I See Electromagnetic Fields!
- Mar 28, 2020
While south Carolina has its own incentives as well as the federal, its absolutely useless for me as im in a tax bracket with no liability, or very little (wife with a kid, sole earner 50K a year). I still dont understand how people who can financially afford a solar system to begin with are offered free money to do so while someone like me is stuck with the full bill, but I digress.
That's how we do it here
I put in PV 17 years ago. I spent $100,000 and got a CEC rebate of $50,000.
I'm obviously one of those who can afford it, so I'm given free money
Maybe I should buy a Tesla? Oh, I missed the rebates. Still driving an old car.
Also, netmetering is likely not an option unless I get a system way above my means. My electric cooperative charges a flat $50 month fee for netmetering (the irony there is palpable) so it would likely be on my lower months to have a large bill on top of my loan if i get one.
While $50/month isn't terrible for a "battery" that can store your summer power until winter as Ampster says (and it's 4x the $12/month I pay), it still adds up to $6000 over 10 years. (About the same price as a forklift battery)
Compared to the utility rates you would have paid, the PV system I proposed costs 1/3 as much, but the net-metering fee also costs 1/3 as much, leaving you with possible savings of $6000.
As I said earlier, you might be better off investing your money elsewhere.
Or at least putting in a zero-export system. A somewhat smaller grid-tie system with current transformers to measure grid connection and make sure power produced doesn't exceed what you consume. There are some.
That net $50K I spent on PV 17 years ago? It has provided all my power, but if I'd just put it in an S&P 500 fund it would be $150k plus any dividends.
And I can build the same system today for $12,000.