As someone expecting delivery of a Lucid Air in the near future, I installed a home charger for an EV and I await my home electricity bill to increase. I decided to get some quotes for installing solar panels on my roof, to see how much I can save in the long term by using the sun as an energy source.
I posted a poll in the Lucid Owners Forum last week asking how many people have solar panels now, plan to install them, or will not install them. Overall, 82.5% of those who took the poll so far, said they already have or plan to install solar panels at their home. Of those, 57.5% already have the solar panels installed and 25% said they plan to install them. 12.5% are not having solar installed and 5% said they don’t have a choice, they cannot get solar panels installed at their current home.
Here is the breakdown of the 40 responses thus far:
- 57.5% already have solar panels
- 25% plan on installing solar panels
- 12.% are not getting solar panels
- 5% are unable to install solar panels at their current home
Am I going to install solar panels? I am wavering on the decision. New York State currently has outstanding tax incentives to install solar, where between the initial rebate, then the NYS tax rebate, and federal tax rebates, you are paying less than half of the cost to install solar at your home.
For me, I am estimated to break even on the cost of installing solar in year seven. After that, I should save $1,500 per year on energy costs, with what they quote as a $75,000 or so lifetime savings of going solar. Sounds like a nice amount of cash back in my pocket.
But they do not estimate the cost of maintenance, fixing any roof issues, or other large issues.
I hope to make a decision on solar panels in the next few weeks and when I do, I will update this story to let you know what I decide. But get a few quotes, talk to your accountant to see which tax rebates/incentives you qualify for, and to see if the long-term value is there.
Obviously, if you don’t see yourself in the same home in the next decade, then, this investment probably is not worth going forward with.