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Solar Roof Progression (UPDATE 5/19)

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  • edited November -1
    Hello everyone! No real update, but i just called Tesla and they said that the Coronavirus delay in New York State could be on the order of 3-5 months, which puts this very close to the end of the year. Not good! Although, if this gets pushed into next year i will only lose out on 4% for federal tax credits, which isnt alot, but is still a loss i have to factor in.

    I am also not too late into the game to pursue 3rd party financing or add powerwalls to my system design. Over the next few weeks, i will be investigating other financing to see if i can find someone to beat the 6.99% that Mosaic has offered on a 20 year loan. Will let you know what happens! I am hoping that if i can get the rate substantially lower, i would consider adding a couple powerwalls. The ultimate idea is that if the payment is low enough i'd be willing to pay a bit more than what i was quoted in my OP, and would get a bunch more federal tax credit for the batteries.

    Here we go................
  • edited May 2020
    Why "4%"?
  • edited November -1
    Last year solar federal tax credit was 30%. This year its 26%. Next year its 22%, then in 2022 its gone.
  • edited November -1
    I finally got around to writing up my solar roof install along with a short 3-minute video I made that shows the roof beings installed: https://teslatap.com/articles/tesla-solar-roof-installation/

    Today, when returning home, I spotted another solar roof being installed about 4 blocks from me. So the crews are back at work!
  • edited November -1
    Wouldn't the interest rate at the time of your application continue to apply regardless of the intervening time required to have it installed, you know, retroactively like given that that was the standing rate at the time of your purchase?
  • edited November -1
    Im not sure what you mean. Currently the Mosaic financing is 6.99% and im going to see if i can get financing with a lower rate. The "4%" is in regards to if the delay in installation goes past this year and into next year, in which i would only be eligible for the 22% tax credit instead of the 26% tax credit, 4% difference.
  • edited May 2020
    I think that I might've mentioned this to you before in this conversation???

    Who knows, perhaps you might even be eligible to refinance your loan at the current lowered rate (what are the interest rates now, like 0%?) since they've expressed that they're not interested in keeping you original rate static.
  • edited May 2020
    Can we start over? i have lost you.
  • edited May 2020
    Hahaha....
  • edited November -1
    andy.connor.e | May 11, 2020 Can we start over?

    Sure. Delete the posts about your fake solar roof as those of us who actually have them find it boring and not sounding very real. Kind of like your not having a Tesla, not driving a Tesla but being top poster on advice to Tesal owners. A fake solar roof to the fake EV....at least consistent.
  • edited May 2020
    Reposting the thread would get rid of all the FISHEV nonsense comments, we agree there. Im actually starting to think FISHEV is actually a real person and not just a response generator, your comments are starting to get quite salty.

    @blue adept

    I got lost and dont get what you were asking about. If it doesnt matter i'll leave it be.
  • edited November -1
    "as those of us who actually have them find it boring and not sounding very real."

    interesting coming from someone who doesnt own the product. I am enjoying the salty posts though. You are starting to sound more like a human with each passing week.
  • edited May 2020
    isnt that amazing that a non-driver can offer better advice than you? xd
  • edited November -1
    @andy .electric:
    Just saw your thread for the first time. Interesting. Now I will look at TTs job, now that I know. Thanks.
    ? you are breaking even in year 2060?
    I wouldnt buy a system that didn't break even in 10 years.

    In 2060, I hope a flying car doesnt hit your roof. Won t you need a flat roof to land your Cyber quad copter?
    What year does NYC go under water?

    By 2060 you will probably go high rise on your place, maybe you can send me the tiles then?
    2nd thoughts, I will be 113 yo.
    I really think you ordered to show your status as a Tesla fan. Hope you dont marry a VW or GM/F fan, it wont work.

    Do you realise , you are spending more $ to stick it to your rellies than what they paid for your total upbringing?
    (haha, based on what Fish inferred about your upbringing!)

    I have solar on my Airbnb, $5000 AUD, $3500 US? Paid for themselves about 4-5 years.

    I got a Tesla Destination Charger free from Tesla for one B&B cottage, why dont you try that? Could come in handy for the CT, and you can put it where you like. Mine cost less than $200 to instal. Only had one client ever.
  • edited May 2020
    Thanks for checking it out. I dont have everything 100% figured out yet. This is just the flat cost about the roof itself, any credits i receive, and electricity value in my state. Other states will vary, and the payback time will only decrease if your electricity rates are higher than $0.1125/kWh.

    What this also does not factor in, is cost savings from powering an EV through the powerwall, and any other opportunities that could possibly be available either now, and potentially in the future if you replace items. For instance, i will be absolutely getting the Cybertruck in which there is a cost savings of essentially having free gas. On top of that, if Tesla makes that HVAC system we've heard from Elon Musk that could potentially be in the making, i have the opportunity to remove gas from my property in its entirety, and essentially run it for free.

    I also run an airbnb through my house and that will essentially pay for the roof in some sense. As i think and speak right now, i will most likely be paying a bit more on the principal per month because after crunching that number, i'd probably be willing to pay another $150/mo to significantly bring the payback period down. Not really sure though. I am constantly changing the way i think about it.
  • edited May 2020
    When does NYC go underwater, you need to factor that in
  • edited May 2020
    Are you going to get a Destination Charger? It can only add value to your property, for free.
  • edited November -1
    good thing i dont live in NYC.

    I never thought about that, is it publicly available? or rather, does it need to be?
  • edited May 2020
    Not necessarily. Your wall connector could be available just to your Airbnb guests and yourself, but it would be put on the Airbnb website for guests driving Teslas.
  • edited May 2020
    I love the idea. I'll check it out, filling out an application cant hurt!
  • edited May 2020
    I also just reached out to 10 financing companies since yesterday and no one offers a better rate than Mosaic. The only way to really beat 7%, is to take out a home equity loan, in which i do not have enough equity yet. I am going to just stick with the already approved solar loan, and if things change over the next years or so, i can always refinance.
  • edited May 2020
    @andy,

    A friend in Southern California, James Locke, is tweeting about his Tesla solar/battery installation today.

  • edited May 2020
    6.99%?! That sounds like usury to me. Obviously every person's situation is different but I would be pretty shocked if that is the best rate you can get.
  • edited May 2020
    Ya for 20 year financing. Other companies were offering things like there were 2 loans, in which one was at like 3.5% for 75% of the cost, and i really dont want to have multiple loans. NYS has a program in which if you are in a certain income range they offer as low as 3.5% as well, but only up to $25k.

    If you have the equity, home equity loan is the best way to go. One company i called today offered 3% home equity loan, but i was only able to get about $22k. Decided that im gonna move forward with the original plan of no powerwalls.
  • edited May 2020
    Yeah I guess I am spoiled with companies offering special financing deals and haven't ever had to shop on the "open market" for unsecured loans. Still I think I would die a little inside if I had to agree to 6.99%. Yikes.
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