Business ProfileforSouth Plains Solar

In August of this year, ****** a salesman representing South Plains Solar, contacted my daughter with an offer to install solar panels on the house she recently purchased in *************, **. ***** has been very cordial in our interactions. He described the costs and benefits to her and my daughter signed a contract for the install. ***** estimated a system based on the last two years of electric usage at the house. The previous owners were a family of four. They used about ****** kW/year and their average monthly electric bill was approximately $200/month. ***** also arranged a loan for my daughter for the install with a third-party loan provider called Everbright. ****'s team from South Plains Solar promptly installed the ****** kW system on my daughter's house and the system is running as advertised producing about 2.5 times as much energy as my daughter used the last month. The electric company will allow her to bank the credit, but will not pay cash back. Now that two months have passed, we have a fairly clear picture of all the costs and benefits we can expect.

The monthly interest on the loan is very how, however, there is a 30% financing fee charged by Everbright. Apparently, this is an industry standard. Therefore, my daughter will use the rebate to buy down principal on the loan and try to pay it off in about 18 years. After an initial period of about 17 months during which the monthly payments will be $170, the loan payments will go up to $230. As a result, my daughter will be paying $50 more per month for the next 17 years than she would be paying without the panels. She hopes to recoup her investment when she sells the house. We are also still waiting for ***** to provide instructions on filing for rebates and charging tenants. I'll update the review once that information is received. Based on our experience, it seems like the best way to benefit from going solar is if you can pay cash for the installation.