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Rooftop Solar is about to collapse -Time Mag.
Posted on 1/29/24 at 10:01 am
Posted on 1/29/24 at 10:01 am
So apparently now that subsidies are expiring, the whole house of cards is coming down:
There are a lot of financing scams attached to solar, with loans that often exceed the value of the house itself. And apparently Wall Street financed much of Solar’s expansion, and now the bill is coming due. This is accelerating these bankruptcies.
Story Link
quote:
Still, the residential solar industry is floundering. In late 2023 alone, more than 100 residential solar dealers and installers in the U.S. declared bankruptcy, according to Roth Capital Partners—six times the number in the previous three years combined. Roth expects at least 100 more to fail. The two largest companies in the industry, SunRun and Sunnova, both posted big losses in their most recent quarterly reports, and their shares are down 86% and 81% respectively from their peaks in January 2021. (This isn’t because of an economy-wide trend; the S&P 500 has grown 26% over the same time period.) Sunnova is also under the microscope for having received a $3 billion loan guarantee from the Department of Energy while facing numerous complaints about troubling sales practices that targeted low-income and elderly homeowners. Another solar giant, SunPower, saw shares plunge 41% on Dec. 18 after it said that it may not be able to continue to operate because of debt issues. Sunlight Financial, a big player in the solar finance space, filed for Chapter 11 bankruptcy in October; it also faces a lawsuit alleging that the company made false and misleading statements about its financial well-being.
There are a lot of financing scams attached to solar, with loans that often exceed the value of the house itself. And apparently Wall Street financed much of Solar’s expansion, and now the bill is coming due. This is accelerating these bankruptcies.
Story Link
17
Posted on 1/29/24 at 10:05 am to DesScorp
Sounds like the sun is about to set on the industry.
ETA: I hope they enjoyed their time in the sun.
ETA: I hope they enjoyed their time in the sun.
This post was edited on 1/29/24 at 10:06 am
Posted on 1/29/24 at 10:07 am to DesScorp
It's real simple.
The true cost of solar panels exceed the lifetime savings on your electric bill.
They're only a good deal if someone else pays for them.
The true cost of solar panels exceed the lifetime savings on your electric bill.
They're only a good deal if someone else pays for them.
Posted on 1/29/24 at 10:07 am to BhamBlazeDog
Ya'll love to hate on solar but mine paid for themselves in about 5 years.
It's nice having a $50 electric bill in the summer when it's 108 out and my neighbors are paying $500+
It's nice having a $50 electric bill in the summer when it's 108 out and my neighbors are paying $500+
Posted on 1/29/24 at 10:08 am to DesScorp
We have Tesla solar panels on our roof. The previous owners paid off the remaining loan balance on them when we purchased the house a couple years ago.
They definitely help with the electric bill, we usually get a few bucks back from the electric company every month since we put surplus into their grid.
They definitely help with the electric bill, we usually get a few bucks back from the electric company every month since we put surplus into their grid.
This post was edited on 1/29/24 at 10:11 am
Posted on 1/29/24 at 10:08 am to DesScorp
It rains like every day, why don’t libs invent rain powered energy
Posted on 1/29/24 at 10:10 am to ghost2most
You don’t have a $50 electric bill in the heat of summer when those comparable to you are at $500.
Posted on 1/29/24 at 10:11 am to ghost2most
quote:
Ya'll love to hate on solar but mine paid for themselves in about 5 years. It's nice having a $50 electric bill in the summer when it's 108 out and my neighbors are paying $500+
You know what the worst part of having solar panels is?
Telling your parents that you’re gay
Posted on 1/29/24 at 10:13 am to ghost2most
quote:
Ya'll love to hate on solar but I broke even on the portion I paid for them in about 5 years. That doesn't include the subsidies that were paid for them by the government.
Fixed that for you.
Posted on 1/29/24 at 10:16 am to Smeg
quote:
It's real simple.
The true cost of solar panels exceed the lifetime savings on your electric bill.
They're only a good deal if someone else pays for them.
this x100
i set in on a sales pitch a number of years ago with my parent on someone selling their house. I ran the numbers and without the credits, the lifetime payback did not cover the non-subsidized cost of the install. When concronted, the sales person admitted that was the case.
Posted on 1/29/24 at 10:16 am to ghost2most
quote:
Smeg
The true cost of solar panels exceed the lifetime savings on your electric bill.
