Hi Everyone,
I'm looking at installing grid tied solar panels into my 3800sq.ft. 4plex. My idea is basically to have the tenants pay me for power instead of the power company and in turn pay for the solar system. But after looking at the numbers, the math just doesn't add up.
Right now I have one tenant who gave me their usage history for the last 12 months so for now I just used the same numbers for all the units. Which averages about 1.7KW per month.
I went to https://www.altestore.com/store/calc...id_calculator/ and it says that I need is 14.4kw system.
So looking at 14.25KW Kit from Wholesalesolar, it costs $26k not including shipping (I think) or even installation.
At the end of the day I'll need a loan for about $22k which is $405 per month for 5 year term. The total income I could make from the tenants is $150 to $200 per month and I'll have to put $200+ for the shortage until the loan is paid off.
The most critical mistake I'm making is using only one tenants history to calculate usage but for now it's fairly decent indicator. Besides that, maybe I don't need 14.4kw. I want a system that basically generates enough power to add credit during low demand season so I can use up the extra credits from the power company during high load season.
I'm looking forward for all your feedback.
Thanks,
Max
I'm looking at installing grid tied solar panels into my 3800sq.ft. 4plex. My idea is basically to have the tenants pay me for power instead of the power company and in turn pay for the solar system. But after looking at the numbers, the math just doesn't add up.
Right now I have one tenant who gave me their usage history for the last 12 months so for now I just used the same numbers for all the units. Which averages about 1.7KW per month.
0.09 | $ per KW | ||||||
Unit 1 | Unit 2 | Unit 3 | Unit 4 | Total | Estimated Income | ||
283 | 283 | 283 | 283 | 1132 | June | $ 97 | |
400 | 400 | 400 | 400 | 1600 | $ 137 | ||
343 | 343 | 343 | 343 | 1372 | $ 118 | ||
381 | 381 | 381 | 381 | 1524 | $ 131 | ||
432 | 432 | 432 | 432 | 1728 | $ 148 | ||
750 | 750 | 750 | 750 | 3000 | Dec. | $ 257 | |
600 | 600 | 600 | 600 | 2400 | Nov. | $ 206 | |
423 | 423 | 423 | 423 | 1692 | $ 145 | ||
332 | 332 | 332 | 332 | 1328 | $ 114 | ||
364 | 364 | 364 | 364 | 1456 | $ 125 | ||
346 | 346 | 346 | 346 | 1384 | $ 119 | ||
462 | 462 | 462 | 462 | 1848 | July | $ 158 | |
20464 | Total Annual Usage | ||||||
1705 | Monthly Average | ||||||
So looking at 14.25KW Kit from Wholesalesolar, it costs $26k not including shipping (I think) or even installation.
Panels | $ 26,000 | |
Shipping | $ 1,000 | |
Envoy Comm Gateway | $ 500 | |
Installation | $ 5,000 | me doing most of the work |
Misc Supplies | $ 500 | |
Total Expenses | $ 33,000 | |
Federal | $ 9,900 | 30% |
Idaho | $ 1,000 | Estimate |
Incentives | $ 10,900 | |
Net Cost | $ 22,100 |
The most critical mistake I'm making is using only one tenants history to calculate usage but for now it's fairly decent indicator. Besides that, maybe I don't need 14.4kw. I want a system that basically generates enough power to add credit during low demand season so I can use up the extra credits from the power company during high load season.
I'm looking forward for all your feedback.
Thanks,
Max
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