The Numbers: Solar Energy Savings
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!
Sungevity is proving that going solar is easy, a good investment, and a viable way to reduce carbon emissions.Sungevity specializes in installing home solar electric systems. Wecurrently install solar throughout the Bay Area, and with over 150sales last year, Sungevity was the leading installer in San Franciscoin 2008. Articles l Homepage
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