Should I Finance Solar Panels?

I’m very surprised Dave calls these “ excellent” , wow

just do a ppa

This is literally horrible financial advice 😂 why deal with a rising 400$ utility bill vs financing a power production system that’s produces your power for 150$ a month 😂 250 monthly & 3k in annual savings not to forget what he’s stated about solar not adding value is complete false a quick google search can debunk that claim

Any person with a brain will by Solar. Anything stopping you from doing that is just ignorance or sales resistance thinking you will “get sold”. Solar is political happening with or without you (Paris Climate Act), and that’s why people go to your doorstep because they are in a sense required to and actually informed. When you know how to work with the lenders you are able to lower the dealer fees to match the system cost that is exactly as cash is and able to pay it off within 5 years while not paying 30k out of pocket. You would not know that because Solar is not your profession, which is why it’s not recommended to speak or listen to someone speak on something that is not their profession.

I'm glad they didn't ask if they could refinance them hahahah

Aaahhh wrong 👎🏼 !! she has a $400 electric bill that will keep going up 10% plus every 6 months to a year. By going solar right off the bat she will be saving $250 not including the savings compounded every year after that because the utility companies increase their rates that is a never ending bill. She can definitely utilize that extras $250 and pay off a CC and be debt free on them high ass credit cards. I always say there’s good debt and there is bad debt in life.

Only idiots get solar its a scam the length of financing is ridiculous

Everybody here, including Dave Ramsey who is saying financing Solar doesn’t make sense is an absolute moron. Especially for people in Arizona. I am financing my solar… my average bill before Solar was $210/mo. Now? I pay my solar loan $133/mo. My APS bill last month was negative $89. The month before that it was $-112. Before that? $-45. APS owes me money. Oh… and I got a $14k check in the mail thanks to the 30% tax credit.

One of the best investments I’ve made.

Soar is such a scam

This is just wrong🤣 how long do you plan on paying an electric bill for?? You’re in bigger debt to the power grid.

Dont lease solar you have tp buy it. In cali the power cost is so high.

I got quoted 100k for a 15k net metering system when my electric bill is only 155$ a month. That solar loan would of cost 660$ a month to save 90$ of grid usage (10% interest). Scam. Called another company, lot better deal at 60k for same size at 280$ a month. Yes that is still double my electric bill and still only supports 80% of my grid. That is 6% interest rates. If I paid cash, used the federal ITC, and got exact electric rates, it would take 20-25 years to break even. If rates doubled, 10-12 years. So in term of investment (.07 kwh rate), terrible. Only if I diy install for under 30k I would say its okay.

Well that was just misinformation out the bum hole wasn't it.
Many of us have solar paid for now and it's making us money which pays off our debt.

The electricity bill is forever… whether the panels are worthless or not in 5 years is irrelevant as long as they’re working properly. I’d rather pay substantially less for the next 20 years than pay a whole lot more for the rest of my life🤷🏻‍♂️

I met up with a NuSun rep. I guess if you do a PPA, you get it for free from the government. I dont think it is that simple, so I wont be buying yet.

Normal people would never be able to afford a system, however they’d re already paying an electric bill. Might as well put that money into your home. With a good company of course.

I love how Dave told a lady to NOT make a good financial decision 😂😂 depending on the situation Solar can be a very good financial decision. If it isn’t reputable then that’s another story.

I see a lot of homeowners here are apprehensive which you should be but let me ask you this. How long do you plan to live in the home if you’re more of a get up and go after five years then why are you even buying a home? Why not just rent with that being said if you plan to stay in your home like a normal person 15 to 30 years, which is an average fixed rate loan. Then solar makes complete sense, especially because solar rates are fixed. Meaning the utility companies can’t charge you for power anymore because you are not producing pretty common sense and it’s better for the environment leave the next generation with a better Place don’t leave it all fucked up.

I live in FL and solar panel sales people are constant. I have had discussions with a few that it just doesn't make sense to finance these for a utility deduction even with the gov. incentives which never deters the pitch. Myself and a a lot of neighbors now have signs that say no we do not want solar panels by the front door and they still ring the doorbell.

What about when you have to replace your roof then what?

Just be homeless until you can afford to pay for your house outright. Flawless logic. 😂

I don't understand why paying $400/mo. to the electric company is worse than financing for a $150/mo. payment and no electric bill. Granted, that seems too good to be true but it that were the case, shouldn't they jump on it if they are not planning to move? The risk of $250 every month seems well worth it no? I'm just not understanding.

It's quite the project but you can install solar yourself for a fraction of the price, even less if you go used

Also, watch out for extra costs. Sometimes they will require a new electric box and new roof. The panels do wear out too. Flexible ones have been know to catch on fire. I charge mine on my deck to a solar generator

The cost of a 100watt solar panel is $100. That should tell you something about the markup. Sales commission and labor.

Solar can be transferred to a new homeowner so they can avoid being in debt if it isn’t fully paid for

But Dave the net metering has changed you have to have a battery now.
Any consumers on here research your power utilities net metering agreement before buying solar with out a battery

Most solar loans are transferable and assumable now….. read the fine print most financing is transferable and assumable now.

