Wednesday, February 23, 2011

System Cost

So, inquiring minds want to know...what did the system cost?

There are a number of ways of looking at that.....so I will just give the simple answer:

$9386.00 installed (out of packet expense)
Federal 30% Tax credit: $2815.80 (received during next tax cycle)
Maryland Grant 20% capped at $1500.00 (received later this year)
Needed a new water heater anyway and was looking at the GeoSpring ($1482.94)

Effective cost $3587.26
7 year payback

The complicated answer includes inflation and electric rate increase. (5.5 year payback)
The deceptive answer also includes your tax rate and treats the expense as an investment (I don't buy into this one <5yrs).

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