OK, I saw the guy today and quizzed him about it and got a slightly different picture than I did a few days ago. So before I forget the numbers...
It was 59 panels at $1K per not 70.
His panels only supply 80% of his needs, he gets the rest off the grid. However he doesn't have to pay for it.
Democrat Maryland mandated the power company to generate some amount of electricity by solar. The power company isn't meeting it so the law forces them to pay the owner for generating electricity that they use themselves, he is not selling any. So the power company was forced to pay him ~ $3K this year just because he uses his solar himself. Where do they get this money?? From the rest of us in higher rates. This is Gov Martin O Malley’s doing.
In addition he said he got 30% of price in a federal tax credit, and other tax credits from state and county. He made it sound like that payed for more than half of the $59K. Of course those state tax credits indirectly come from the rest of us too because Maryland raised multiple taxes in the last few years, sales, income and alcohol. He said the past year or so those credits were reduced for new buyers as the prices came down, His thinks it will take 5 years to break even, not the one.
Getting detailed info from him is like pulling teeth. But it raised my curiosity after you pointed out my numbers were wrong.
So for his peak bill of $600 he save 80% or $480 per month. So, not counting tax money, it will take 125 months or 10 1/2 years to break even. Of course that is his peak bill so most months he saves less so it will be more like 15 - 18 years. If my math is good, that approaches the life cycle of the equipment.
Solar is a great option if you can force your neighbors and grand kids to fund it for you.
FReegards
” This is Gov Martin O Malley’s doing.”
This guy is a one man wrecking crew.