Go Into Debt For Solar Panels?!

[@jamieebersole6755]

82k. Man that would cover my electric bill for 2 lifetimes

[@kevinclass2010]

I don't think solar panels and an inverter are that expensive. Nowadays, electronics are cheap.

[@CL-gq3no]

At that price it has to be a VERY large system AND an off grid/battery based system. He did mention "having power when nobody else does" which implies that he is going for battery storage + solar.

[@countreekidd]

Maybe the federal incentives are why costs are so high...when they expire completely, I wonder if they'll come down to earth.

[@n9wox]

I think the caller had a big house with a lot of AC usage, hence the large electric bills, very similar to Al Gore.

[@donovaneretzfarrakan5716]

Kevin Lopez yeah you’re right

[@stew6662]

People who get solar for their homes are mainly doing it for financial reasons. The problem is they’re not saving any money and in many cases they’re seeing their bills, double and triple. Solar panel sales is this centuries version of aluminum siding

[@leewilson5389]

100% wrong. People save 10s of thousands of dollars

[@jbr1952]

I've always said if someone wants to do something bad enough they will find a way to justify it.

[@UncleBensChannel]

I got solar in 2017, back then it generated $200 per month, Duke energy rates almost doubled since 2017, so now the offset is equivalent to $350 a month... I paid $18,000 for the system. It also powers my Chevy Volt, offsetting $200 per month in gas costs. The panels will last 30 years... I paid cash for the system.

[@jeffro221]

No panels last 30 years.

[@gsc9jmolt]

So amazing!

[@BrentWilliams-w4s]

@@jeffro221 Yes they do. Many panels have a 30 year warranty and my boss has worked on panels that are over 50 years old and still producing power, on an off-grid system.

[@fiendwithout]

$200 a month gas? You drive a tank?

[@randallanimal]

Salesman tricked him into actually believing there was a $13,000 time-sensitive discount. Standard sales tactic.

[@666dynomax]

might be a 13k discount on a price inflated by 20k I don't thin kthis guy even calculated the solar needs... I live in a temperate climate, we are predominatly a heating climate whcih takes far more power than cooling, and a system for mine would be 32k (CANADIAN!) to cover consumption. close to half million dollar house also. You will never get the money back on resale, so you better plan to stay there for 10-15 years... never ever get the cash back.

[@johnjohnstone5206]

Rookie sales tactic

[@beaubickel]

@@johnjohnstone5206 It worked 😂

[@mariagomes9882]

Do not believe that, pls!

[@ACAMPS.HITHOUSE]

Actually there are some time sensitive rebates that the utility companies give but they usually only have about a 2 million dollar budget state wide and here in Texas it’s gone by march so the first people on the list get those rebates

[@yamamancha]

Making $260k a year, you can save up $80k by late November or December. Get the quote, save it for reference. Then save up the cash. In this coronavirus environment, any number of salesmen will be jumping to give you a discount, especially at the end of the year when solar sales are low. Dave is right, be patient, be smart. You hold all the cards.

[@jessicahamilton8054]

Based on the current tax code language, residential solar systems need to be Installed in 2020 to qualify for the 26% tax credit. If he waits until the end of the year, his project might not even get permitted until 2021

[@HOLDXSTEEL]

We might not be here in November ☠️

[@jamesjazzy8040]

He doesn’t make 260,000 a year everyone that calls in embellishes their income because it’s human nature and it makes them feel better just as everyone including myself thinks their house is worth more than it is

[@yamamancha]

@@jamesjazzy8040 so are the people who say they make $40k also lying? You could also just take people at their word.

[@jamesjazzy8040]

@@yamamancha Yeah there's a couple people that say they make $40K. Not many though :) Everybody's a big time earner in their own mind

[@johnfetter3252]

I live in Texas with a fairly new house. A Tesla system that I priced was $41k, with about 14-16k of tax credits. HOWEVER, our Texas electric coop rates are so cheap that it would take me over 10 years to break even. So I am going to wait. The technology is getting better and cheaper.

[@JackIsNotInTheBox]

"Saving the world" and "Protecting the environment" is a luxury. Non-rich people should never go down this route. Stick to gas-powered cars and electricity from coal, we're not wealthy enough to care about the environment. Let the rich people take care of that.

[@billbosch9127]

@@JackIsNotInTheBox Short sighted on your part.

[@jamesborden9343]

Rofl bet you wish you did now

[@johnfetter3252]

@@jamesborden9343 Nope. We had minimal electricity outages thanks to our member owned electric coop. But, I will ask our builder to give me a bid on a Generac whole house generator. There's only a 6 month waiting list🤣

[@mattshee3285]

And you will need to think about the roof maintenance with it's being covered by huge panels.

[@dboozer4]

Why do people talk about how they love FPU and then go into "so I there's this thing I want that I can't afford..."?

[@jared6361]

Because they're human lol

[@toolman101476]

I thought the same thing.... you know what Dave will say..... you’ve taught it to others... why even ask the question

[@n9wox]

The caller can afford the solar installation.

[@mac1bc]

@@n9wox it doesn't sound like it's a good investment

[@Brandon_letsgo]

@@n9wox Having money to buy a time share doesn't means that you should buy it.

