Go Into Debt For Solar Panels?!

Go Into Debt For Solar Panels?!

Go Into Debt For Solar Panels?!
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Jacob Paulson says:

Pay more to own nothing or pay less to own something through a loan? I'm going with paying less money per month and owning something at the end of it. This goes for houses AND this goes for solar panels. Dave Ramsey isn't seeing this correctly.

Full disclosure: I started working part time at a solar installer this year because I went back to school full time for my master's. I'm not a Dave Ramsey specialist either. I went into debt for my undergrad and for my condo, but I live a frugal life. I value not going into debt, but not as strictly as Dave Ramsey.

If going into debt for a home makes sense, then going into debt for solar makes sense. (In this case it was a scummy salesman and a bad deal.) For example, right now interest rates for a solar loan are as low as 1%. Inflation is targeted at 2% by the Federal Reserve. If they meet that target, it is a negative interest rate, which means that you are making money off the loan just by that part itself. However, my main point is that if you are paying less for 100% solar coverage than you are for 100% utility dependence, then how is it different than purchasing a home rather than renting? I would honestly ask a client to really consider if they think that they cannot better invest their money in something else (S&P 500 average 9.8% growth in any 30 year period), or spend the money on their house (probably around 4% interest) if they have the cash to buy straight up. We offer a cash discount, but even then I'm not sure that it is worth it when you are considering the time value of money.

Anyway, IDK how effective it is to comment on this channel, but I do think that he is unaware of how this makes so much more financial sense to create your own energy even if you need a loan rather than pay more to own nothing.

Mark Williams says:

If this guy bought that solar power system the salesman would have been laughing all the way to the bank!

andres sainz says:

Full disclose, I am a solar salesperson in Southern Texas.

Why would you, Dave Ramsey, recommend to pay cash for solar panels?

You teach your students to buy their homes as soon as possible, and with as little money as possible so they could stop paying rent.
An electric bill is something people pay their whole lives regardless; so it is an indefinite, and undefinable expense, due to inflation. JUST LIKE RENT.

So if it was possible to replace another indefinite bill with one you can pay off, why wouldn't you advise that.

There are solar banks that fund solar projects at .99-4.99 interest, for 0 down. Often the payment on these notes, are lower than the electric bill they are already paying.

When you go into an investment for 0 down and it is profitable from day one your ROI is infinity.

When you pay for things cash then you will actually have to calculate an ROI and determine if it makes sense or not. Buying solar, Cash, does not make sense. I agree with you on that.

Edy Coyote says:

He makes 260000 a year and cant just buy them outright? Ok….

Carlos Jones says:

The salesguy was shady as all get out. $82,000 for solar? Hahaha, no. No system should cost that much. at most a 20kw cash system should be $70,000 average is $60,000. Anything more than a 7 year payback is garbage.

Ofelia Marino says:

Solar panels are biggest mistake we have made. Electric companies still want their $, we thought the panels 60k+ still leaves us with annual 3k electric bill from Pge

Jack is not in the box says:

You're not counting the solar panel maintenance costs. Those things are gonna break down during those 8 years.

ElJorro says:

Trust me…transparent solar panels are going to be huge.

Maienduo Nava says:

Many Americans have furneralized their common sense brother many years ago and adopted Mr I want it now.

Giovanni Socci says:

Thank you,Dave.
I almost went into a 74,000.00 debt to install solar panels on my 203k home,
I seriously believe that some companies are ripping people off,they know how to play with the numbers,is only when you read the contract that you can see how awful the deal is,and how long(25 yrs in my case) ot takes to start enjoying free of charge energy.. 25 yrs paying 260.00 a month,NOT for me.

Carleen Shaw says:

NONE!! 😁 some of these callers REALLY make me happy that this is via phone calls and youtube because I would probably be catching cases every other call😂😂

Elizabeth Page says:

Costs for solar will probably go down in the future. Pay cash

Lance Beare says:

Oh Jesus…Why ask DR on how to invest your $, do you ask your mommy who to marry?
How DR has so many 'followers' is mind "bottling". BTW, $82k -26% is $60k, not $69k. And his payoff is likely 8-10 yrs, that's smart, it's not a luxury item.
So DR got in a financial mess, and that makes him a guru!??
Now he says NEVER borrow money (except for a home), that's equivalent to your first romantic relationship not working out, so better not ever try that again…moronic.

Lance Beare says:

Oh Jesus. Why ask DR on how to invest your $, do you ask your mommy who to marry. How DR has so many followers is mind "bottling". BTW, $82k -26% is $60k, not $69k. And his payoff is likely 8-10 yrs, that's smart, it's not a luxury item. So DR got in a financial mess, and that makes him a guru!??
Now he says NEVER borrow money, that's equivalent to your first romantic relationship not working out, so better not ever try that again…moronic.

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