Does anyone finance their panels?

[willow_hiller]

And, there is always the wildcard of if or when Tesla offers something better.

Excellent points. I was actually on the phone with a sales associate a few weeks ago and when I mentioned the reduction of the rebate, he said that Tesla reduced their panel prices by 4% to match the 30% to 26% reduction from 2019 to 2020 and they would be likely to do it again going into 2021.

I'm definitely waiting until Battery Day, at the very least. I wouldn't be too surprised if they announce some sort of V2G-inverter add-on for solar power installations.

But beside any battery day improvements, no point in delaying solar indefinitely in case there's something better next year. There will always be something better later, so I'd be waiting forever!

 

[CrazyRabbit]

I will finance my x-large system with 8 Powerwalls. A 5K investment in Apples and nVidia will pay for my powerwalls plus and then i will put 26K tax credit down on the remainder.

Yes you get the tax credit on Powerwalls. Makes more sense then buying a 40Kw generator and i save 200 bucks a month power.

I will be ready for the "zombie apocalypse". scenario i see is a virus so bad the grid goes down, we loose refrigeration across the country and people loose their minds and become zombies. will it happen in my lifetime, perhaps not, but it will eventually.

 

[jboy210]

I will finance my x-large system with 8 Powerwalls. A 5K investment in Apples and nVidia will pay for my powerwalls plus and then i will put 26K tax credit down on the remainder.

Yes you get the tax credit on Powerwalls. Makes more sense then buying a 40Kw generator and i save 200 bucks a month power.

I will be ready for the "zombie apocalypse". scenario i see is a virus so bad the grid goes down, we loose refrigeration across the country and people loose their minds and become zombies. will it happen in my lifetime, perhaps not, but it will eventually.

Zombie concerns are real!!! Have you seen this video on Powerwalls and Zombies.

 

[CrazyRabbit]

yes, need to get shotgun...

 

[gigawatt1010]

I originally got financing through Tesla's partner, Mossaic - but I'm exploring my local credit union's Home Equity loan rates which are way better. Haven't pulled the trigger yet, but definitely considering right now. Rates, much lower than Mossaic.

 

[strago13]

In MD here, getting ready to pull the trigger on a ~10kw system with 2 or (3) powerwalls. I am being given a SREC credit for
-$1,499.40, seems like I can do better on my own per the above? Would I need to call Tesla and have them opt me out of that should I choose to do it on my own? Is it a hassle to sell SREC's in MD on the open market?

Secondly, interest rates are so low right now it seems insane to take a 3.99% loan from Tesla. When I go to sign the pricing agreement I have cash, 10 year or 20 year options only. Is there some other place to choose 3rd party financing?

Thanks in advance

 

[willow_hiller]

In MD here, getting ready to pull the trigger on a ~10kw system with 2 or (3) powerwalls. I am being given a SREC credit for
-$1,499.40, seems like I can do better on my own per the above? Would I need to call Tesla and have them opt me out of that should I choose to do it on my own? Is it a hassle to sell SREC's in MD on the open market?

Secondly, interest rates are so low right now it seems insane to take a 3.99% loan from Tesla. When I go to sign the pricing agreement I have cash, 10 year or 20 year options only. Is there some other place to choose 3rd party financing?

Thanks in advance

I'm attaching the spreadsheet I put together with information from @wjgjr about SRECs in Maryland. Assumptions are at the top, but if your system is able to generate 13 MW per year, the discounted present value of 25 years of SRECs would be worth about $5,000 - $6,000.

I have heard it's relatively easy to sell SRECs; you just register with a broker who takes a percentage cut (around 7% from what I've read).

 

[wjgjr]

In MD here, getting ready to pull the trigger on a ~10kw system with 2 or (3) powerwalls. I am being given a SREC credit for
-$1,499.40, seems like I can do better on my own per the above? Would I need to call Tesla and have them opt me out of that should I choose to do it on my own? Is it a hassle to sell SREC's in MD on the open market?

Secondly, interest rates are so low right now it seems insane to take a 3.99% loan from Tesla. When I go to sign the pricing agreement I have cash, 10 year or 20 year options only. Is there some other place to choose 3rd party financing?