[@TraderAdam99]

No ones asking how much he’s going to pay to the electric company instead if he doesn’t go solar. Ur already paying for it. Might as well have a locked in fixed rate.

[@66gtb]

My solar story - I could never make solar math work. Seems to me I would just be trading paying the electric company for the solar installers all while taking on the maintenance burden. After plenty of research, I purchased 144 used solar panels and new micro inverters and installed them on a 40x80 shed. Not hard to do if you have help and are a little handy. So far our production has covered our usage and we are getting minimum electric bills ($23). I estimate my payoff will be between 5-7 years. It was a lot of work but worth it. The best part, other than no bill, is that I don’t care what happens to electricity prices anymore.

[@penguinsforever1609]

Nice. Glad you made it work for you. I have to visit my parents very soon. Found out too late that they had Sunrun install solar panels on their roof. From what I understand, they were told it would be free...??? Yeah, need to look at the contract because they are getting bills plus I am worried about their insurance cancelling their homeowners policy.

[@okaydude2863]

@@penguinsforever1609this happened to a couple in Houston. They made it on the news and the company ended up removing the panels due to misrepresentation.

[@jamisonmunn9215]

That is really the only way to do it. You do it yourself, avoid a company, avoid the calls, and pay about 50% less. Its shocking that people still get fooled into paying extra just to get a small tax credit. DO IT YOURSELF. A PALLET of used panels is $1,000. This caller is talking about $82K WTF!!!

[@motorcyclemichael2182]

Imagine what that $80k would do in that same 15 year period (or longer) invested into a high growth ROTH 401k!! Then rethink your purchase immediately!! I wish we had that income though 👌🏻

[@MarcoMurillo1995]

100% agreed, i sell solar myself and when clients want to pay cash thats what i tell them to do instead but not financial advice lol

[@biskit7]

I love the idea of solar, but these federal credits have caused it to be the biggest scam... 80k to install a system??? its cheaper to rewire the entire house....

[@ronr.511]

Why do you think it's federal credits that have caused this high price? He is getting a massive system, that is why the cost is so high.

[@juliaweber212]

Use a burner stove electricity is not always reliable and now solar panels are not always reliable

[@pedrogarces6876]

I installed panels but paid cash for the system. We are on our 4th year with solar with 10% a year return. I paid $21,000 before incentives for 7.39kilowatts. My system generates $1,300 a year.

[@SolarwithJett]

That’s so sad. An honest company like mine after all is said and done the costumer almost always pays a little less a month than they did previously. Hope this guy isn’t ruined forever

[@biggriggs23]

Paying cash for solar panels in one of the southern states like California, Arizona, Texas, etc. Is a great idea that will save you money in the long run, if you plan to live in the same house for 10+ years. Debt, probably not.

[@kentmill5463]

biggriggs23 those aren’t southern states those are western only southern state that gets constant sunshine for solar panels is Florida, if I’m not mistaken but I could be

[@mauricegeorge4320]

@@kentmill5463 Kent, I guess you forget that this caller is coming from Texas right?

[@brianbest6097]

Are electric bills insane in those areas?

[@ronr.511]

Even debt based, it is largely worth it in those regions. Nevada as well. Even IL.

[@Rocketninja200]

@@brianbest6097 Not in Texas. Around San Antonio electric is less than 7 cents per kilowatt hour. With the savings from solar I would never break even before they would need to be replaced. Even with the tax credit.

[@bryaneasdon2141]

That is a huge solar project. I live in Texas and also have 30 panels. Rates are cheap here compared to west coast. My break even was 5 years and covers 60% of my energy load. I don't think I would pull the trigger to go totally off grid in this market.

[@shroutimusprime21]

He said nothing about going off the grid he just said that the seller will cover 100% of his needs if the grid were to go down as Solar goes down with it he never said anything about battery back ups you can’t go off grid with Solar that’s a myth

[@anthonysokolov7610]

Get multiple quotes from different installers. I am in the industry myself and on a project this large, I guarantee you someone can do more than $13K off

[@ronr.511]

Same and same!

[@zacharyrenderer6940]

You have opened my eyes to saving and living debt free and I'm currently reading your book "more than enough" and it's amazing. Thank you sir

[@55Quirll]

The Richest Man in Babylon is another good book. You can download the book in PDF or audio book on KZbin. Great reads.

[@zacharyrenderer6940]

@@55Quirll thank you I'll check it out

[@55Quirll]

@@zacharyrenderer6940 More then welcome

[@Indianahillclimber]

Whenever alumni calls in I get embarrassed for them before they even speak.

[@Skipbo000]

alumni of what?

[@suen5006]

Watched this and noticed it was before the big power debacle in Texas. If I lived in Texas I wouldn't risk it, I would do solar ASAP as my state is so foolish as to not connect with the rest of the country's power grid. People died in the winter because they had no heat.

[@candykis33]

I live in Texas, so, I know what you are talking about. It's ridiculous how much the kWh is going up. On average, it's about 16.8 cents/kWh. If I can qualify for solar, I am going to get it.

[@queeninkim9733]

Dave is so in touch. He realizes that 250k/yr is good money even though his net worth is over 50 million.

