$49,000: Solar power sticker shock for Del City couple
The cost of going solar is causing sticker shock for one Del City couple.
DEL CITY, Okla. (KFOR) - The cost of going solar is causing sticker shock for one Del City couple.
Jim and Cheryl said they were promised lower energy costs, only to wind up with a contract costing much more than they bargained for.
Solar panels cost a little more money up front, but mean significant savings on energy bills over time.
At least, that's what the salesman said to Jim and Cheryl when he knocked on their door.
Lured with promises as they move towards retirement, the deal seemed too good to let slide.
However, the couple said once they signed on the dotted line, they learned the actual cost of their solar panels was nearly $50,000, financed through a long-term loan and spread out over 25 years.
But, the solar panels aren't even working yet.
"The cost is [$49,907.52], almost more than we paid for our house, [but we were told] eventually we wouldn't have an electric bill," said Cheryl.
"I can't afford to pay on something that's not working. My electric bill is going up, this is supposed to help it go down," Jim said, adding that a neighbor told him to call Channel 4.
The couple's solar panel dreams were sold by a company based out of Arizona.
Jim and Cheryl said they were also promised free equipment, rebates, and monthly payments upfront, but they haven't seen any of it.
Instead, so far, they've pulled almost four thousand more dollars out of their pockets: fixes for an installation they were told wasn't done right in the first place.
"It's my fault because I never should have gotten in to this. But they don't tell you how much it is until you sign papers," said Jim.
After KFOR contacted the solar company, a sales representative called the couple back about their concerns and sent a technician out to inspect their equipment.
The company claims they'll work with the couple to fulfill their obligations and make sure the equipment is functioning properly.
Some homeowners may qualify for a federal tax credit for residential solar energy.
According to the IRS, The Residential Clean Energy Credit equals 30% of the costs of new, qualified clean energy property for homes, installed anytime from 2022 through 2033.