OT- The Finance Thread

[Drunkard]

Got approved for a pretty nice balance transfer card today through Chase. Much better limit than the last transfer card from Discover. This one, coupled with an offer through my HSBC card, should have me paying no interest on the remainder of my CC debt until it's paid off. It's amazing how fast debt can pile up, and even when working diligently at it, you can still struggle to pay it down while still trying to live your life. I'm feeling a lot better about my finances than I was this time last year. B-) I'm glad I took the shot in the dark at going back to school last fall, even if it cost me financially. My risk paid off.

That's great man. I'll be looking for a balance transfer card in late summer because interest will start to accrue on the loan for my solar panels in September. I hope to get approved for the whole 17 grand even though I should have 5 grand squirreled away by then to pay a portion of it due to tax credits and stowing away my power bill savings. My insurance company offers good credit card deals for balance transfers every 3 months or so and I'm hoping to get another offer this summer that I can accept in August. Then when the 15 months of free interest expire going with the Chase Slate card as the next choice and hopefully having the balance paid off at that point.

[darksabre]

Had credit karma recommend me a zero % balance transfer card with an estimated savings of $1200. So, I thought sweet! But it turns out after doing 3 seconds worth of math, they were figuring off of my minimum monthly payment. When I entered in the actual amount that I pay per month, the savings over the life of the debt was $13. Not worth the time. But, I do appreciate their recommendations.

:lol:  Yeah, transfer cards really don't offer much unless you're like me and sitting on a decent amount of debt. 

 

That's great man. I'll be looking for a balance transfer card in late summer because interest will start to accrue on the loan for my solar panels in September. I hope to get approved for the whole 17 grand even though I should have 5 grand squirreled away by then to pay a portion of it due to tax credits and stowing away my power bill savings. My insurance company offers good credit card deals for balance transfers every 3 months or so and I'm hoping to get another offer this summer that I can accept in August. Then when the 15 months of free interest expire going with the Chase Slate card as the next choice and hopefully having the balance paid off at that point.

Solar eh? What size system did you get? 

[Drunkard]

:lol:  Yeah, transfer cards really don't offer much unless you're like me and sitting on a decent amount of debt. 

 

Solar eh? What size system did you get? 

 

To be honest I'm not sure although it's all in the paperwork. It's a PV system with 12 panels on the back of my roof and it's tied into the grid so they also set me up with a separate meter through my power company for when the panels generate more energy than I can use. They also installed some sort of uber insulation in my attic that's kind of like nearly indestructible aluminum foil. Between the slightly lower bills and the separate bill that shows what I sold them, I'm probably saving about $50 a month on average so it saves me about 1/3 of my bill. It would never be worth it without the tax incentives. Thanks to a 30% Federal tax credit and 35% NC Credit (although that one will probably take me 10 years to recoup where I'll have my entire Federal credit in 2 years) the system should pay itself off in about 7 years.

 

That being said I wish I had asked for more panels since I assume they are cheap compared to the labor of installation and electrical wiring. I would've much rather spend more on a system that would cover 90-100% of my power bill but I'm limited by my income on how much I can write off each year and what I can get back in tax credits.

[darksabre]

To be honest I'm not sure although it's all in the paperwork. It's a PV system with 12 panels on the back of my roof and it's tied into the grid so they also set me up with a separate meter through my power company for when the panels generate more energy than I can use. They also installed some sort of uber insulation in my attic that's kind of like nearly indestructible aluminum foil. Between the slightly lower bills and the separate bill that shows what I sold them, I'm probably saving about $50 a month on average so it saves me about 1/3 of my bill. It would never be worth it without the tax incentives. Thanks to a 30% Federal tax credit and 35% NC Credit (although that one will probably take me 10 years to recoup where I'll have my entire Federal credit in 2 years) the system should pay itself off in about 7 years.

 

That being said I wish I had asked for more panels since I assume they are cheap compared to the labor of installation and electrical wiring. I would've much rather spend more on a system that would cover 90-100% of my power bill but I'm limited by my income on how much I can write off each year and what I can get back in tax credits.

I don't know much about the tax credit structure in NC but I'm surprised they weren't able to get you a system that could offer you 100% if your roof had space for it. The incentives up here have everyone asking us to max their roofs out. I suppose the price must be right in NY. I'm pretty busy designing systems all day long :lol:

[Tondas]

Does anyone here invest using Vanguard?

 

I have for the last 12 years.  Couldn't be more pleased with their products and customer service.

