This article details a year-long review of a Sungold solar panel system, offering an honest assessment of its performance and financial impact. The authors, facing high electricity bills and approaching retirement, decided to invest in a substantial 18,000-watt system, leveraging a home equity loan to cover the costs simultaneously with roof replacement and car loan payoff. Their detailed review covers the installation process (which they self-documented on YouTube), the system’s performance throughout varying Oregon weather conditions, and the financial implications, including monthly bill reductions and loan repayment projections. They provide a transparent account of both the successes and areas for improvement.This comprehensive review explores both the advantages and limitations of their solar investment. The authors delve into the system's capabilities, highlighting its effectiveness in reducing electricity costs, even during winter months. They also discuss the integration of a backup generator, crucial during power outages. Ultimately, this review offers valuable insights for anyone considering a similar solar energy investment, providing a realistic perspective on the financial implications, installation process, and long-term benefits of switching to solar power.
Pros And Cons
- Reduced summer electric bill to ~$50 a month.
- Significantly reduced winter electric bill compared to previous ~$450 average.
- Provided power even during a week and a half long snowstorm with the help of a generator to charge the batteries.
- Tax write-offs offset costs.
- New roof was included as part of the home equity loan used for financing.
- System paid for itself in about 5-6 years by redirecting funds previously used for car payment and electricity.
- Initial cost of $22,000 plus labor.
- Winter electricity costs still fluctuate depending on weather and usage; bill jumped to $380 one month due to snow and increased usage.
- Lack of net metering resulted in not being able to sell excess summer power back to the grid.
- Some appliances (oven, range, dishwasher, dryer, and some wall heaters) were not run off of the system.
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Financial Motivation and Loan Strategy
Facing retirement, high electricity bills averaging $450 a month spurred us to invest in a solar system. Our all-electric home, despite having a pellet stove, necessitated this significant change. We strategically leveraged a home equity loan to simultaneously pay off our car loan, replace our roof, and purchase the solar system. This approach allowed us to consolidate debts and pay off the loan using the money previously allocated to electricity and car payments, estimating a payoff in roughly 5.5 years.
The decision to add to our home equity loan was calculated. The combined monthly cost of electricity and car payments was significant enough to make this a financially viable solution. The tax benefits associated with the solar system and home improvement also played a crucial role in making this investment attractive.
System Specifications and Installation
The solar system itself boasts an impressive 18,000 watts, powered by an 18,000-watt inverter. It’s further enhanced by five 100-amp, 48-volt batteries. The total cost, including self-installation (documented in our YouTube playlist), amounted to $22,000. This included the cost of materials and labor for reroofing, bracket installation, and the system installation itself. This detailed process is available on our channel.
The installation process was comprehensive, encompassing reroofing and bracket installation, all thoroughly documented in our channel's playlist. We chose to self-install to minimize labor costs and gain a deeper understanding of the system's functionality.
Performance and Energy Consumption
Summer performance was exceptional, generating surplus power. Our electricity bill dropped to around $50 monthly, primarily due to nighttime appliance usage (oven, dishwasher, and a cadet wall heater). As the weather transitioned to cloudy Oregon winters, the bill understandably increased, peaking at around $380 during a heavy snowstorm in January (where production ceased for a week and a half). But this quickly dropped back down to $160. April's bill was only $140, demonstrating the system's effectiveness despite the variable weather.
The only appliances excluded from the solar system are the oven, dishwasher (used mostly at night), clothes dryer, and a few cadet wall heaters in specific rooms. These were strategically kept on the grid to balance energy consumption and battery life.
System Overview and Future Considerations
Our system is a hybrid, utilizing grid power when solar and battery resources are insufficient. A generator can also charge the batteries, providing backup power during outages. We successfully utilized this backup during the snowstorm, charging the batteries with a small generator and seamlessly maintaining power.
Despite our success, we would recommend adding net metering capabilities for better summer power efficiency. This would involve integrating a system to feed excess solar power back to the grid, earning credits for future use. It would involve getting a permit and coordinating with the power company.
Conclusion and Overall Assessment
After a year, we're extremely satisfied with our Sungold solar panel system. The initial investment, while substantial, is offset by significant long-term savings and the added benefit of a new roof. The system's robust performance, even during adverse weather conditions, has exceeded expectations. The addition of a generator provides a valuable backup power solution.
While the system isn't entirely “free” power yet (due to the loan payments), the considerable savings and tax benefits make it a highly worthwhile investment. We strongly recommend incorporating net metering to maximize efficiency and further reduce long-term costs.
