Are Solar Panels Worth It? A Michigan Homeowner's Thoughts

[@MarriageKidsandMoney]

Get your free solar panel quote via EnergySage here: www.energysage.com/p/mkm/ (Sponsor)

[@chrishaddlesey6310]

For Michigan specifically, solar has been less appealing since the abolishment of net metering back in 2018. Michigan utilities are no longer required to pay you full price for all excess energy you produce. This means homeowners must buy a battery to make full use of any excess energy from peak hours, increasing startup cost, ROI, and complexity.

[@MarriageKidsandMoney]

Great feedback! I wasn't aware of the abolishment of net metering.

[@bigdougdog]

I got in right after that and the utility company only pays half of what they charge. Good deal for them. Sadly we used the government website that was not as accurate as it could have been in predicting pay-off.

[@Brandonjwellman]

I’ve analyzed it myself and I just don’t think I’ll break even before moving. Not that I have plans to move but life is ever changing.

[@MarriageKidsandMoney]

That's a major sticking point for us too. At the point of "payback" or "break even" ... we might be moving. Who knows!

[@bigdougdog]

I did have a realtor come and evaluate my house and they specifically asked if I would be leaving the panels and said that based on the immediate type of buyers right now, solar panels are a selling point. As to how much value that added I don't know.

[@MarriageKidsandMoney]

@@bigdougdog That's helpful news to hear!

[@SeekingVirtueA]

Here in Calgary, we have a net metering system and so every kWh produced is not wasted on our bills. Waiting to see the ROI after the first year but estimating it being net positive hopefully before year 10.

[@MarriageKidsandMoney]

Sounds like net metering is a nice benefit for homeowners

[@plebinil]

Oh dear, on the other side of detroit, I was wondering about the same for the last 2 year... And just like you, not worth it according to me either.

[@MarriageKidsandMoney]

Just one guy's thoughts! I'm glad the video was helpful!

[@bigdougdog]

We live 2 hours north of you near Cadillac and put In 35 panels in 2018 for all the reasons you suggest. It WILL TAKE LONGER than 7-8 years to make your money back. The government inflated those numbers. Based on my last 6 years of data it will now take 14-ish years to make my money back. If I had put it in a good ETF I would have been much better off. If you want to do it, they will pay for themselves eventually, but not I'm 8 years. Just wanted you to know.

[@MarriageKidsandMoney]

I really appreciate this note. When considering such a huge investment, feedback from actual solar panel owners is helpful.

[@King_Showtime]

His location, energy costs, system, and installation cost is definitely going to be different than yours meaning his payoff time will be different as well, and what does the government have to do with the numbers he showed?

[@bigdougdog]

@@King_Showtime There could be differences due to installation and energy costs, but not too much in location as we are pretty close, unless you have some math you could show contradicting that? As for the government, well it was their data from NOAA that was aggregated and put into a federal government webpage that my and many solar installers use/d to predict pay-off calculations. Meaning, their weather data and their webpage gave pay-off numbers that were much more favorable for solar supports. But upon analyzing my "hard data" which is what actually occurred, I learned they were off by more than a reasonable margin of error. Do you have a solar array and if so what hard data from that can you use contribute to this conversation?

[@King_Showtime]

energysage collects their own data and a lot of gov agencies actually use that data not the other way around so i think your political narrative at least as it pertains to this video is off base and your "hard" data is just your experience and will be different then someone elses depending on the design/efficiency of the system/panels used etc. also I grew up near Detroit but have lived in Traverse City for 15 years and i can say the weather is significantly different up here which could contribute to differences in efficiency not to mention solar panels are quite a bit more efficient now then they were 5-10 years ago all this to say i dont think you can tell someone definitively that they will not achieve a certain payoff timeframe as if their situation is exactly the same as yours

[@bigdougdog]

​@King_Showtime well, I live a lot closer to him than I do to Traverse City so there's that. Do you have any data to present? I have government estimates, solar edge production reports, and all the stuff from my accountant. Sooo, well you know I have the "receipts". What do you have? Interesting you say I have a political narrative. I think I'll step away from this conversation now as you don't bring anything to it.

[@Sam-ys4pc]

Solar is never worth it. He doesnt tell you about the much higher H.O. ins, devaluing the house value, damage to the roof, degradation of the panels and batteries. Mold and water leaks. And having to sell the house with loans still attached. Great value. Shrinking govt incentives, fees charged by the electric company etc.

[@MarriageKidsandMoney]

I appreciate this feedback. Thank you for contributing.