Vs
quote:
ghost2most
Ya'll love to hate on solar but mine paid for themselves in about 5 years.
These 2 statements don't add up.
Posted on 1/29/24 at 10:18 am to ColoradoAg03
I've always wondered what happens when you need a new roof when you have solar panels mounted on it? I am sure having to remove all the panels then put them back would not be cheap and not government subsidized either.
This post was edited on 1/29/24 at 11:03 am
Posted on 1/29/24 at 10:18 am to ghost2most
quote:
Ya'll love to hate on solar but mine paid for themselves in about 5 years.
No they didn't. Tax incentives paid for a lot of it. My senior design project in engineering was utilizing green energy to power something. 80% of my time was calculating the economics vs. grid power. In the best scenarios, solar paid for itself right about the lifetime expectancy of the panels themselves. And that without accounting for degradation in efficiency over time. So, if you break even right as it fails, what's the point. We got most everything donated and the point was to utilize green energy, not to save money. So we pushed forward. But economically it's just not a good bet without incentives. I'm not against utilizing them when they are there. Just against pretending it's the perfect solution.
Posted on 1/29/24 at 10:19 am to SouthEndzoneTiger
quote:
These 2 statements don't add up.
They do when you realize he paid $5k for his panels and the government paid the other $25k. He thinks it's a great deal because he isn't factoring the other $25k they actually cost, since it didn't come out of his pocket.
Posted on 1/29/24 at 10:20 am to el Gaucho
quote:
It rains like every day, why don’t libs invent rain powered energy
I'm will be the first to sell water mill credits to any lib who is feeling guilty about their existence on earth.
This post was edited on 1/29/24 at 10:21 am
Posted on 1/29/24 at 10:22 am to Smeg
quote:
They do when you realize he paid $5k for his panels and the government paid the other $25k. He thinks it's a great deal because he isn't factoring the other $25k they actually cost, since it didn't come out of his pocket.
I admit my ignorance on this subject, but if it only cost him 5K out of pocket then isn't his statement true and your false?
Posted on 1/29/24 at 10:22 am to Smeg
quote:
Ya'll love to hate on solar but I broke even on the portion I paid for them in about 5 years. That doesn't include the subsidies that were paid for them by the government.
Fixed that for you.
i think the short term investment of somebody else paying for you is most likely a net positive... till they break or the subsidies stop. most of these people knocking on your door are basically getting you to take a loan out that the government is paying for, the energy company gets the benefit of, and you get an ugly roof. if you stay there and it finally pays off and then, then i can see it being a worthwhile investment.
Posted on 1/29/24 at 10:23 am to DesScorp
Unfortunately, because of green and global warming charlatans, solar is going to get beaten down when it actually does some things well.
Lighting is a perfect example. Solar lighting is pretty good for residential and could be useful for public roads, but instead of staying in its lane the left has destroyed this industry like they do most things. Selling people on solar being a stand alone power source was always nonsense and no one could give you a straight answer about future maintenance because they simply did not know.
Additionally, these huge solar fields destroy the environment and habitat for countless animals. So the same movement that wants to stop timber harvesting because environment, has no problem destroying acres of forest and field for panels, with not process to replant.
Lighting is a perfect example. Solar lighting is pretty good for residential and could be useful for public roads, but instead of staying in its lane the left has destroyed this industry like they do most things. Selling people on solar being a stand alone power source was always nonsense and no one could give you a straight answer about future maintenance because they simply did not know.
Additionally, these huge solar fields destroy the environment and habitat for countless animals. So the same movement that wants to stop timber harvesting because environment, has no problem destroying acres of forest and field for panels, with not process to replant.
Posted on 1/29/24 at 10:26 am to SouthEndzoneTiger
quote:
I admit my ignorance on this subject, but if it only cost him 5K out of pocket then isn't his statement true and your false?
No, it just means you're stupid. The panels cost $30k and will never yield $30K+ in savings. When the government wastes tax dollars to supplement the costs - it's a "good deal" to the person receiving the handout but an overall waste of money because the total cost exceed the benefits.
Once the government stops subsidizing them, no one will buy them, because they are a waste of money.
Posted on 1/29/24 at 10:26 am to KLSU
quote:
What happens when you need a new roof when you have solar panels mounted on it?
The green energy zealots would like you to believe that it is easy and cheap to remove these and reinstall, but they are not.
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