[@dknowles60]

it is very good money

[@carltonthepug]

@@dknowles60 I am currently in Dubai This isn’t good money 🤣

[@dknowles60]

@@carltonthepug i in the us. in 90% of the us that is very good money

[@teresaevans4840]

Exactly

[@michaelmeyers3664]

🎉 =r rr ere err r=re=r==RT err=4=r re err r=rrrr err err====r=rye r===re=re err rr=re==r==r===r=====rr==r==r=rrr=r========r=4rrr===r==rr======rrr======rrr====rrr=rr===r======r==========rrrrr==rr===r=====r===rr=rrr=rrrrr=r=====r========r======rrr=r=r===rr=r=r==r==r=rrr===r====r===r==rr========rr============r=rrr====rr=r=r==r==rrrr=r====r==rr==rrr==rr=rrrrrr==rr=r=rr=r=rr==rrrrrrr=r==r==r=r==rrr======rr=rrrr======rr======r==rrrrr====rrrrrrrr=rr=====r====r===rr=====r=r=r=rr=rr===rrr========rr=rrrrrr=rrrrr=r======rr=========r==rrr=r===rr==rr=r==r=r=rr===r=rrrrrr==rr========r========rr=====rr=r===r==r=r=r=r=r===rrr===rrrr==r=======rrr====r======r=rr=r=====rr====r=r==r=rrr========r===r=====r=r=r=====r=====rr=rr==r===r===rrrrrr=r===rr=rr==r===r======r=r====r==r===r=r==r==rr=r========================r==r==r======r===rr===rr=========rrr===rr===r==r=r==r=r==rr======r===r==r=====rr=r=====r===rr=rrr===rrr==ŕrrr============ŕ===============r=====r=ŕ=====rr=rr==r===========rr===r===rrr===r==r===r=====================rrr==============r====r=========rr======r================r==r==================rr=========r===r=====r===========r=======r=r===rr=r====r=======r=====r=========r===r====r=======r====r=========r===r=rrrrrr===r======rr=====r==r====r===r===r========r==========r=r===rr==r===rr======r==rr=r=r========r===========r==rr=======================r=================rrr====rr===============r==========rr=======r=r===r======r=r=r=r==r==r=r====r===r=====r==rr====r==r=rr=r===r=========rr===r=r=r=====r==========r=r=r===r=r===r===rrr==rr=====r==rr=r==========r=r==r=r=rrr=============r=rr=========rrr====rr=r===r====r===============r============rr===r==r==========r==========rr====r===============rrrrr=r=======================rr==rrr======================r=r==r====r=========r==r=rrr========r=====================rr==r===rr=====r=r=====rr r4r+=====r=r==r=====r====================r====r=

[@yayyareaa2997]

Dave roasting my dude 😂🔥

[@IamtheGL]

He needs to do that more

[@agentsmith9851]

I live in El Dorado county in CA, my PG&E bill was between 700 to 850 a month. I installed solar panels for 30k and dropped not down around 100 a month. My solar has almost paid for itself. I paid cash for a 10kw system. Got a great deal on it. In my senario it made a lot of sense. I designed the system myself, went out and hired a contractor to install them. Purchased Siemens panels. When I was shopping for solar panels my quotes were around 90k. This is one of the way to get solar a lot cheaper.

[@cynthiagraham4046]

Soup Natzi we are also in California near Sacramento with PG&E. Never, ever averaged more than $300 per month and I have a/c and heat on almost all the time when necessary because I have a daycare 6am to 6pm. How can you spend that much?

[@agentsmith9851]

@@cynthiagraham4046 I live in El Dorado Hills and my house is 5500 sqft with a pool. That's why my bills we so high.

[@agentsmith9851]

@@cynthiagraham4046 I ended up installing solar, and pay anywhere from 800 to 1000 end of the year. Just have one bill from PG&E. You may want to install a small system at your place but it has to make sense financially. What I spent on my own system it almost paid for itself.

[@richmorin8133]

That crazy 900 pse bill per month.. 90k is alot of money to pay for solar

[@SeattlePioneer]

A large part of the reason your pwer costs are so high is because of all the solar subsidies the utility pays and the absence of revenues they get because they can't charge for services YOU get. Cut the grid tie and quit being a solar racketeeer.

[@vonrickter]

23k for my solar took the loan because of that that I found Dave with his advise on these videos after 6 months its paid off due to tax credit , throwing all my additional budget and bonus it is payed off. 90 dollars a month went to 10 dollars and the extra daylight and summer has not kicked in to bank credits to make it no cost.

[@helshabini]

Great life advice from Dave. When you’ve got the money, you’re holding all the cards.

[@davidcurtis5398]

When you have money, no debt, and no home loans you will have the upper hand on most people.

[@solarpowerusa8613]

Who would you rather hold the cards you or your utility company? Because without solar your utility holds the cards and just raises your rates without permission.

[@AnishChari]

People often talk about the break even point on these sorts of things, but they never talk about the break even if you took that same money and invested it.

[@adamsaldana5462]

Sounds like he flunked his own fpu class

[@p2a0p2e0r1]

Electric rates went through the roof since this video was made. Mine have nearly doubled! I pay 500 dollars at a minimum and they can go over 1k in the summer. They were much lower when this video was made. Solar making a lot more sense now than then.