What about the Zillow study they are starting to add value

Explain this analysis for me. If the payments for the solar panels are less than the electric bill, why is the husband wrong to want this? You didn't explain it.

It’s the difference from renting your power from the grid or owning your power with solar

Solar panel ads at beginning, middle and end of this clip...

Why would anyone think Dave would endorse going into debt?

Dave will not ok borrowing money for it.

The felons who used to sell Kirby vacuums door-to-door have all now switched over to selling solar panels.

I am normally against debt for these types of purchases, but Arizona where there's tons of sun and a $400 electric bill? If you can show that solar is going to cover your full electric usage (bonus if you have net buy back in your area for any over production), then you would be lowing your monthly bills by $250/month based on the numbers given in the episode. You're either paying a loan for your own solar equipment, or a lease for the electric company's equipment to generate your power, so why not get out of the "fleece" as Dave would like to say?

Dave, I’m sorry but this is wrong!

For those who don’t believe what dave said he I remember years ago he had a caller that was trying to sell the house but in order to sell she had to paid the stupid loan on the panel leaving her with 80k negative balance after the sale. It my be a good idea but be careful what you get into there is a lot of scammers out there

Good luck selling your house if a solar company has a lien on it.

Sorry Dave you got this one wrong

So you'd rather not finance and pay less per month on your electricity coming from solar vs your never ending utility company bill? You're already paying a bill monthly you might as well take advantage of a lower monthly payment and invest in something that will pay you back.

It costs the same as a bill that I’m already paying, and will continue to pay for the rest of my life. How is that worse than paying a loan with a lower interest rate than the rate that my power bill has been increasing?

People pay this guy to keep them poor. Believe what you want about his financial advice, but he is clueless when it comes to solar. Most solar loans are retail installments, not a traditional loan. My home was appraised after solar was installed during a refinance ( yes, Dave I’m the devil, I have a mortgage). On the appraisal there was a comment about the value of solar and it increased my home value more than my contract price of the solar. The information on solar he’s providing is so far off, I question if he is receiving kickbacks from utility companies. My advice; everyone’s situation is different solar is not for all, but it’s a great investment for homeowners that get direct sunlight, have taxable income and are in an area with favorable net metering. I also have advice for Dave, when you don’t know what you’re talking about, say I’m not sure but I’ll do some research and get back with you. SMH

The comment section here has a ton of misinformation.. but what would you expect on a Dave Ramsey video.

This guy is a complete joke. There’s a saying called “inspect what you expect”. His comments on solar finance do not include the review of the details before making an uneducated opinion. These are facts.

This guy has no idea what he’s talking about as far as Solar goes, you can save money with solar day number one and people like this that don’t do their research give their opinion freely with no crosscheck. Roi for solar in Arizona saves you money right away. Long term homeowners save money with solar period!

When I bought my house, I checked on solar. Crunched the numbers, and 20 years out, buying solar vs. buying grid power, cost was double buying solar. I didn't get the solar, it didn't make sense.

I am building an off grid solar system, but that's just for my own enjoyment and backup use. Paying cash for it as I buy components out of my toy fund, and it's never meant to have an ROI.

Dave,

I’m confused how solar doesn’t make sense.

Homes that make sense for solar don’t cost more to live in. Homeowners are re-allocating the money they spend on their electric bill to pay for their solar.

Since there are no moving parts and solar doesn’t require maintenance or upkeep there is no monthly or yearly upkeep cost

Why would a home upgrade that sits on a homeowners unused roof space that generates power for the home and helps the homeowner lower their monthly fixed cost be a bad investment?

Going solar is just like setting up utility services at your home. Cost you $0 out of pocket to get your services started and you get your first bill usually 30 days after they have been activated.

Same goes with solar. Get solar installed for $0 down. Pay your first bill 30 days later, but the only difference is now you own your power versus renting it from the utility company.

Also if you add battery storage when the grid goes down you still have power.

Seems likes a lot of misinformation in an attempt to stay on brand and avoid any kind of financing. Having family members and friends that have sold homes with solar, they don't share Dave's opinion. The thing is it's true that they are trading a $400 electric bill (renting electricity from the utility company) for a $150 monthly loan.... How is it not worth it to save thousands a year when the production and performance of the system is guaranteed for 25 years? Not to mention you don't even have to increase the home value to pay off the loan when you sell, the loan transfers almost as easily as a normal handover of the utilities. I would personally want to buy the home if it already had solar as I could use the thousands I save in electricity cost for wiser investments.

Perhaps do some more research on the topic. Maybe by doing your own study on homes that have sold with solar instead of giving potentially harmful advice based on your opinion?

(PS: Financing solar is not for everyone: If you don't have the space for solar panels, if your income tax liability is too low, if your utility company has unfavorable net metering policies, or if you aren't able to pay your current electric bills regularly, solar indeed might not be the right fit for your home.)