You have to spend money to save money - or - Have you lost what was left of your mind?
We have been debating installing solar panels on our home for 6 years. When we were building we spent a lot of time researching and discussing installing them at construction. The price of the panels, batteries, and labor to have this done didn't seem to off set the price of energy saved.
Well 6 years later with debut of air conditioning units which use solar energy eliminating the need for storage batteries, the discussion has been reopened. With dealer rebates, state rebates, state tax credits and federal tax credits the return on investment is looking much better.
Yesterday I meet with an energy consultant and he is guiding me with the purchase and rebate decisions. The problem is you have to pay for the cost of everything at the time of installation. You receive the rebates and tax credits over the course of a few months. So, do I use money I have in an Individual Retirement Account and hope I can replace it with the rebates in a timely manner to avoid the early withdrawal penalties and tax liability? I do not want to put anything on the credit card I almost have paid off. So I chased this squirrel in my mind all night. Get the solar at a great final price and risk messing up my IRA, or just a loan and pay it with the rebate, use the infamous credit cards and pay them with the rebate?
goal #1 - going green - ??????
goal #2 - becoming debt free - I just don't know
goal #3 - enjoying the good life - I have The Headache
Where is a financial guru when you need one?
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