Pros and Cons of Solar Panels - Are they worth it?
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- เผยแพร่เมื่อ 2 ส.ค. 2024
- People ask all the time about solar panels! Are they worth it? What do you need to look out for if you decide to get them for your home? Find out on this week's Monday Mornings with Mark!
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Thank you for watching! Whether you're in New Jersey or anywhere in the country, let me know whatever I can do to help you make YOUR next move a huge success!
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My Tesla solar panels and powerwalls got me through the 44hr Houston blackout
☀️⚡🏡
Solar panels can definitely have their upside. As with anything, you have to make sure the cost makes sense for you. I'm glad they worked out for you!
This was great . Thank you so much !
Thanks so much, Veronica! I'm glad you enjoyed it!
Watching this 2 years later (April 2023) and so glad to hear a Realtor confirm that my due diligence with leasing my yet-to-be-installed solar panels was worth my time. I am leasing (waiting for local permits and PSE&G utility permits) for a 20 year fixed rate -- no escalation costs -- and the contract (which I've read 3X) verifies that after the lease, the leasing company will NOT remove the panels, is 100% transferable when selling my house (7-15 years), and my roof already replaced a year ago. I also spoke to 5 realtors in my South Jersey area and 4/5 said having solar on my rear roof in my neighborhood is a sellers asset.
Also, even if I don't get tax credits for leasing, I do get to have a Net Meter, which allows excess kWh "sold" back to Utility company for credit, when I need more electricity, as in the evening and winter months. 🙂
@@Steve_in_NJ That's great to hear! The number one thing I want people to do is to know EXACTLY what they're getting themselves into if they choose to go solar. It sounds like you've done your homework! Good luck with them!
Great video! Thanks for sharing 👍
Thanks so much for watching! I'm glad you liked it!
Thank you for this valuable information.
Thanks so much! I appreciate your watching!
Helped me so much deciding on solar panels.
I'm glad to hear that! Thanks so much for watching!
This was a very informative video for a newer agent like me. Thank you!
Sarah, I'm very glad you liked it! If you have any questions, don't hesitate to let me know! I hope we can work on a deal together soon!
@@MoveMeMark thank you so much Mark! I look forward to work on a deal with you 😊
Excellent information.
Thank you! And thanks for watching!
Very informative video
Thanks so much! Be sure to subscribe for more!
But still enjoyed your clip and yes I’m a solar salesman.
Im considering going solar thank you for making video and sharing!
You are very welcome, Gerry! Thanks for your comment! Be sure to subscribe to my channel for more great information! Thanks again!
Have you went solar yet ?
@@Snappy365 yes I did, I am trying to remember my conversation string with you. Yeah but I thinkI made a big mistake with the micro inverter I let them install….
@@Snappy365 sorry Juan I’m just now seeing your question , I did go Solar but I am upset with myself because I let them sell me some under sized micro inverters…. And I knew it.
Most people don’t know you can’t run your home off them if the power goes out. You would have to also buy a power wall or similar.
Not true... power has been out in my area 7 times this past month, and I found out because I was looking at he app and a neighbor told me.
As long as you use the basic utilities you should be alright.
It seems that many of you have no idea how solar panels on your house work. In my situation I contacted solar city & they took care of everything. I didn't pay for anything. Now how they pay for that is they get a grant (like a mortgage or home equity) to pay for installation.
They lock you into a cheaper electric rate & you pay that rate for the electricity you use.. This payment pays for the loan for installation. So I pay a cheaper rate for electricity that actually pays for the installation. At the end of 20 years you pay nothing. You gotta pay for electricity anyway why not pay yourself. Been about 7 years & no complaints
There are a few challenges with solar. One is that people don't always understand what they're signing up for. I had clients who swore they would own their panels at the end of 15 years, and it turned out they were actually in a lease. What you're doing is letting the solar company make money off your roof. That works for some people, and not for others. It really depends on everyone's individual situation. I'm glad you're getting the most out of it, though!
I also thought I would keep the panels after paying of PPA plan but I don't, that's why I said no to solar. I'm paying for them to give me solar power but they don't pay me to use my roof and some months I was going to pay more for solar than with utility company.
It's always important to read the fine print! Thanks for your comment. Be sure to subscribe to my channel for more great content!
I sell solar in California, I do a lot of cash deals but if I have a client who wants to finance I always tell them to reach out to a local credit union if they want to finance the system. You still get the tax credit and the credit unions offer the best rates and terms for solar. Get a cash proposal and take it to a local credit union if you don’t want to come out of pocket.
A heloc is better!! Your customers only pay intrest on the balance of the loan. After each paymentthe intrest becomes less and less. Plus they pay themselves back not a bank. Research velocity banking, Good luck
And there is no money up front out of pocket if the system is financed via a ownership loan. If someone pays out of pocket upfront for solar it’s because either they want to or they were lied to.
But to some of your points, solar is great but customers should be careful about who they use. There’s nothing inherently evil with solar but there are bad companies.
Agreed. I don't think solar is evil by any means, but people just need to understand what they're getting into, no matter who they use. Thanks for your comment!
