Hello all! Today I would like to discuss my experience with purchasing, and having Solar Panels installed on my house. The good, the bad, and the ugly.
So about a year ago, I decided to stop going back and forth over whether I wanted them or not and just do it. I mean, they say Solar Panels can help save money and have a positive impact on the environment. So why not!
So while consulting with the Sales Agent, they detailed the process and everything that would be gained from it. Sounded great, so I went ahead and got it all scheduled.
Company: SunPro Solar
Array: 5.9 kW Solar Panel Array
Bonuses:
During the consultation, it was noted that a few trees would have to be removed in order to get the most out of the panels. Being the broke Millennial that I am, I had $1000 worked in to the loan for tree removal. Well, life happens and before I had the chance to get the trees removed, the money went up in smoke. So my panels are not operating at peak efficiency. Con #1.
So all in $24,860, with a split loan. The first loan is a No Interest if paid in full within 18 months, this amount is based on the Tax Break that you receive for going Solar. The second loan is the rest at about 3% APR.
Fast forward to today, tax season.
When I went to file my taxes and get that sweet tax break back to pay off the first loan, guess what! You do not receive that full tax break back during the first year. You get a percentage of it and the rest rolls over to the next year!
So not only am I hardly producing any electricity due to the trees, but I have no more Energy Credit, have an almost unaffected electric bill, but now I also have 2 loans that will not get paid off this year and will accrue all of the interest throughout the past year!
Long story short, I got screwed over by a sales man.
So if you are planning on getting Solar Panels for your house, be sure to:
