Viewing a single comment thread. View all comments

RatherNerdy t1_iy7ywkd wrote

Reply to comment by yupuhoh in 6 Month Solar Panels Update by metalandmeeples

You get a 1:1 kWh credit

8

yupuhoh t1_iy83oxy wrote

So 5800$? So you are still out 14k. At 150$ a month electric bill you are saving it will take about 8 years for you to break even on the cost. That's not too bad if you have the up front capital. Now do they (cmp) cut you checks still every month if you produce more than you use?

1

metalandmeeples OP t1_iy844dt wrote

The tax credit will bring the total cost down to ~$14,000. The payback period was projected to be 8-9 years when the tax credit was 26% and before the 50% supply side hike that was recently announced. The payback period should now be under 7 years.

19

yupuhoh t1_iy85g0l wrote

Not bad. So are the panels not producing enough for you to be off the grid all together? Why are you still paying cmp every month when you are producing your own power? Sorry for the ignorance but the last time I was around solar was a buddies house and cmp was cutting him checks for like 50$ a month

3

RatherNerdy t1_iy85zcj wrote

Your generated power goes back into the CMP grid (except for what you are using at that immediate point in time) and CMP delivers it back to you. So you pay for the connection costs (mine is about $14/mo). CMP does not cut checks, you only get a kWh credit that expires 12 months from when it was generated. So you end up producing more in summer due to longer days and higher more direct sun, and then rely more on your credits during the winter months.

Now, you can also get battery storage for your produced energy, but you'll still produce more than the battery can store and you'll still have to pay CMP for the line connection.

Side note - 7-8 years break even, as well as a house value bump is a great investment.

16

metalandmeeples OP t1_iy8705i wrote

Exactly. The net metering is what makes this economically viable.

10

yupuhoh t1_iy8kopk wrote

Yeah I know they don't cut checks anymore. That was 20 years ago. And thanks for the explanation. Makes sense

4

imnotyourbrahh t1_iy87wyb wrote

CMP is your "battery" until you can buy your own batteries and go off grid.

7