system should cost much more than $55k. Something is wrong with the numbers.

[gte]

I'm here to make sure that my financial figures are not too optimistic



Here is what I have


$38000 - 140 canadian solar cs6x-305m @ 273 per
$5200 - Inverters
$500 - Lines and wires
$500 - Shutoff switch
$5000 - Shingles
$1200 - Mounts
$1000 - Miscellaneous
+_____________
$51,400

[mattlreese]

My system covers 78% of my usage, Pepco will not approve anything on paper that goes above 95% or so. I do not have the exact data, but that is what the solar company who did the install said. They use 95%ish because many systems produce more then what is projected.

So basically do not expect to make more then a few hundred bucks, if even that a year if you over generate. Plus they pay out at a lower rate then what you buy electricity from them at.

For more information I have a reasonably ideal roof on a split level house and I have a 5.5 kW system. It should be able to produce 6-7 credits. I say reasonably because there is a large tree in my yard, without it I might be able to produce 10 credits, (but that would have been above my yearly electricity use, so I would have had to install a smaller system. My system is 22 panels.

Here is my math
I got a 20 year loan at 6% (its what the solar company offered). Payments are $100 a month. So

1200 (yearly solar payments) - 750(5 srec credits @150 a piece) - 400 (conservative energy savings estimate) = $50 a year for solar power. So, worst case I will pay about $50 more per year initially to generate solar power. However, it is more likely I will actually pay less overall per year on my combined solar / electric bill then I did before.

[mattlreese]

Also, how large is your roof. 140 panels is huge.

Also are you going to DIY this or do you plan to talk to a profesional? If you pm me I can recommend the company I used, they are based in annapolis and actually do more work with BGE then Pepco.

[sensij]

Your mount cost is too low. You should figure $1.50 to $2.00 / W for DIY system, $65k to $85k in this case. Paid labor is usually another 0.50 to 1.00 / W.

[gte]

I'll be installing this myself.

Thank you for the mount information, is there anything else that is financially incorrect?

1.8 feet in between the panels vertically and an inch between them horizontally

I have contacted http://www.ecodirect.com/Canadian-So...nels-s/279.htm to get a price for the Canadian Solar panels, mounts, inverters and shutoff switch. I will report back with what they quote me at.

Roof layout below