The Instant, Interactive Solar Estimate
How to Win Friends and Influence your Neighbors with our Outstanding New Feature
Welcome to this overview of my new favorite Geostellar feature: The Online Estimate!
Why is this feature so important? It organizes the powerful information embodied in the Solar Profile into a clear, compelling overview of the benefits of solar energy unique to each individual home.
While the Estimate looks and feels like like a custom-designed proposal, it is automagically generated by the big-data geomatic engine running simulations, crunching numbers and building models behind the scenes. By adjusting a few simple settings, such as the utility bill, number of solar panels or financing terms, you can compare solar energy plans and pick the one that best meets your needs.
Let’s tour an Estimate. You can follow along by looking up your own address. Start by selecting the Go Solar path from the Solar Club partner page:
After entering some basic information, you’ll arrive at your Estimate. This one is for a home in White Plains, NY.
The cover page shows the power capacity of the solar energy system (13.44kW), the total savings potential over the expected life of the system ($169,945), how much of the household energy needs will be met with the solar energy system (100%), the financing term (20 years) and the down payment ($6,590).
The next page provides a summary of the energy, economic and environmental benefits.
In most cases, over the life of the system, solar energy will provide a high degree of energy independence, financial savings and greenhouse gas reductions.
The third section covers the solar energy system itself. A solar installation consists of three primary components: solar panels, inverters and racking. Selecting the right equipment to meet the unique needs of the home is critical.
In this case, the solar panels presented are 280 Watt black-on-black panels manufactured by Trina. Black-on-black panels are preferred by many homeowners as sleek, stylish and more aesthetically pleasing than bluish cells with metallic frames. 280 Watts is a standard power density. As long as the panels fit on the roof, this is a good selection. If it turns out there is not enough space for 48 panels, a higher-capacity solar panels should be considered.
SolarEdge is a leading global centralized inverter with panel-level optimization. SolarEdge products are excellent for almost any application. Some models can be upgraded to provide battery storage for continuous power when the grid is down.
Ironridge XR100 is a preferred racking and mounting solution for most sites. In the case of flat roofs, ground mounts, slate roofs and other materials, an alternative wracking system will be selected.
Next up is the financing page, which provides a detailed analysis of the cash-flow benefits of going solar with a 20 year loan.
In this case, the cost of electricity for the household in White Plains is $365.45 a month without electricity. By financing the installation over twenty years, the cost drops to $303.60 a month. With an energy inflation rate of 4.2% for utility grid power, locking in a monthly amount will lead to a great deal of savings.
These types of loans are typically split into two loans. One is the long-term loan, and the other is an 18-month no-interest-no-payment loan that will be repaid out of the rebates and tax credits.
The only issue for the homeowner might be the down payment. This is such a large system that it exceeds the maximum financing amount, so the financing requires a $6,590.90 down payment. If this amount is not available to the homeowner, the system size can be trimmed to reduce the down payment.
Finally, we arrive at a summary of each individual year over the life of the system.
Because of the incentives in the first year, this homeowner will receive an extra $1,357 for generating electricity. The first year savings is estimated at $5,826. Not only do they save money, they actually make money.
After that, the annual savings is between around $1,000 and $5000 until the loan is paid off in year 20, then the savings jumps to $9,000 in year 21 and rises to $12,000 a year because the energy generated by the solar panels is now free.
A great feature of the estimate is the ability to save a version, adjust the settings and then compare different options.
The save button is in the top right corner of every section. Once you’ve saved, go to the Solar Profile Settings.
Almost anything can be changed with on the solar profile settings, including the type of solar panel, the system capacity, the financing terms and the utility rates. Let’s change the system size and financing terms to compare.
Here are the original settings being the initial estimate:
Now, let’s drop the number of panels until the down payment is reduced to zero. Instead of 48 solar panels on the roof replacing 100% of the electricity needed for the home, the model shows 35 solar panels generating enough energy to replace 72% of the electricity needs.
With a smaller system size and less energy offset, the homeowner would save $129,044 over the life of the system, rather than $169,945. Let’s make one other change and then return to compare the two estimates.
The initial estimate was based on a 20-year loan.
Let’s switch it to a 12 year loan.
We can view the new estimate, save it, then return any time and compare as many different estimates as we want.
The new 12-year loan estimate with a smaller system has less total savings, but no money out of pocket.
The finance summary shows the 12-year loan can save the homeowner money from day one with no money out of pocket.
Because less of the grid electricity is replaced with solar, there is still more of a conventional utility bill.
The annual finances look like this:
In this case, the solar payments end earlier, and there is no money out of pocket, but the total savings is less compelling than the 20-year financing.
You can try out various combinations until you find the sweet-spot in monthly savings, annual savings, savings over the life of the system and affordability of the down payment.
Whenever you discover the system size and financing terms that best meet your needs, simply accept the estimate.
You’ll be contacted by an expert solar guide, who will schedule an visit to your home by an installer, arrange the financing and support you on your solar journey.
Enjoy our new Online Estimate!
