Final Cost Roundup
We’ve made the last payment to our installer – the only remaining cost as far as I know is the PSE&G interconnection fee.
For those who are interested, here is the final cost roundup:
$52,893 Installer’s Total Cost from Contract
-$37,025.63 Final Rebate Amount from State (70% of total)
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$15,867.37 Our cost from the Installer
$118 Permit Cost (paid directly by us)
$100 PSE&G Interconnect Agreement Fee (paid directly by us)
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The system produces 6.825 kWh at peak. That means $7.78/watt total cost, or $2.36/watt our cost.
We expect an approximate savings of $716/year (estimated 2/3 of our power usage), making the payback about 22 years based on straight savings and assuming no increase in electric utility rates. It’s probably more like 17-18 years assuming a reasonable increase in the cost of electricity. My cost for the system will never go up, but electrical rates will almost certainly go up – at least as much as the inflation rate.
There is a rule of thumb that your property value goes up $20 for every $1 in utility savings. In that case, we will increase our property value $14,320, or most of the cost. Combine that with 2 years of energy savings and the system is paid for. I should note that my installer feels the increase in property value is a little higher – somewhere between the $16,000 that we spent and the total $53,000 – more like the low $20k’s.
An additional available source of revenue is the sale of green tags or Renewable Energy Credits (REC). I’m investigating that now. It means that you sell the “greenness” of your system to a broker who ultimately sells it to a company that is required to produce a certain amount of energy from green sources. For example, utility company B could purchase my green tag and therefore have covered 6.825 kWh of their green energy requirement for the life of the sale. It appears that this could provide $400-500 of income per year to us, but at the cost of the actual environmental benefits of our installation (since somebody else is avoiding pollution less than they “have to”).
Of course, money isn’t the only benefit here. We have the benefit to the environment – after about 2-3 years the system has produced enough energy and environmental benefits to cover it’s manufacture. We’re reducing dependence on oil and natural gas for electric power – most of which come from foreign sources. We’re also doing more local generation than before – reducing stress on the electrical infrastructure in our area (less current has to travel over the wires from the power plant when our system is injecting it locally).
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