Re buying solar panels/not leasing

[TJBOB]

ive done a lot of reading, and thinking of going with prepaid (????) with SUNRUN who uses TRINITY SOLER to install the panels ( i live in the NYC area) has any one used them? and were you happy with them?SYSTEM size 5.500 22 trina panels 250s black frame PV powerd (my cost $9,841 after SUNRUN takes all tax creadit and rebaits) it cost me about $1700.00 a year to con-ed) it could take 6 years to brake even? any input would HELP

[russ]

ive done a lot of reading, and thinking of going with prepaid (????) with SUNRUN who uses TRINITY SOLER to install the panels ( i live in the NYC area) has any one used them? and were you happy with them?SYSTEM size 5.500 22 trina panels 250s black frame PV powerd (my cost $9,841 after SUNRUN takes all tax creadit and rebaits) it cost me about $1700.00 a year to con-ed) it could take 6 years to brake even? any input would HELP

Six years to break even on a lease? How many years do you plant to live there?

[Ian S]

ive done a lot of reading, and thinking of going with prepaid (????) with SUNRUN who uses TRINITY SOLER to install the panels ( i live in the NYC area) has any one used them? and were you happy with them?SYSTEM size 5.500 22 trina panels 250s black frame PV powerd (my cost $9,841 after SUNRUN takes all tax creadit and rebaits) it cost me about $1700.00 a year to con-ed) it could take 6 years to brake even? any input would HELP

You appear to be assuming that the system will offset all your electric costs. Make sure that's the case. If I were you, I'd get a couple of other quotes including at least one to buy outright. With the huge incentives available in NY, either leasing or buying can work out financially for you. Here's a discussion of the various pros and cons. You might want to read that entire thread. How you perceive the importance of the various factors to your situation will guide your decision. Some would say that a general rule of thumb is that the prepaid lease cost should be less than the net cost of purchase after all incentives are accounted for. But that would be for you to decide after considering all the factors.

I think the important thing is to get additional quotes at this point.

[TJBOB]

You appear to be assuming that the system will offset all your electric costs. Make sure that's the case. If I were you, I'd get a couple of other quotes including at least one to buy outright. With the huge incentives available in NY, either leasing or buying can work out financially for you. Here's a discussion of the various pros and cons. You might want to read that entire thread. How you perceive the importance of the various factors to your situation will guide your decision. Some would say that a general rule of thumb is that the prepaid lease cost should be less than the net cost of purchase after all incentives are accounted for. But that would be for you to decide after considering all the factors.

I think the important thing is to get additional quotes at this point.

i did get about 4 est this one seems the best, the other ones were about 15,16,000.00 for prepay (they are all about the same except for cost. 20year lease system maintand buy they) i would buy outrite, about $20,21000.00 but then no maintence i am on my own, i am retiered with no taxable income, so no tax credits,i dont plan on selling, but if i do the buyer will have no elec bill for up to 20.years depending how many years are left on lease. after the 20 years home owner( me or who ever) can have the system removed at no cost (if CO. still around) or lease it for 5 mor years, (i dont know if there would be added cost) i am 73 years old dont think it will my problem?

[Ian S]

i did get about 4 est this one seems the best, the other ones were about 15,16,000.00 for prepay (they are all about the same except for cost. 20year lease system maintand buy they) i would buy outrite, about $20,21000.00 but then no maintence i am on my own, i am retiered with no taxable income, so no tax credits,i dont plan on selling, but if i do the buyer will have no elec bill for up to 20.years depending how many years are left on lease. after the 20 years home owner( me or who ever) can have the system removed at no cost (if CO. still around) or lease it for 5 mor years, (i dont know if there would be added cost) i am 73 years old dont think it will my problem?

If you can't make use of the tax credits, then the prepaid lease is your best bet. Sounds like you've compared vendors and found the best deal. Trina panels should be OK; what inverter are they proposing? One last thing before you sign off: get a copy of the lease, read it thoroughly and if you don't understand anything, you might want to ask an attorney. Be comfortable with every clause as you'll be living with it for a long time. Pay specific attention to what happens at lease end, the procedure if you sell before the lease ends, if the lessor provides insurance coverage, how the performance guarantee is structured and whom you call if there's a problem.

[TJBOB]

I meet an old friend at a wedding this week end, we both had the same interests of installing solar panels, I am going for the prepaid and he said he was going to buy outright (because he is still working and can receive all tax credits) I mentioned that mine would guaranteed and serviced by the co. he told me that his would have the same guarantee as I am getting? The way I understood it if you buy outright you are on your own? Does some one know what he said is true? We both live in the New York City area

[Ian S]

I meet an old friend at a wedding this week end, we both had the same interests of installing solar panels, I am going for the prepaid and he said he was going to buy outright (because he is still working and can receive all tax credits) I mentioned that mine would guaranteed and serviced by the co. he told me that his would have the same guarantee as I am getting? The way I understood it if you buy outright you are on your own? Does some one know what he said is true? We both live in the New York City area

The various parts of the purchased system will all come with warranties of varying lengths and different manufacturers. The installer may also offer a warranty covering various things for some amount of time. Getting warranty satisfaction with a purchased system may require you to deal with several different entities each of whom if possible will try to blame some other component in the system for whatever failure there is. With the lease, prepaid or monthly, you will only deal with a single entity, the lessor, for warranty issues. That said, these systems are pretty reliable with about the only component likely to fail within the 20 year lease being the string inverter - and you can protect against that with an extended warranty. Opinions vary on the reliability of the microinverters but I think it says something that Enphase no longer provides labor for removal/installation of a failed microinverter. FWIW, I wouldn't place a lot of value on any difference between the lease warranty and the warranty for a purchased system. I suppose it is nice to only deal with one outfit for service but the importance of that will vary with individual preference.

