Quote:
Originally Posted by fotze2
I replied to one of those solar places that claim you don’t pay anything to install. I’ve put lots on wellsite but it get vandalized or stolen 90% of the time and takes forever to payout. Is this gonna be a scam/moneypit? Very skeptical.
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It's a very disingenuous sales tactic used to draw in leads by some of the more high pressure solar companies out there.
What ends up happening is that you install solar panels, and then as a result your $200/month electricity bill drops down to $30/month. However, that savings of $170 is usually replaced with the interest free loan payment for the first 10 years. Most of the time, the savings are pretty equivalent to that loan payment.
So, essentially your savings pay for your loan, and you end up paying around the same price monthly during the loan term. This is the reason the interest free loan makes so much sense for people, instead of that money going to Enmax each month, it's being re-invested into a value add in your home. Once the loan falls off your laughing (and usually with electricity price increases you are already in a cash flow positive position as soon as your next fixed term hike on your electricity rate even before loan is paid out).
However, to call that "free solar" like you see in a lot of these social media ads isn't really explaining the concept as it works. You're still paying for it.
In regards to vandalism, I could see it on wellsites that are located in remote areas and aren't monitored. The company I work for has over 2500 installations in Calgary alone over the past 10 years and we've never had vandalism or theft. Probably not very easy to climb up on a roof and remove 70 pound panels inconspicuously compared to ground mounted solar on a rural wellsite.