Thursday, April 2, 2009

Contract Signed with GroSolar

M.C. of groSolar was at our house for four hours on March 31. He spent some time looking around, measuring the roof and calculating sun exposure over the course of a year.

After that he wrote up a proposal. We'll do a 9.12 kilowatt system consisting of 48 panels -- 36 on the main roof and 12 on the garage roof.

It all looked good so we made a deposit and signed the contract. It will be installed by July 31 so we can receive our New Jersey rebate.

Here's how M.C. summarized the deal. It's a little 'rosy' and mixes apples and oranges (yearly SREC? yearly estimated energy offset?) but pretty much on the money. It made us feel all warm and fuzzy.

Photovoltaic 9.12 kilowatt Solar System

Cost ----------------------------------> $ 71,592.00

Less New Jersey Rebate ----------------> - 34,656.00

subtotal ------------------------------> 36,936.00

Less federal tax credit ---------------> - 11,080.80

Less estimated annual SREC revenue ----> - 5,700.00

Less estimated annual energy offset ---> - 1,922.00

Net cost after 1 year: ---------------- > $ 18,236.00

groSolar will:
- prepare all state grant applications
- Pull permits and schedule inspections
- Deliver equipment to site
- Prepare installation area for module installation
- Install modules and racking
- Wire array and run conduit to main panel. Pull wire through
conduit. Connect to mainbreaker.
- Install and program inverter.
- Provide owner's manual and one line diagram of system for client.


Jim said...

I'm consider solar for my home in NJ. I recently got a quote, but the math was very different. I'm looking at a NJ State Rebate of $1.75 per Watt and a Federal Tax Credit of 30% of the cost of the system. Are you under an older set of rules than currently in place?

dave c. said...

Hi Jim,

Yeah, we kind of got the best of both worlds. When we applied the New Jersey rebate was a whopping $3.50 per watt, and the federal tax credit was capped. Now we are taking advantage of the uncapped tax credit and were grandfathered in on the higher rebate amount since we were formally approved for it last August.

Apparently the rebate was even bigger than $3.50, or maybe that's urban legend.

Good luck!