One thing with the leased systems is they come with a performance guarantee. Typically, you will never see a dime from that as they are designed to underestimate your actual production. However, I could see where it might serve as a prod to get any system failures taken care of reasonably quickly as the performance guarantee could be triggered if your system is down for any length of time.

[Mr. Vegas]

ive done a lot of reading, and thinking of going with prepaid (????) with SUNRUN who uses TRINITY SOLER to install the panels ( i live in the NYC area) has any one used them? and were you happy with them?SYSTEM size 5.500 22 trina panels 250s black frame PV powerd (my cost $9,841 after SUNRUN takes all tax creadit and rebaits) it cost me about $1700.00 a year to con-ed) it could take 6 years to brake even? any input would HELP

Signed a 10kw lease contract with Trinity on Jan 9th. Same equipment, 42 Trina 250w panels + 3 PV powered inverters. So far process has been very smooth. I don't work for Trinity nor have any affiliation with them. Just ended up picking them after researching about 4 other companies, getting quotes and comparing. Just finished sending in notarized buildings department permit application to architect. I estimate panels should be on roof by late April, early May. I picked Trinity not just on price, but their local installation is done out of Bellmore, LI and since I'm on the Island I wanted a local installer instead of people driving in from Mid-Jersey if I had a problem.

[TJBOB]

in my search for different prepaid deals I ran across a co. called NRG solar witch is a little lower price then other co. has any body heard of them or dealt with them? if so how are they to deal with?

[Naptown]

in my search for different prepaid deals I ran across a co. called NRG solar witch is a little lower price then other co. has any body heard of them or dealt with them? if so how are they to deal with?

I have done two leased systems through NRG.
Both were a nightmare with endless delays getting them approved by NRG

[bcroe]

Working?

we both had the same interests of installing solar panels, I am going for the prepaid and he said he was going to buy outright (because he is still working and can receive all tax credits)

Why do you need to be working, to receive all tax credits. I'm collecting my Fed and State tax credits this year.
Bruce Roe

[TJBOB]

Why do you need to be working, to receive all tax credits. I'm collecting my Fed and State tax credits this year.
Bruce Roe

FROM WHAT I UNDERSTAND you cant get tax refund if you dont pay taxs? ( WITCH I DO NOT BECAUSE I AM RETIERED AN DO NOT HAVE TAXABLE INCOME ( i hope i am wrong if i am then i will be able to get some typ of refund) did youy pay any taxs for the year you are fileing for?PLEASE GET BACK TO ME BECAUSE YOUR AWNSER CAN BE VERY HELPFULL TO ME.

[bcroe]

FROM WHAT I UNDERSTAND you can't get tax refund if you don't pay taxs? (WHICH I DO NOT BECAUSE I AM RETIRED AN DO NOT HAVE TAXABLE INCOME ( i hope i am wrong if i am then i will be able to get some typ of refund) did youy pay any taxs for the year you are fileing for? PLEASE GET BACK TO ME BECAUSE YOUR ANSWER CAN BE VERY HELPFULL TO ME.

The payment from my state is outright cash (probably taxable as income later). In USA MOST of those
who retired are eligible for Social Security (taxable), and/or some have pensions and other sources. If
the tax is small, the remainder of a partial rebate can be carried over to later years, assuming the
Federal program is still funded then. Your results may vary. Bruce (retired) Roe

[Ian S]

In USA MOST of those
who retired are eligible for Social Security (taxable), and/or some have pensions and other sources.

Social Security benefits are not normally taxable unless the recipient has other income that pushes the total above a certain level. Then there's a calculation to be made to determine how much of the SS benefits are subject to tax. The 30% tax credit for solar is non-refundable i.e. you have to have a tax obligation to make use of it. If someone had limited SS income but significant amounts in conventional IRA's, I suppose one could convert some portion of the IRA to a Roth IRA and use the solar tax credit to offset the cost of conversion. Best to talk to a tax adviser to see what the best options might be.

[bcroe]

Social Security benefits are not normally taxable unless the recipient has other income that pushes the total above a certain level. Then there's a calculation to be made to determine how much of the SS benefits are subject to tax. The 30% tax credit for solar is non-refundable i.e. you have to have a tax obligation to make use of it. If someone had limited SS income but significant amounts in conventional IRA's, I suppose one could convert some portion of the IRA to a Roth IRA and use the solar tax credit to offset the cost of conversion. Best to talk to a tax adviser to see what the best options might be.

Yes your results may vary. Retirement isn't the issue, low income is. Solar big enough to do anything isn't cheap. Bruce Roe