October 2013 Net Worth Update (-2.82%)

Nov 03, 2013 @ 07:50 pm by EMS

October 2013 marked a decrease in our net worth by about $10,500, but it was expected.  We completed our payments for two major home improvements; the rooftop solar power array and the upgrade of our home’s heating/cooling system.  In fact, those two payments totaled nearly $20,000, so if you exclude those one-time events, we actually did quite well this month!

Both installations went quite well we haven’t experienced any buyer’s remorse yet.  We decided to upgrade our heating system when we realized that the solar installation would be about $3,000 less than budgeted and the fact that our old furnace was at the end of its expected life at 19 years old.  We went with a 17 SEER heat pump with a natural gas furnace for the days when it is too cold to run the heat pump.  We’ll get a $450 rebate from our power company for the heat pump, plus there is a federal tax credit for the upgrade as well.

We paid two payments towards the home equity loan that we took out for the updates in October.  In November, I expect to receive our state rebate for the solar system (about $7,000), and with that, I will pay the January, February, and March ’14 payments.  In March, we should receive our rather sizable Federal Tax Rebate for the solar system (30% of the system cost), and with that, I plan on putting all towards the loan (along with any remaining from the State Rebate), and refinance the loan to a new 5-year term.  That should get our monthly payment down on the loan to something that I’m much happier with.

October 2013 Net Worth Image

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