[@vaderwashere365]

Again, good advice from Dave. I am just worried why this caller and his wife are in their 50's and have a household income of $260K... why don't you have the cash? Live within your means and his wife and him should have been worth a couple million at least. Unless their income just grew $100K+ in the past few years, why don't they have money for such a project?

[@MathiasJarlson]

James Forinash because women believe a man’s higher income means a more expensive lifestyle

[@AxcelGamer97]

Matt P Pretty much.

[@vaderwashere365]

@@MathiasJarlson blaming a women because a guy can't control his spending is pretty low. If he doesn't have willpower or the ability to say no, that is his own failings. Can't scapegoat everything guys... man up a little.

[@lburg3780]

Paid for their kids’ college tuition?? Lost a business or two along the way? High medical bills? Who knows.

[@JohnAudioTech]

The best way to roll solar is to DIY. Yes you have to know what you are doing but at a small fraction of the cost, this guy can have a decent system that pays for itself much faster.

[@steveeab2364]

My neighbor did that. He did hire a Master electrician to hook up the panels to his home though.

[@TymerTopCat]

Yes, the installation of solar is way over priced. DIY is the only way to make Solar pay back quickly.

[@fireengine77]

I’m amazed at how dumb some people who make serious bank are...

[@mac1bc]

They probably bring it on themselves because they make so much that spending a lot is no big deal.

[@fireengine77]

mac1bc well, this says he taught FPU but he’s calling Dave to get his opinion about borrowing money 🤣🤣🤣

[@buddyfennell4402]

Solar isn’t like buying a pool. You throw out money to the electric company every month. You’re paying them anyway. Why not own your power?

[@askhowiknow5527]

Paying interest on your solar panels defeats their purpose If your leasing them you’re paying an annuity/perpetuity - which likely cancels out the entire solar panel arrangement

[@sggjose]

It depends... I got a deal for 0.99% interest rate.

[@jessicahamilton8054]

I hope his system includes batteries considering this salesman is selling him on resiliency. FYI if the grid goes down, a normal grid tied system will shut off to protect any linemen servicing the powerlines

[@alexadame4437]

Ehhhh. Maybe. KWH is fluid.

[@robertmills7058]

You can also get a smart switch

[@wessleyrutherford5672]

@@robertmills7058 Still have to have batteries, or a generator backup. Until then, switch or no, grid tie is dark when the power fails.

[@trevorb5557]

I don’t get this. Bought solar six months ago with a 10 year loan. Was paying $250 a month in electricity prior to solar. No paying $168 a month for a loan and $25 a month for electric bill. Why would I not do this from a cash flow perspective.

[@ruthiemuqatach5942]

Because you are still paying interest every day you don't pay that off. You can save more money by paying off your loan. Congrats though, you got a better deal than this guy.

[@austinluepkes5484]

@@ruthiemuqatach5942 I’m no debt lover but if you have to buy all of your power from your power provider you are also paying their interest charges. So either way interest is getting paid. Aside from that, borrowing money is almost essential to make a lot of money in real estate.

[@brockallstate]

For realls I don’t get it either

[@hairshmadhavan6561]

Yes this is the sensible way to do it. I'm not sure who this host is, he clearly doesn't understand borrowing cheap and investing it elsewhere by keeping cash at hand

[@brockallstate]

I literally helped a financial advisor go solar and he financed it lol… then used his cash to buy more real estate. He only wanted to lock in his power payment to hedge inflation

[@timothymarks5808]

Rent electric forever or purchase solar, with the same funds. If you rent electric why not rent a house forever?

[@candi433]

He'd better read the contract and get additional quotes before signing with this company. Solar company salesmen lie a lot...you'd better read that contract and really understand what you're getting into before you sign - better get all the info on the tax credits, energy coverage, permits needed, etc.

[@cashcow4383]

I pay around $2000 a year for electric probably less, and was quoted $47k for solar , I just took the cash and bought a few dividend stock that pay me around 3300 a year . now i am going to buy a whole home generator for emergencys for $7000 installed. I dont think i would live in my home long enough to pay off the solar and it was so expensive to purchase.

[@StephonGittens24]

Only way to buy a solar panel system is to buy it cash(and when you can afford it). It takes so long to break even and the credits or rebates are not worth the debt.

[@phoenixjordan7784]

An emergency backup solar system to run basics is good. Solar generators or a small system to learn on and have cooking, electric blankets, lights, devices covered. A few low watt appliances. Portable Fridge or freezer, induction burner, few 100ah Lifepo4 batteries that last over ten years at least. Yes, need a spot where the sun shines. A solar cooker oven doesn’t even need electricity. Good to have for emergencies, power outages, camping, road trips etc.. They can be expanded or add another system for more power as you learn or want to invest more knowing more how it works.

[@dbealby]

Adding solar this year for cash buy through an electrian. Quality product, tax incentives, and grid payback. 5.5 year payback on a 25+ year project. Cost is net 12k year 1. Should save $50k out of pocket after 25 years. If moving adds to value of home since i purchased. This guys deal sounds like dave read it. Bad deal.

[@ssboot5663]

Id rather have the 90,000$ dump truck,the return payback would be far better and has resale value.(: Solar is growing though.

