One Year – Let’s Run the Numbers
This is the first anniversary of the first successful meter reading by PSE&G after activating the panels. That means that we can run the numbers.
All values are kWh. This year’s date is 7/21/2005 – last year was 7/21/2004.
Inverter 1 This Year: 4279 Last Year: 677 Total Inverter 1: 3602
Inverter 2 This Year: 3544 Last Year: 565 Total Inverter 2: 2979
Total Solar Generation: 6581
Meter Out This Year: 8724 Last Year: 1365 Total Bought: 7359
Meter In This Year: 4823 Last Year: 564 Total Sold: 4259
Net Metering Purchase: 3100
Total Electricity Use = Total Solar Generation – Total Sold + Total Bought = 9681
Solar Generation Percentage = Total Solar Generation / Total Electricity Use = 68.0%
Our installer predicted that we’d generate 2/3 of our usage. He was pretty much dead on – the real numbers are just a smidge better than that. Additionally, we reduced our utility demand by that much – reducing utility pollution.
When it comes to dollars, we actually did better than these numbers show. PSE&G rates increase above 600 kWh per month in the summer. Our usage allows us to avoid going over 600 kWh net purchase per month, avoiding the higher rates.
Our savings works out this way:
Green Mountain Energy Supply Charge: $0.07508 / kWh
PSE&G Delivery Charge: $0.0.30305 / kWh (the lowest rate – it’s higher above 600 kWh in the summer and higher in the winter as well at $0.0384/kWh)
Total Rate: $0.10539 / kWh
Our Savings: $693.57 for one year
That would produce a 23 year payback but with the added $1251 from the sale of the SREC, it’s a 8.5 year payback.
And the air is cleaner.
SREC Sale Completed
Well, my SREC’s for 2004-2005 sold. I got a check in the mail yesterday for $208.55 for each of 6 SREC’s.
Considering that I was offered anywhere from $115 to $150 by the big guys (Sharp, Mainstay) in the last month, it seems that I did the right thing holding out for a better offer.
That check takes a year off my payback! If this rate holds up, my payback will drop from 16 years to 8 years!
One question – please reply in Comments. Is SREC income taxable for Federal or NJ purposes? I’m assuming that it is, but I’d like to hear from someone who has done some research.
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