Are solar panels a SCAM?! (The dirty secret!)

I have been asked on whether you should put solar panels on your house. Here is my opinion.

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Please consult your own professional or lawyer. I am not a financial advisor. These are my own opinions.

[stevev]

Putting Solar Panels on your roof is like buying a time share...DON"T DO IT ! Especially if you are leasing The only way I would have them is to put them on a tracking mount in the yard or build a ground support system. I would own the entire system and maintain everything about the system. These solar companies that lease these panels are taking people for a ride (and not the good kind).

[aleesut]

I'm that real estate agent with the vein popping on my head when people ask about solar panels increasing property value (people have actually pointed it out and asked if I was ok.) Solar company reps hate me for telling people more often than not solar hurts resale value rather than adding to it. Spot on, best advice ever, don't put them on the house. If they are dead-set on it, I usually advise building a backyard pergola or detached porch and use the panels as the roof to add a feature to the property that might actually increase resale value. For insurance, see about an umbrella policy rider, its usually a very inexpensive option for a whole lot of coverage for more than just the panels and most lenders are fine with it and I think that's actually required over a certain size of kW production in most areas. You didn't mention NET METERING, that can make the panels worth it if you produce more than you use, but they (FPL) are trying to take that away or greatly diminish it, so then you need to get a $10k-$20k battery backup (that will need to be replaced every 10 yrs or so) to avoid pulling from the grid at night and on cloudy days.

[stewartlv]

I’m out in Navarre and we just pay our monthly loan amount and our solar panels cover all of our needs our price doesn’t fluctuate at all. Couldn’t be happier when I hear people paying 200 plus.

[larryfine]

I've got the solar sharks chasing me now. Must be some heavy tax incentives out there for THEM. They can't make loans or lease arrangements right now due to rates. Now they want to be my generation company. Told them they can put the panels up only if ZERO cost to me. No lease, loans or kwh charges. They haven't been back.

[douglashammon]

As a Deputy Building Official/Chief Plans Examiner and Inspector here in Central Florida, I agree with everything you said in this video. Solar Panels have definitely become a "thing" here. I review all of the Solar permit applications and plans for our jurisdiction and I have to admit, I currently review more new Solar applications than any other residential permits.

[pointstar]

I had 28 panels put on. I had a new metal roof put on, and had a large solar company work with my roofing company. I told the solar company if the roofer doesnt sign off on your installation they dont go on, due to my roof warranty. Solar company did everything the roofer said. But it all worked out for me, it was cheaper for solar panels than FP&L in SFL.

[BSnydr]

I was just given 3 quotes for solar panels with battery backup. $90k-$130k. I would not break even until after the warranty has expired.

[marcos]

How can a $70k loan will save you money on an electric bill. ????

[anthonydooley]

Cash is the only way that I would do it, but I wouldn't do it. Electrical service is not so expensive that I want to mount ugly panels and wires and holes all over my house. At some point in the future, the panels will need replacing.

[PahlMoore]

I 100% agree with you. I would not buy a home with solar panels on the roof. You're right, how did those insurance companies slip that 15 year old roof change in there. I lived through Katrina and a few other hurricanes here on the Gulf Coast. Everyone who had their roof replaced after Katrina is now having to replaced their roof or lose their home insurance around here.

[lunatik]

Solar is worth it with NO tax credits. Tax credits are just bennies.
The problem is unscrupulous companies taking advantage of uninformed consumers.
Get any verbal guarantees in writing. If they won't, then it isn't a guarantee.
As always, invest some time and energy to investigate any major purchase.
Hire someone you know with experience as a general contractor for this task.
Solar usually pays itself off in 5-7 years.
If your terms are much longer than 7 -10 years, find another vendor.

[calvinreichelderfer]

I really appreciate your straightforward talk. I’m glad I never got solar panels. I believe the only people that profit from solar panels is the manufacturers and installers of the solar panels.
I don’t need a loan payment.

[scottgjerdingen]

I’ve tried explaining this to others, you did a far better job than I could have! 🙂

In my area, central FL, duke energy must be doing a good sales job, they are quite popular.

I just got a notice they are more than doubling my electric bill, maybe that happened to others & motivating it? I suspect many may be doing it for backup power vs propane powered house generator… which isn’t a horrible idea, but as you said, don’t put them on your roof…. But the local HOA won’t allow anything else.

Please keep speaking your mind, so far I haven’t disagreed with you, but even if I did, I enjoy your educated perspective 🙂.

Thanks!

[quincydavis]

Sounds very opinionated to me. I know people for all parts of the the USA who have went solar, and yes, the situations are different from the East Coast to the Midwest to the West Coast; however, this video is full of a lot of if's and but's and we all know the what comes with if's and buts (if they were candy and nuts, we all would have a merry Christmas). Most people report positive outcomes with their solar ventures. Of course noting in life if 100% and there is going to problems with every creation. What works for others may not work for you. I know a lot of people who have saved enormously by taking this route. Do more research and don't let one person make a decision for you.

[RoseV]

People are going Solar crazy in the Palm Beach area. Don’t know what they’re going to do. So many houses have solar now, it’s insane. I don’t think it’s worth it unless you do it yourself. Totally agree! I have knowledge in several business areas/aspects that have to do with this, so I completely understand. Thank you for explaining, adds to my knowledge. 👍☺️

[chrismaxny]

Our house is fully paid for and we went with a ground mount system. Yes it is supplying all the electric we use that includes a geothermal system, pool and electric car. The entire home is electric no combustion. We live in upstate NY. Payback is about 6.5 years at our electric rate. It was worth every penny with about a 15% yearly return that is non-taxable and safe. In fact there is a 15 year exemption from property taxes on the value added by the solar system which in our case is $52, 000. We paid for the system no loans. Never ever lease a solar system!

[PeterTea]

Thanks. As someone that is interested in putting solar up in south central Florida, it made me think about the potential issues. Interestingly I had a solar salesman knock on my door the other day. I decided to let him in to see what his pitch was. He said that solar adds about 4% to the value of my house. That my $165 FPL bill could go towards ownership of my electricity needs. There was a lot of information that he presented and some of it was good but there were things that he glossed over too. The final bill came out to $43k and after the 30% tax credit was about $30k for 9, 600 KW production. That’s quite a bit. The thing that ended up irking me in the end was that he asked if I wanted to see if I qualify for the loan, which I did but he wanted me to sign not to see if I qualify but also to authorize the installation. I got mad at him and told him that you did not explicitly ask if I wanted to move forward. Pretty shady. Then I went online to see what Tesla was offering for something similar and it was half as much! I probably won’t get it for the house we’re currently in because we probably won’t be here for more than a few years. That being said, I think it can work but you have to carefully navigate a rather murky maze of some rather unscrupulous companies in order to find something that makes sense. I would imagine that it would help a company like Tesla out since if they can’t do it well then who the hell can?

[CHICAGO-IL]

Thank you for showing the side sellers forget to mention.

[atomicdmt]

some very good points here! glad I hung thru the video. Groundmounts, however have other complexities: avoiding septic lines etc. and higher mounting cost overall.

[emmanuelgomez]

Solar has been awesome here in Vegas, definitely get more than you need. Haven’t had any issues since installing two years ago. Don’t see myself moving anytime soon. Loved the tax credit. I literally have nothing bad to say. We’ll see.