We had some solicitors show up to our door not that long ago and for some reason unbeknownst to me we decided to answer it. Maybe it was because between the dog, the kids, and the two cars in the driveway, we were obviously home. I don’t know, but we answered it. Those solicitors were trying to sell us some solar panels and for some crazy reason my husband said, “Okay, we’ll make an appointment.” I thought he was nuts. What do we need solar panels for? Do you even want these solar panels? We had literally never considered it ever in our adult lives, but some dude from Momentum Solar was going to show up at our house the next day and talk to us about it anyway.
Fastforward a little bit and we now have solar panels (they’re not on yet, but we should get switched over any day). I’m still not really sure what to think about all of that, but we couldn’t think of a single reason not to do it after meeting with the guy. Plus supposedly he’s going to hook us up with some free Lobster at his sister’s restaurant, Garbos. You may have seen the food trailer she sold on Diner, Drive-In’s and Dives just weeks after she sold it.
Let’s get a little more real with how all this went down.
The solicitors told us it was “free”. Of course I knew this wasn’t going to be free because nothing is, but before this dude showed up to my house I wanted to get a better idea of how all this worked and there really wasn’t a lot of information out there. What those solicitors meant is there isn’t any up front cost associated with the installation and purchase of the solar panels. That’s all good and great, but we would still have to pay for them for the next 20 years. After that we’re making free electricity.
So in order for this to be worth it for us it need to do two things. It needed to add value to our home and it needed to not cost us more than our current average electric bill (we added a year of electric bills together and averaged it out per month and basically it’s the same as our monthly payment for the panels and the ones that are being installed are virtually maintenance free with a 25 year bumper to bumper warranty). It’s going to do both of those things. As electricty prices increase, our monthly loan payment stays the same so each year we look better and better. When we move, we’ll transfer the loan to the next homeowner who should be cool with it because the monthly payment will be less than what they would be paying to the electric company each month and the longer the stay, the more value it’ll add to the home when they resale. Everybody wins really.
The only reason the numbers worked out is because the federal government is giving a tax credit for people who qualify. We qualified. We’ll get money back at tax time that we’ll then turn around and pay back to the lender with our personal loan. If we choose to keep the money rather than put it back into the loan, our monthly payment on the loan would go up. Obviously we plan to pay it back into the loan. Without this piece it wouldn’t make sense for us as we don’t plan to stay in our home long enough for it to make sense with a higher payment.
It’s definitely worth talking to a solar company if it’s something you think you might be interested in. Some electric companies are also giving rebates for people who install solar panels on their home. Our electric provider is not unfortunately, but it still made sense. If you need a guy, I’ve got a guy and he may even hook you up with lobster dinner. Feel free to message me for more info including contact info for Momentum Solar.
Disclaimer: I was in no way compensated to write a blog post about Momentum Solar and our experience. I simply wanted to share and educate anyone considering solar as a option based on our experience. The install is done and we should get switched over to our panels any day now.