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How Does Free Electricity Sound?? GreenAZ September 2008

 

September 2008

The savings on your Utility Bill could pay for a Solar Powered System.

APS is introducing a new loan for home owners to install solar panels to generate their own electricity:

The GEOsmart loan program means that for no money down, you can install solar panels and the monthly cost could be ZERO depending on the amount of electricity you use and the amount of sunlight that reaches your roof.

Here's how it works:

First find a licensed and approved contractor at www.egia.com/aps. Have the contractor calculate the right system for your home. Then plug in the numbers to the calculator and find out what your payments would be. Take your monthly electricity bill and, if the solar system can cover 80% of your electrical needs, calculate that number. If it is more than the monthly loan payment for the system then getting solar panels for your home is a 'no brainer.'

During the day when the system is producing electricity that you are not using, the meter actually runs backwards as your system sends electricity back to the utility company. This is a great way to increase your savings.

Typical numbers:

The installation for the average home is a 3KW system that costs around $21,000. This system triggers a $9,000 rebate.  (For more information on rebates go to www.aps.com)  This rebate can be used to pay down the interest rate to around 8%.  A 10-year loan would run around $160 a month and a 15 year loan around $125 a month. I know for our home that is well below our average monthly electricity bill.

Customers in areas served by SRP can still get loans and work with the approved contractors. The interest rates may not be quite as attractive as they are for APS customers. (www.srpnet.com)

Comment balloon 7 commentsPatrick Walsh • September 08 2008 08:22PM
How Does Free Electricity Sound?? GreenAZ September 2008
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September 2008 The savings on your Utility Bill could pay for a Solar Powered System. APS is introducing a new loan for home owners to install solar panels to generate their own electricity: The… more