>> You can finance the purchase to avoid upfront payments.
Yeah and then you pay interest on the loan. Which then makes it EVEN MORE expensive AND lengthens your ROI just to break even.
FYI you're not "saving" anything until A) Your loan is paid off and B) Your array is generating enough energy to compensate for your existing energy use.
Your numbers just don't add up:
$15,000 for a 5Kw array.
$15,000 loan with a VERY generous 5% interest rate on an also very generous 6 year term.
Interest paid over six years: $4,500
Total paid after six years: $19,500
Monthly payments would be around $240.00
The average monthly cost of electricity for Minneapolis is about $190.00 which is about 1,097kWh
The monthly average your 5kWh array can generate in a month (assuming optimal conditions) is around 700kWh. Leaving you with a deficit of 397kWh you still need to pay for.
So no, I'm not seeing how the cost savings will exceed your finance payments. It will eventually pay for itself once you get outside of that ROI period. And then what? You get 15 years of free electricity which amounts to:
$190.00 * 12 = $2,280
$2,280 * 15 = $34,200
So then, over 25 years, your net gain is about: $14,000? Which is about $560/year?
Yeah and then you pay interest on the loan. Which then makes it EVEN MORE expensive AND lengthens your ROI just to break even.
FYI you're not "saving" anything until A) Your loan is paid off and B) Your array is generating enough energy to compensate for your existing energy use.
Your numbers just don't add up:
$15,000 for a 5Kw array.
$15,000 loan with a VERY generous 5% interest rate on an also very generous 6 year term.
Interest paid over six years: $4,500
Total paid after six years: $19,500
Monthly payments would be around $240.00
The average monthly cost of electricity for Minneapolis is about $190.00 which is about 1,097kWh
The monthly average your 5kWh array can generate in a month (assuming optimal conditions) is around 700kWh. Leaving you with a deficit of 397kWh you still need to pay for.
So no, I'm not seeing how the cost savings will exceed your finance payments. It will eventually pay for itself once you get outside of that ROI period. And then what? You get 15 years of free electricity which amounts to:
$190.00 * 12 = $2,280
$2,280 * 15 = $34,200
So then, over 25 years, your net gain is about: $14,000? Which is about $560/year?
Not worth it at all.