[@sarahconner9433]

18 wheeler.... Rolling cash machine!!!

[@UncleBensChannel]

82K is too high, most of the systems we sell are $30K to $40K, before the 30% tax credit, payback is 7.5 years here in Florida on a grid tied system. The battery back-up will NOT lower your bill. A system that costs $22K after the tax credit will generate $300 per month here in Tampa.

[@lkj0822g]

To install a solar system that will fully replace grid power is too expensive, mainly because storage technology still needs to develop and catch up with the solar panel technology. If I were serious about solar, I would install enough to "take the edge off a hot summer day" and also invest in a good generator for backup power. Don't try to go 100% solar, it just isn't worth it.

[@Dizzinator2114]

Unless you’re building a net zero home then I agree with this entirely.

[@unicornswag888]

Use that $80k to pay off the house! If he's spending $4k per year on electricity and he's truly concerned about his environmental impact, his first priority should be to dramatically cut his usage. An average American household can quite easily get by on 1/4 of that. If he's worried about losing power from the grid, he can buy a cheap gas or diesel generator. His family should be able to get by for several months in an emergency with 50 or 100 gallons of fuel if they're only using lights and essential appliances. If he's really worried about the apocalypse, he can get a 500W solar panel with a couple batteries and an inverter.

[@agisler87]

I agree. But I think he would be better making his home better insulated. Most homes in the US are very leaky with poor insulation standards so that we can build them cheap. If we spent 20-40k more on better insulation, air and thermal barriers it wouldn't take much more power than what it costs to run a hair dryer. Small solar panel is all you need then if you want to live off-grid comfortably.

[@unicornswag888]

@Andrew Gisler I agree that insulation would be a more logical purchase, but I still think the ROI on either would be joke, especially for a 59-year-old man. Even if the insulation "pays for itself" in the next few decades, he'll likely be dead by then. Do you think his kids will be grateful for it? And honestly, who cares what his kids think? He should just pay off his house, try to enjoy his remaining years, and stop worrying about his great great grandkids' electric bill.

[@agisler87]

@@unicornswag888 Absolutely right!

[@LG123ABC]

My house is paid for and I'll use as much electricity as I please, thank you very much. Some of us don't want to live like hermits and if it takes a few extra solar panels to generate enough electricity then so be it. When the grid goes down he'll be sitting pretty.

[@unicornswag888]

@Lyle G I don't care how much electricity anyone chooses to use. I just think it's crazy for this guy to go 80k into debt to buy a luxury item that won't even "pay for itself" in his lifetime. Then he tries to justify it by claiming it's for environmental reasons. Meanwhile, his house isn't even paid off, and he's consuming enough power for a small village.

[@DanielByrns]

Yes you see a lot of people saying I am only paying 15 dollars a month for electric but what they dont say is the loan for the panels is way more what they were paying for electric

[@sarahconner9433]

That's the catch entire forgets.. Including depreciation.... After 20 years. You have to buy it again.... So the price is really hidden twice as much as the amount you paid.... Like buying a car to drive yourself vs a taxi

[@ivgondef4408]

I just priced a system for my 3200 square foot house and my quote was around $15000 without on site electricity storage but the power company does 1 for 1 exchange for power produced during the day and power you use during the night. His quote is way out of line.

[@TymerTopCat]

The best way to do solar, is by doing it yourself. It's not that difficult. You will save thousands of dollars. Buy new panels, buy used electronics and install the system yourself. You should be able to do solar for about $1.75 to $2.25 per watt.

[@e.rivera4251]

..finally .. i really need this information...i have sales people knocking at my door every single weekend here in central FL.......is getting ridiculous...

[@jeanlenor1858]

80k for a solar panel? That's very expensive.. I heard these were around 30 to 40k.

[@alexc5369]

If you get the storage battery it is

[@mattmcgehee2312]

It’s all relative to energy usage. Solar isn’t one size fits all.

[@mattmcgehee2312]

Love how you hype this guy up and say, “You make 260k annual (probably household).” “He’s just a Solar salesman.” Who’s to say a solar representative couldn’t make equivalent income? I guess that’s what happens when you make millions selling envelopes full of pipe dreams.

[@kyow6412]

We got ours for 18k, powers both electric vehicles and the house for free. Worth it if you have the cash.

[@darkbuddha3307]

@@mattmcgehee2312 Yep the solar guy easily clear $400k if he hustles and is good at sales

[@OgDrez]

Full disclose, I am a solar salesperson in Southern Texas. Why would you, Dave Ramsey, recommend to pay cash for solar panels? You teach your students to buy their homes as soon as possible, and with as little money as possible so they could stop paying rent. An electric bill is something people pay their whole lives regardless; so it is an indefinite, and undefinable expense, due to inflation. JUST LIKE RENT. So if it was possible to replace another indefinite bill with one you can pay off, why wouldn't you advise that. There are solar banks that fund solar projects at .99-4.99 interest, for 0 down. Often the payment on these notes, are lower than the electric bill they are already paying. When you go into an investment for 0 down and it is profitable from day one your ROI is infinity. When you pay for things cash then you will actually have to calculate an ROI and determine if it makes sense or not. Buying solar, Cash, does not make sense. I agree with you on that.

