It was just a little over a year ago that groSolarfinished the installation of the 4.5kw Solar Project on our house. Ithought it would be a good time to do some evaluations and see what mytrue saving was.
Let me lay some background. I had electric hot water heater, clothesdryer, stove, microwave, light and other normal stuff. We were using oil hot air heat but after the energy audit decided to switch to a HeatPump with and electric back up system. Our oil cost was $3400 a year and our electric was $3168 a year. This totaled $6568.
During this past year our electric bill was $1975. Considering thiswas one of the coldest winters and this summer was on of the hottest wewere still able to save $4593.
The cost of the heat pump was about $10,000 with the state of NewJersey giving us 50% back within 90 days of install. The savingsbasically paid for the cost of the heat pump in one year.
On the Solar side we spent about $39,000 with the stage grant paying$7,980. We have received over $6,000 in Federal tax credits this yearand expect to get the remaining $6000 next year. We have also receivedthe first 2 payments totaling $2,000 from selling our SREC. So we aredown to $17,020. With $2,500 a year from SREC sales a for the next 4years we are down to $7,020. With energy savings over those same 4 years of about $4,000 a year we should be ahead of the game by about $8,980.
Thank you for your assistance in getting all the details worked out. It was a pleasure working with you and groSolar.
Thanks for letting us share your numbers Bruce!