We had a 14.8 Kw system (40 panels) installed in March. We did finance through the solar company for 15 yrs at 1.9%. Total installed cost was $55k.
Our monthly savings has been just about what our loan payment is, $242. However, they assume that you will apply the federal tax rebate toward the loan principal within 18 months. If you do not, they reamortize your note for the full amount and your payment will go up accordingly.
Our system was sized for 80% of our utilization, and it seems to be right on par with that. So we do still pay some amount each month, but as stated we basically break even with the loan for the system. As energy prices continue to rise (our local utility just announced a rate hike!) the economics will only get better. And after the system is paid for, it's all gravy. Plus it adds to the value of your home.
One misconception I had was that we would still have power if the grid went down. But it doesn't work that way. The system shuts down if it detects that the grid is down so that we aren't energizing the lines while linemen might be working on them. You can have a totally off-grid system with batteries but it's an additional cost. That wasn't my primary interest so we chose not to.
The batteries are extremely expensive (another $20-30k for our system). If we wanted a true backup system, we would be better off looking into a whole home generator instead.
We had an extremely cloudy and rainy spring this year and now the temps are over 100 for the past week, so I don't think we've seen the full potential of what the system can do yet. We have 2 A/C units and they run pretty much non-stop right now. I'm hoping for a clear and cool fall to see how low my utility bill could be.