[@Sara_The_Feral_Housewife]

You need to do more research. Dave does not teach people to buy a house asap with as little money as possible. He teaches them to put 20% or more down and buy when it's the right time for them.

[@sarahconner9433]

You of course are neglecting the depreciating value and repurchase cost after 20 years replacement

[@aeromedical6750]

What until you’re thinking about building a house from the ground up. Every builder I talk to is “getting ready to raise their lot premiums or the building materials are getting ready to go up significantly!”

[@joelfields9807]

It's a scam stay away from it! I was led to believe I would get a 30% tax credit that I could reapply to my loan turns out its a nonrefundable credit that only goes toward your tax liability wich doesn't help me at all. I was lied to and I am considering hiring an attorney and suing this company.

[@rgnewlife6622]

It is so good that you addressed this issue but the main thing you can get a cheap Harbor Freight solar panel but the main thing is having battery backup with an inversion inverter to make your power that's a lot of batteries

[@wm5994]

Wait, there's two main things? The first is the main thing, the next is the secondary thing.

[@maxoverridemax]

He should try solar water heater first. It's cheaper and still lower you electric, by 30% (on average ). Rough estimate.

[@om617yota8]

I looked into solar for my house. 20 year projection out, I would literally have been double my return on solar by just putting the money into savings. Conclusion, I don't have solar panels.

[@LG123ABC]

Some people have other reasons for going solar such as being independent from the grid, etc. It's the same reason why some people drill a well instead of simply buying water from their local utility.

[@om617yota8]

@@LG123ABC Of course, but at that point solar panels are a toy purchase, and need to be treated and financed as such.

[@M1ttnss]

Hey it’s another om617 guy! Mines going into a Jeep though....

[@om617yota8]

@@M1ttnss Yessir, it's a fun little monster.

[@brockallstate]

Still smarter the finance solar at a low rate then pay Warren buffet for every

[@PassiveIncomeTom]

*Compare different solar panel companies since they are all different before you do it.* 😉

[@Jraab18]

Exactly what I'm thinking.

[@ronr.511]

For sure.

[@gabrielacriollo-qs8gq]

When your power bill is over 200 and your solar bill is only 120 fixed you cut off the power company And now you’re paying to own your power . It’s a no brainer to me.

[@StarryDynamo88]

1300$ should get you a good grid tie inverter kit , 500w -1000w diy , each outlet can handle about 1500w per outlet. Look at your KW use , then size it up. It's not ok to borrow , diy , plenty of KZbin n sources to learn. Diy , it's fun cuts down on my bill, I have small unit tester 300w just see and it cuts bill down , I'll be upgrading to 1000w 80-100$ per panel at 100w per once all this blows over

[@andrewmarcfit6447]

For everyone who isnt a solar dealer - its ALWAYS cheaper to go cash because you dont include financing fees/ dealer fees , 13k off the solar system is not a sales tactic its the truth - the tactic was in the time limit to build urgency

[@user-kd4xl2dq1c]

I love Dave but solar is not a good financial decision yet, 82K for solar is as bad as 82K in student loans. 60k divided by 4k per year is 15 yrs plus the biggest fact is if you invest that 60k you would have made about $180K in those 15yrs in hi yeild stocks instead of just getting your money back

[@joecummings1260]

Solar with a battery storage system is never going to pay off if your property has grid power available. Grid tie might pay off 20 some years down the road

[@MineSpeak44]

I'm concerned he's getting ripped off big time. 4k a year is 300 a month of electricity, less than 2x what I pay. But solar for my house would run about 15k with more than enough panels to sell some back to the grid, and cover install and battery back up

[@jonathanmcgovern2464]

Its not always just about money money. Half of it isn't a luxury but a benefit to the future of our climate and our planet.

[@shirleymontano9657]

I know this is 3 years ago, but I had the same question. I'm getting pressured to borrow 22k for a loan to put solar panels. Or I could lease. I don't like leasing anything and I heard from so many don't do it! Also, I don't think it would be worth it to go into debt. So, I said no.

[@trugreenguy]

What if the Interest rate is very reasonable at 1.49% and ROI is 10 years and plan to live in this home for at least 18 years?

[@alexisjankowski3281]

I was considering solar as an alternative to a whole home generator backup. My electricity bill is about $1,200. I really can’t justify it. I considered that the value my home, but I could put that money back in my mortgage and do better. I am still hoping that solar tech will improve.

[@uboii]

Hey how is the alternative going? Were you able to figure something out to help with that $1,200 bill?

[@MrGoodeats]

it’s not solar tech that needs to advance it is battery technology

[@JohnSmith-fi2ck]

I have about same electric bill, determine I dont have enough roof for enough panels and even if I had 3x roof, I still couldn't break even in 20 years.

[@BullseyeHTX]

You can refinance the home along with the panels and take advantage of the low 1.99% rate

[@jamisonmunn9215]

BUY USED PANELS and do what you can and learn.

[@RealityGutPunch]

This guy must be running a welder, a dryer, and air conditioning 24x7 (and has an electric car to charge) for 80K worth of solar.

[@unicornswag888]

Exactly. A $4k annual bill is INSANE. And he claims to care about his environmental impact? Maybe start by turning down the AC.

