Should I Finance Solar Panels?

Should I Finance Solar Panels?

Lina is with us in tucson arizona hi lina how are you i’m jeremiah are you better than i deserve what’s up i am a little bit at odds with my husband my husband has been bit by the solar bug the solar boat i know that was a bug are those loose in arizona and sometimes uh no he is determined to get us to get solar and i disagree as it would result in a loan

Because we don’t have the finances to do it outright and your question is what how do i convince them it’s a bad idea why do you think it’s a bad idea it bothers me the whole idea of having a loan just creates more financial pressure and i feel like stressed and i’m the one that does all the books yeah so um it is i i believe in solar panels i endorse solar

Panel companies in several of our 600 markets that this show airs in and i am not against solar at all as a matter of fact the solar technology is greatly advanced over what it was uh 10 or 15 years ago and so the quality of it it’s like batteries in these battery operated cars you know the whole thing’s different than it was a few years ago the batteries wouldn’t

Last 10 minutes now they’re last you know for 300 miles same thing’s true in solar the efficiency has gone way up so they’re excellent products there is not an excellent product on the planet that i will tell you to buy with debt bad idea well wait a minute it pays for itself yeah over five years during which time the solar panels become worth zero they do not

Add value to your home there’s no market study that shows they add value to the home equal to their cost so the only way you make your money back is on savings on utilities and if you’ve got a five year or less break even period that’s a pretty sweet break even period on solar and the only way you invest in something with a five year break-even period is with

Cash yeah his biggest argument is that we’d be changing our 400 electric bill for a 150 loan no that’s not true is the problem because the value of the stinking things is going down you sell the house the loan is screwing up your house sale you’ve got a mess on your hands he’s only thinking about this month he’s not looking at the overall picture it’s a very

Bad analysis that leads people to finance solar panels don’t don’t do it i i agree with you i wouldn’t do it anything you want to add or no i mean that the biggest thing here is i i don’t know how much debt you guys have lena but i want you guys to realize that debt freedom is just a lifestyle that you’re going to live and that means we’re gonna figure out a

Way to pay for this thing in cash now i mean a sinking fund for six months that we put this money towards in order to pay for that in cash that’s the only way i want you to get these solar panels

Transcribed from video
Should I Finance Solar Panels? By The Ramsey Show – Highlights