Thanks in advance

For the SREC credits, you would need to base it on what Tesla estimates your annual output, but assuming it is over 10 MW, you almost certainly would do better keeping the credits, though by how much would depend on the exact number and when your system actually goes online (current quote is $76/SREC, and next year it probably will drop since $80 is the max value.) I used SRECTrade | SREC Markets | Maryland | MD to get an idea of pricing, but am still waiting on PTO so can't answer as to how much of a hassle it is. I am expecting to use SREC Trade to handle selling the SRECs.

Regarding financing, my impression is Tesla doesn't really care about 3rd-party financing. On our contract, they just put "unknown" in the financing area. So, I would just assume you can select cash, and as long as they get their money, they don't care whether it came from a savings account or was drawn from a HELOC or something else.

 

[strago13]

For the SREC credits, you would need to base it on what Tesla estimates your annual output, but assuming it is over 10 MW, you almost certainly would do better keeping the credits, though by how much would depend on the exact number and when your system actually goes online (current quote is $76/SREC, and next year it probably will drop since $80 is the max value.) I used SRECTrade | SREC Markets | Maryland | MD to get an idea of pricing, but am still waiting on PTO so can't answer as to how much of a hassle it is. I am expecting to use SREC Trade to handle selling the SRECs.

Regarding financing, my impression is Tesla doesn't really care about 3rd-party financing. On our contract, they just put "unknown" in the financing area. So, I would just assume you can select cash, and as long as they get their money, they don't care whether it came from a savings account or was drawn from a HELOC or something else.

Thanks for this, its a bit dicey for us to estimate everything right now since we have a tree coming down that shades a lot. I dont think we'll know until they come and do a site survey.

 

[wjgjr]

Thanks for this, its a bit dicey for us to estimate everything right now since we have a tree coming down that shades a lot. I dont think we'll know until they come and do a site survey.

Tesla should include in the contract both the system size and the estimated annual production, and I would think they could estimate it with the expected tree removal. I would definitely make sure that the removed tree is taken into account because if the annual production numbers in the contract are lower than they should be, it might let Tesla off the hook on their guarantees even if there is an issue with their panels.

For us, it is a ~8.2kW system, with ~7.9MWh production in year 1. I think for most people in our area, the annual production (in MWh) will be at or above the system size (in kW). Ours is slightly below because of the number of north-facing panels.

 

[strago13]

Tesla should include in the contract both the system size and the estimated annual production, and I would think they could estimate it with the expected tree removal. I would definitely make sure that the removed tree is taken into account because if the annual production numbers in the contract are lower than they should be, it might let Tesla off the hook on their guarantees even if there is an issue with their panels.

For us, it is a ~8.2kW system, with ~7.9MWh production in year 1. I think for most people in our area, the annual production (in MWh) will be at or above the system size (in kW). Ours is slightly below because of the number of north-facing panels.

I have both of those, but they are low because of the aforementioned tree (its a massive Maple that blocks all afternoon sun on the top of the house on both sides). I think right now, we're 8.82kw system and 6.2 kw production estimated....they are going to come do a site survey, but I need to accept the contract first I think.

 

[wjgjr]

I have both of those, but they are low because of the aforementioned tree (its a massive Maple that blocks all afternoon sun on the top of the house on both sides). I think right now, we're 8.82kw system and 6.2 kw production estimated....they are going to come do a site survey, but I need to accept the contract first I think.

The annual production estimate should be in the thousands of kWh or (for your system) ~10 MWh, so just confirming that 6.2 number is annual production in MWh and not something else, like an estimate from Tesla of instantaneous A/C power generation. Even if you need to commit to something before they do a site visit, I would talk to Tesla about ensuring the production estimates can be updated in the contract for the tree removal. Technically, the as I read it, the guarantee is just related to defective panels (since Tesla isn't responsible for unusually cloudy weather one year, for example) but having a too-low estimate might make it easier for Tesla to claim there is not an issue when there really is.

 

[jjrandorin]

In MD here, getting ready to pull the trigger on a ~10kw system with 2 or (3) powerwalls. I am being given a SREC credit for
-$1,499.40, seems like I can do better on my own per the above? Would I need to call Tesla and have them opt me out of that should I choose to do it on my own? Is it a hassle to sell SREC's in MD on the open market?

