First i will apologize for putting this here, but the Tesla energy forum is horrible and you cant know if there are new replies or when a topic is created.
I have to get a new roof next year and i have already been quoted around $16,000 for a new roof. I am wondering if a solar roof would be the way to go here, even though its probably 3x more expensive than a regular roof or more. I am currently thinking about this in terms of cash i will be paying, not accounting for electricity generated by the solar roof, and initially not planning on any powerwalls.
Currently, these are the numbers i am using which are based off the current solar roof calculator on their website.
Roof Total Cost: $60,800
Loan payment: $237/mo
Federal Tax Credit: $15,808
NY Tax Credit: $5000
Effectively $1000 deposit is what would be required as a down payment. The federal tax credit i would use over 3 years, and the NY tax credit i would use over 2 years due to my current liability. This is what im thinking right now. I would only have to pay the monthly payment for the first year until i get my tax credit rebates, and then the federal + state tax credits would amount to a total of $20,808 over 3 years, which is enough money to pay the monthly finance for the roof for 87 months. I would only pay a maximum of $3844 over 12 months which includes the deposit, and then the tax rebates would cover the cost of the roof and i would not have to pull any money out of pocket for the next 7 years.
My thoughts are that this would be an alternative to draining my savings next year to replace my roof with a new shingled roof, as i would only be forking over $1000 up front, and then up to $2844 extra over the next 12 months for however long it takes for the tax credits to be issued to me after filing in 2021. This would set me up perfectly to install powerwalls in the future if i wanted them, and to have a source of electricity generation for when i get an electric car. Yes, praying i can get a Tesla by 2021. I am going to pay off my current car by the spring time ($8000 left) so the money i would be paying for my car for the next 3 years would effectively just be transferred to paying the solar roof. Which i've laid out the plan for, and would only be paying that for about a year before the rebates can cover the finance cost for a long time.
I've talked to family members about this and everyone seems to think its a terrible idea. I am told that the solar roof will NOT raise the value of my home by the value of the roof, that my house value would not go up $60k if i buy the solar roof. Everyone recommends to me that i sort of go the replacement route and wait until i get a more permenant home that i would otherwise be sure im going to stay there for more than 5 years. Possibly if i were to settle down with a wife and want to establish a family. Its also been recommended to do a solar roof on a new house and not an old house.
What do you all think about my plan? I'm still not completely sure what i am going to do, but i want to see what other people think about this. I am going to put the reservation deposit down no matter what, because i can always get that money back. I did the same thing reserving the Model 3 back in 2017 when i foolishly led myself to believe that i could afford it at the time, which i absolutely was incorrect about, and i got that deposit money back no problem.
So ya, what are your thoughts if any?