[@LG123ABC]

@@unicornswag888 You've obviously never been in Texas during the summer. His house might be all electric or the rates might be exceptionally high in his area. Take the beam out of your own eye before you take the splinter out of his.

[@unicornswag888]

@Lyle G I've lived in the southwest US, and dealt with 110°+ temps in the summer. $4k is ridiculous.

[@RealityGutPunch]

@@LG123ABC if that's the case he needs to spend 2k on some blown-in insulation; not 80k on solar.

[@666dynomax]

@@unicornswag888 cooling is cheap... try living on the north side of the border or close to the border. we have far more cost in HVAC than the most southern state, no question. think about pleny of day at 0 deg F heating a house to 68.. heat pumps are a lot more efficient cooling down to 74 or whatever you guys cool to!!!

[@redsquirrelftw]

You can slash the price in half by DIY. Solar is not that hard. Especially if you have enough land to do a ground mount, no need to deal with roofing.

[@ElCharlyFRGN]

We have customers in west Texas who ended with checks for 2020 for over production. They ranged from $250 all the way to $926.

[@davidcurtis5398]

Electricity provider here in Northern Indiana has stopped paying for power sent back through the meter.

[@ElCharlyFRGN]

@@davidcurtis5398 Who owns the grid out there?

[@feduppatriot7647]

Getting a solar system was the biggest mistake I’ve ever made , I’m just sick that I’m paying for a system that is in storage , I’m at a lost to what to how to deal with this stupid mistake I made made . What ever you do if you do get solar is DO NOT BUY FROM TEXAS HOME SOLAR , they are out of Houston Texas. They are a rip off , I think I should’ve sued .

[@davtfk1]

As an electrician, solar panels do not save you money. In order to truly save on electricity in the long run, you need solar panels, a converter, batteries, and a system regulator. And that stuff is expensive. Id do it myself as labor and parts and I still would hesitate.

[@solarexpansionking]

Sounds like the solar is over priced like Dave said. Solar that is 'huge' can be $2s per watt. Standard is $3s for smaller residential projects. Financing does tack on to the price. He might of be getting batteries...based on the lights out comment. Solar does not work in an outage without batteries.

[@truiz6580]

Not a good idea at all. As far as I know in Texas you have to enroll in a buyback plan with your electric provider and all that stuff,, the only thing you save on is delivery charges, and if your panels generate more than your usage you will not be elegible for credits the next year. And, besides your monthly electric bill you also have to pay for panels to another company. It does not make sense to me.

[@KieranMullen]

Tesla has the most reasonable priced system. It doesn't have all the bells but it makes power. Other sellers seem like used car dealers.

[@aeromedical6750]

Next caller: “Dave, what are your thoughts on me putting in $25K in new energy efficient windows? I’ll save $50 a month on my electric bill!”

[@PeskyWabbit.]

X

[@diasah123]

He will go Bananas !

[@ronr.511]

Dave does ads for solar companies - he isn't against solar

[@m3g0mia]

@@ronr.511 yeah it was one when I clicked the video.

[@Dmal2301]

🤣🤣🤣

[@wolfiefink]

Depends. One of my coworkers is making payments on solar panels and his energy savings is more per year than his payments. In 8 years it’s all savings for the next 12-17 years. Money management is more than just “debt = bad”

[@twc9000]

When you take into account the mining of rare earth minerals, production and longevity of solar, they are less environmentally friendly than producing and burning oil. Also, the International Renewable Energy Agency estimates that by 2050, the plastic waste from disposing of worn out solar panels will exceed twice that of all other plastics combined.

[@myfyprocks539]

It's different dave, this is something that people are gonna pay for anyways! Do not compare this to a luxury like a pool, no one needs a pool but everybody needs electricity

[@hbarudi]

I am for alternative energy, but you do not have to do such a loan on solar. Step 1: First of all begin by paying off the mortgage since you make a good income. Now you will own the house and can do things to it. Step 2: Make your house solar ready by building the needed solar "infrastructure" this includes getting a legel issues and permits taken care of, getting a new meter that can go backwards. Make a place for the batteries and build the racks for the panels. When it comes to panels, try the very affordable this film Cadmium Telluride solar panels from First Solar. Not only they come at a fraction of the cost, but are also produced with the best practices in the industry. Build your racks for those panels. Avoid Chinese panels since they are produced as dirty solar. Also you need the inverters and all necessary switches and controls to ensure a safe installation environement, and safety for you at home and safety for electric grid workers in case of blackout while you can still have electricity. Step 3: once the "infrastructure" is completed, begin by finding out how much energy do you need and how much storage in batteries do you need. Begin by setting up some storage such as a battery out of a number of batteries that you might need for your house. Then you can choose to buy 1 battery at a time until you can afford all the batteries. This will allow you to make a transition by lowering your fossil fuel consumption gradually. Step 4: now you can go for buying 1 panel at a time and installing it. Once you can afford all the panels and batteries you will be done and upgraded your house to alternative energy solar and battery.

[@kavianbina742]

Honestly Solar IS a financially sound decision and can save people 75k -250k over 25 year period versus staying with the electricity companies for the equivalent period… energy rates are skyrocketing.