Secondly, interest rates are so low right now it seems insane to take a 3.99% loan from Tesla. When I go to sign the pricing agreement I have cash, 10 year or 20 year options only. Is there some other place to choose 3rd party financing?

Thanks in advance

I would imagine that, just like the car transactions with tesla, 3rd party financing = cash, as far as their selections go on purchasing. When you say "cash" on their website, they are expecting that they are not assisting you in any way in getting the money, but you are bringing it yourself / arranging for it to be brought yourself.

 

[strago13]

The annual production estimate should be in the thousands of kWh or (for your system) ~10 MWh, so just confirming that 6.2 number is annual production in MWh and not something else, like an estimate from Tesla of instantaneous A/C power generation. Even if you need to commit to something before they do a site visit, I would talk to Tesla about ensuring the production estimates can be updated in the contract for the tree removal. Technically, the as I read it, the guarantee is just related to defective panels (since Tesla isn't responsible for unusually cloudy weather one year, for example) but having a too-low estimate might make it easier for Tesla to claim there is not an issue when there really is.

I confirmed with Tesla on the phone today not to sign anything until tree is removed and they do a site survey.

Also cash = 3rd party financing or credit card.

 

[ArizonaJon]

For us, it is a ~8.2kW system, with ~7.9MWh production in year 1. I think for most people in our area, the annual production (in MWh) will be at or above the system size (in kW). Ours is slightly below because of the number of north-facing panels.

Your estimate based on system PV generation size is interesting. I just checked mine. I have a 9.92kW installation. My guarantee annual production for the first 5 years is 16.1mWh. So it is about 1.6 times the PV size. One of the advantages of living the desert.

FYI, my install is from a 3rd party, not Tesla. They will pay me for any kWh production below the 16.1mWh annual guarantee. They have been installing solar here for over 10 years. They use their own data to predict the production.

 

[jjrandorin]

Your estimate based on system PV generation size is interesting. I just checked mine. I have a 9.92kW installation. My guarantee annual production for the first 5 years is 16.1mWh. So it is about 1.6 times the PV size. One of the advantages of living the desert.

FYI, my install is from a 3rd party, not Tesla. They will pay me for any kWh production below the 16.1mWh annual guarantee. They have been installing solar here for over 10 years. They use their own data to predict the production.

One of the benefits we get from living in places with lots of sun, for sure. Where I am in So. Cal., my system size is 8.7kW but my yearly production is somewhere between 11,500 kWh and 13,000 kWh depending on how much rain we get in the jan / feb / march period (specifically march ish).

 

[willow_hiller]

Just finished signing my loan paperwork with Mosaic to finance the Tesla solar panel system.

Some interesting observations:

1. The first payment is due in November, 2020. I guess they give Tesla as long as possible to actually get the system installed. I hope I'm up and running before November!

2. There's a provision in the loan where they reserve the right to remotely disable the solar system in the event of default. I wonder if Tesla actually gives them remote access to the SolarEdge inverters, and if that access can be revoked once the loan is paid... But hopefully they just mean they'd give Tesla a call and ask them to disable/remove the system.

 

[Southpasfan]

Just finished signing my loan paperwork with Mosaic to finance the Tesla solar panel system.

Some interesting observations:

1. The first payment is due in November, 2020. I guess they give Tesla as long as possible to actually get the system installed. I hope I'm up and running before November!

2. There's a provision in the loan where they reserve the right to remotely disable the solar system in the event of default. I wonder if Tesla actually gives them remote access to the SolarEdge inverters, and if that access can be revoked once the loan is paid... But hopefully they just mean they'd give Tesla a call and ask them to disable/remove the system.

Did the terms end up matching the initial website estimate?

 

[willow_hiller]

Did the terms end up matching the initial website estimate?

Yes, precisely.

3.99% APR, $0 down, and $23,400 loan (12.24 kW system with $100 deposit). Re-amortization after 18 months, assuming you put 26% Federal tax credit down within that period to keep the initial monthly payment.

 

[TC_HTX]

I also did the loan. My solar system should cover 75-100% of my usage depending on time of year, and my payment will reduce my monthly bill by about 50%. At 4.99% I'd rather have my investment elsewhere.