Hello, for anyone reading this if you are looking into solar as an investment and sorry to say this is the worst investment you can get but solar is a great way to help the ecosystem but this video and TH-camrs are not accounting for the other risk factors pointed out below. below is the risk factor in a Miami market I run into getting quotes from solar companies.
This is with the 90% outset system I have been quoted.
Doing the math if I pay the full amount upfront wouldn’t make sense because the return investment, I can get off the stock market or invest in other real estate projects. So, this is my concern if I get it loan out of it for 26% using the tax credit on the loan. The monthly bill is $207 for loans with tax credits. The system doesn’t pay my full FPL bill. Keep in mind my average bill is $280 per month (I know this increase is about 4.4% per year in Miami/FPL energy). This is how I see it. My roof is 3 years old. I have dimension shingles that last about 25 years. So, it can last me the rest of the time with panels. Now accounting for the liability insurance that I have gotten is estimated at $45 per month (this would increase every year by 3%). Also, Miami hasn't gotten a category 3 or higher hurricane in 12 years, and we are due two to four within the next 20 years. Also, I am accounting for the two or four liability insurance claim I need to make, and mostly they going to charge about a 20% deductible. Right now, to remove the panels and put them back electrical technicians for panels are charging $125-$175 per panel (this would go up over time). The degradation I lose per year on the panels. Let says over the 20 years there are about 25k in damages or no warranty repairs. I'm going to pay about a 20% deductible. so around 5k in deductible. That's an extra $20 per month. So, in total, the risk factor is about $271 per month, and this doesn’t cover my full FPL bill., even if you do a system set up with the full cost of my FPl bill the risk factor increase. Two other risk factors took place was selling the property. Even with the increased value of the property, buyers are not interested in buying an old use solar system and roof, so I need to get it replaced. I contact about five green certification realtors in Miami with 20+ years in the market and all said is going to be harder to sell with that use system the buyer would ask for a discount on the price of the home. The other risk factors are roof insurance warranty claims based on the few neighbors that have solar nearby and online forums. Home insurance going to blame the contractor who installs the solar panels for leaks and hurricane-related issues, and I would need to reach out to the insurance adjuster to come to help me with the claim. What I see solar as is basically a way to help the ecosystem and reduce carbon footprint but don’t expect a return with the risk factor.
solar truth FULL SOLAR CLOSE TAYLOR MCCARTHY
1 hour ago
WOW....60% OFFSET....MUST BE ALOT OF SHADE MAYBE WRONG DIRECTION TOO....36 PANELS...BIG COMMISSION
40% STILL WITH THE UTILITY COMPANY....YEARLY INCREASES FOR SURE..STILL ON THE GRID...1.8% RATE LOANPAL
WITH ROOF $70K...PLUS...26% FED CREDIT...BACK TO LOANPAL TO KEEP THE RATE 1.8% $221 A MONTH..$19K FED CREDIT
TOTAL INVESTMENT FOR THIS LUCKY COUPLE $99K....$221 PLUS 40% ON UTILITY $92 = $331 PLUS YEARY UTILITY
INCREASE 5% YEARLY.....AFTER 60 DAYS LOAN PAYMENTS START $221 PLUS 40% ON UTILITY....NO NET METER
CREDITS FOR MONTHS....YOU TREATED THESE PEOPLE WELL....GOOD JOB
People, please understand that the ROI cannot be determined from solar alone. The reason is because of the indefinite liability that is the utility company. If you can calculate the unpredictable increases from the utility companies, then the ROI (Return on Investment) can be calculated. The ROI is accelerated every time the utility companies raise their rates. Rates will also continue to rise because America's outdated grid from the 60s and 70s is inadequate. All this talk about researching solar, how about researching where your power comes from currently? Research the age and upkeep cost of your utility provider. Think about who is paying for that since we are asking for research. Research if your utility company is beholden to investors who only care about gross profit margins. 😂😂😂
Please to wash my solar panels, do I need to switch the solar off?
That is a great question! I’m not sure if you actually need to wash solar panels, but I would check with the manufacturer before doing anything. Good luck!
And don’t forget the umbrellas for rainy days .
I think your Solar Panels explanation is more like making it more of a hassle for realtors to make money 💴😅.
Sadly, it's not. When you see homeowners have to pay off the remainder of their solar panel lease so they can sell their home, it's not a winning idea. Having to bring $20,000 to the closing, as the seller, is not fun.
How much electric do you use a day , I use about £2 a day , so if you half your electric bill going solar I'd save a £1 a day . What the point spending 20k to save a pound a day , that's ridiculous!
That's a great point. Many of these solar companies tout how you can get electricity at no cost, while they also fail to mention what you'll be paying for the panels. Whether someone thinks solar panels are a good idea or not, it's imperative that they do the math first and figure out what kind of savings they're actually going to get, if any. Thanks for your comment!
Do not lease
Hey buy the solar if you plan to sell your home and give it free to the new home owner. Your explanation is need to revised.
Was that story about a lease. A solar lease is the worst thing you can do
One of the interesting things I've come across is that people sign up with solar companies, and they have NO IDEA what they've actually gotten themselves into. The people I mentioned in the video had a lease, but they thought they were paying them off to own them.
I agree
Sir I must say respectfully that you should refrain from giving solar advice. The pros are weak and the cons are not accurate.