[Drunkard]

I don't know much about the tax credit structure in NC but I'm surprised they weren't able to get you a system that could offer you 100% if your roof had space for it. The incentives up here have everyone asking us to max their roofs out. I suppose the price must be right in NY. I'm pretty busy designing systems all day long :lol:

 

The NC tax credit is 35% of the total bill but I can only write off half of what I owe in taxes to the state over the year. Based on my meager income I only owed about $1,400 in state taxes last year so I only got a credit of $700. My system (including the insulation) and installation ran $17,300 so I'll be able to write off $6,055 in NC taxes but based on $700 per year it's gonna take me 8.65 years to see all of that money. Supposedly the panels are made in NC though so I'm guessing they aren't as cheap to buy as the Chinese ones they sell online for dirt cheap.

[Weave]

I don't know much about the tax credit structure in NC but I'm surprised they weren't able to get you a system that could offer you 100% if your roof had space for it. The incentives up here have everyone asking us to max their roofs out. I suppose the price must be right in NY. I'm pretty busy designing systems all day long :lol:

 

Why didn't I realize that is what you were doing?  We may have to talk next year......

[darksabre]

Why didn't I realize that is what you were doing? We may have to talk next year......

It wouldn't hurt to start kicking tires now. Talk to a rep at my company and have us see what we can do. There a lot that I don't even fully understand about incentives, but they're lessening every year.

[Weave]

It wouldn't hurt to start kicking tires now. Talk to a rep at my company and have us see what we can do. There a lot that I don't even fully understand about incentives, but they're lessening every year.

 

the plan is to sell our place next year and buy/build out even further into nowhere land. 

[darksabre]

the plan is to sell our place next year and buy/build out even further into nowhere land.

Nice. Pro tip then: build something with a clear south facing roof if you want a roof mount.

 

The other option is pick a piece of land with some space for a ground mount. We don't charge for trenching for the first 150'. You could also consider having a detached pole barn and have a properly sized sub panel installed when you build it.

 

A clear view of the southern sky and some good planning and you might never have to pay an electric bill.

[Weave]

Nice. Pro tip then: build something with a clear south facing roof if you want a roof mount.

 

The other option is pick a piece of land with some space for a ground mount. We don't charge for trenching for the first 150'. You could also consider having a detached pole barn and have a properly sized sub panel installed when you build it.

 

A clear view of the southern sky and some good planning and you might never have to pay an electric bill.

 

When the time comes I will be choosing between a solar array and a wind turbine.  I might be better off with the turbine here.  I've been reluctant to contact a solar company because they all seem kinda shady to me.

 

You wouldn't take advantage of little old me, would you D4rk?  *winks*

Edited March 29, 2016 by We've

[darksabre]

When the time comes I will be choosing between a solar array and a wind turbine. I might be better off with the turbine here. I've been reluctant to contact a solar company because they all seem kinda shady to me.

 

You wouldn't take advantage of little old me, would you D4rk? *winks*

I wish I knew more about wind. I don't think the incentives are there to make it an effective option. Solar is really good right now. Most system components are warrantied for 20+ years and will likely last longer than that. The return on a PV system, especially one that is well planned, should be better than wind. No moving parts is a plus.

 

I'll be honest, a lot of the companies that operate around here are garbage. We're constantly losing sales to guys who like to over sell systems and then those customers get screwed when they can't deliver. There are a lot of new codes coming in to place this year too and I 100% guarantee our competitors don't have a clue about any of it.

 

I'm no snake oil salesman :p

[Drunkard]

I wish I knew more about wind. I don't think the incentives are there to make it an effective option. Solar is really good right now. Most system components are warrantied for 20+ years and will likely last longer than that. The return on a PV system, especially one that is well planned, should be better than wind. No moving parts is a plus.

 

I'll be honest, a lot of the companies that operate around here are garbage. We're constantly losing sales to guys who like to over sell systems and then those customers get screwed when they can't deliver. There are a lot of new codes coming in to place this year too and I 100% guarantee our competitors don't have a clue about any of it.

 

I'm no snake oil salesman :P

 

Where does a man go to find a reliable source for snake oil these days?

[darksabre]

Where does a man go to find a reliable source for snake oil these days?

I know a place... 

[Drunkard]

I know a place...

 

Ah yes, clean diesel. As sound a concept as clean coal technologies. Big business is such a noble venture, I have no doubt that it was merely an oversight and not some evil attempt to deceive. They are the almighty job creators after all. What could be a more altruistic motivator than that?