SolarUP San Gabriel Valley has produced some of the lowest rooftop solar rates ever seen by Pick My Solar’s online marketplace. It’s time to backup this claim. Before we take a look at three different pricing sources to see how the numbers pan out, let’s review a simple term. Price Per Watt or PPW represents the cost of one installed watt of solar. This is a typical term used in the industry to compare system costs between different system sizes. A Price Per Watt of $4.00 for a 6,000-watt (or 6 kW) system would cost a total of $24,000 ($4 * 6,000-watts). For this example, we’ll look at three 6kW solar systems assumed to completely offset a $150/month electric bill and financed with a 2.99% loan. Let’s begin:
1. The California Energy Commission (CEC) reports that the average system cost is $5.26/watt.
6kW system cost: $31,560
Post tax credit cost: $22,092
Payment for 12-year term: $183/month
Day-1 Monthly Savings: -$33
25-year Savings: $56,057 (utility rates will go up, and system will eventually be paid off)
2. SolarCity does not have price variations per project. Their base cost for all projects, regardless of system size, is $4.22/watt.
6kW system cost: $25,320
Post tax credit cost: $17,724
Payment for 12-year term: $147/month
Day-1 Monthly Savings: $3/month
25-year Savings: $61,241
3. SolarUP San Gabriel is offering locked in group purchase pricing of $2.98/watt.
6kW system cost: $17,880
Post tax credit cost: $12,516
Payment for 12-year term: $104/month
Day-1 Monthly Savings: $46/month
25-year Savings: $67,433
There’s a few key takeaways here. First off, the CEC pricing of $5.26/watt indicates that there are some solar companies charging outlandish rates for systems and likely pocketing very large margins. Pick My Solar has never seen a solar bid near that cost from thousands of bids by over 100 different installers. In other words: buyer beware. There are some bad eggs out there in the solar market. Second, SolarCity’s pricing is not very competitive despite their large footprint. In fact, their nationwide footprint and vertically integrated operations is likely the cause of the high costs. Third, the rates secured by the SolarUP group purchase program is significantly more competitive than the market. A 15-minute no obligation phone call is all it takes to find out your costs and savings. Get Started!