[@Mike-01234]

I installed my own 10kw system for $5000. You don't need a solar contractor everything you need to learn is online. Solar contractor wanted me to give him $32k for 10kw system. I saved $25k by doing it myself.

[@backyardq1850]

I agree with some of this. But I agree solar is not bad but there are bad companies and bad salesman

[@beaubickel]

Any guy walking on the street can decide he is going to sell solar. The next day he is signing someone up for 50k. Scary

[@franklevantini3239]

Solar for me says 50 years payback. Paying like 4000 dollars to cover 50 kilowatts a month. In puetro rico. But power outages are daily. Here solar not pay back plus no tax credits

[@carlosbrito8147]

I don't understand how in some places solar can be so expensive! I have solar and am now putting more solar panels and have never received a quote like that.

[@Kyle-xt8ip]

I have a buddy who got bamboozled into spending 70k on a solar panel install. I told him not to do it.

[@LAMBNATION98]

He is getting ripped off. Don't let him bully you!

[@perezfamilyadventures3514]

Man, that’s pricey and don’t make any sense! My house is big and my bill is a little high but $81k will pay off my electric bill in 30 years if not change!! I would try to negotiate price of everything itself if you’re paying cash. Yes, this is why those solar companies don’t want to tell you the price of the system itself. I always tell those sales people okay so what’s the price!? When they beat around the bush am closing my door.

[@junusavior65]

I hate, hate, HATE when people start off like this. "Been listening to you for years and recommend your strategy to everyone I know......now would you object to my taking debt out on *insert random item*."

[@stevenmiller2820]

Get a grid tide system you can sell your SREC’s to, save your money on batteries and buy a generator or two.

[@Dmal2301]

I have heard so many people call Dave and ask os it okay to go into debt that they should call this show Can we trick Dave into saying yes to debt?

[@michaelferketic3540]

The electric bill is like a negatively amortizing credit card. It never gets paid off, always goes up and will always be there unless you live by candle light

[@Simon-oy7kf]

When you make $260.000 and can't save up $82.000 😂😂😂😂 that's pathetic

[@lewil766]

You clearly were not listening. He just finished paying if his land and barn. Smh

[@abecarpenter5108]

something wrong 😂😂😂😂

[@koilover7740]

Love your video. I have a ??? Have anyone call in and ask you why the solar show it produce a lot of power but when the Edison bill show up it Show different Less than what is show. Thank you for your time.

[@utah32804]

Almost none of the numbers thrown around in this conversation added up, not even close. First of all, an $83k system discounted by a 26% rebate is a little over is $60k not $69k. However, If we use Thomas's out of pocket number of $69k and his energy savings of $4k/year, his breakeven will be closer to 17.5 years (not counting interest on the loan) not 8-12 years as estimated by Mr. Ramsey. Thomas says this is a "whole house" system and so requires batteries. In order to displace $333/mo at $0.12 per kw of electricity you'd have to produce close to 16000 watts (27 kw rated system) of power per day, plus have about 40 kw of battery backup. An added cost and complication is that many utility companies impose costly requirements when a system exceeds 10 kw. A 27 kw system is going to be closer to $100k (with sales commissions and profit for the company), not 82k. When using this more realistic cost of a system, the payback period is closer to 20 years. Of course you could buy a smaller 10 kw system to use for back up of critical circuits and also help offset your electric costs. A commissioned salesman is not likely to give you the full story before you sign on the line. Don't be in a hurry, take your time and educate yourself. I've had solar for many years and seen the technology improve by time. If done right, it can be financially justified. Consult a qualified solar engineer/consultant before making a purchase. I am not a solar consultant, I just have many years of experience designing and building my own systems.

[@nlewis1111]

Still, you're still paying the electric company for 20 years and almost certainly at increasing rates. It's like renting a house forever or eventually owning your home after paying off the mortgage.

[@banditdog1338]

Paid cash for mine and I make 25k a year. Tax credits are a scam used by overpriced installers.

[@KrystalToddCPA]

Shoot being as self sufficient as possible doesn't sound too bad right about now lol.

[@soonermagic24]

You’re sexy

[@KrystalToddCPA]

@@soonermagic24 lol thanks!!

[@T25de]

Looks like the internet is biz as usual !! 🤣😂

[@soonermagic24]

The Cash Compass now I need your @ to slide into the dm’s

[@MsG_executor]

A solar system for me Cost $30k but in 15 months ill be saving $2k a month on power bills in 15 months ill be saving on power bill (Off Grid ) I run High power computers

[@glammedbynatalia]

We want to put an offer on a home but they leased panels for 75k a 25 year lease. We want the house but not the panels and the owner won’t take them with then since they are not buying another home.

[@justintime41776]

The only time you should buy solar is when you get a battery system with it. That becomes very expensive. I bought solar and it's a waste of money.

[@JKortmeyer]

Yeah, but tax credit are based on the installed year not contract signed. Which means his 86k system - 26%Tax Credit = $63,640 -$13k discount = $50k . If the man gets a 86k loan at 6% interest the loan would only cost $1,511. Plus the man would own his power!! He currently a slave to utility company wasting away his money with no ownership in sight. You can make a 1000 utility payments and never own your power.