August 2013 Net Worth Update (-3.24%)

Sep 03, 2013 @ 09:22 am by EMS

We are in a bit of flux period as we move forward with our solar installation.  We had to take out a loan to cover the majority of the cost, and we paid 60% of the cost to the installers this month.  A lot of that money will be paid back to us in the form of both state and federal rebates, so for the next 6 months or so, we will probably be reporting net worth values that are below the true values, however, I’m more comfortable doing that than putting in receivable amounts due to the slight uncertainty of those not coming through (very slight, I can’t possibly see how they wouldn’t at this point).  I’ve decided to add 75% of the system’s cost (after rebates) to the value of our home, so that is reflected below in our “house & cars” value.

So, with the cash outlay for the solar system, an overall down market over the month, summer daycare bills, and a few unexpected medical bills (broken arm), we are down a good bit over the month of August.  September should prove more fruitful, as all of the kids are back to school and that helps out financially.  I’m also taking on an additional teaching job that will provided a bit of extra income that I hope to put directly against our solar loan amount.

The solar installation has faced a few hickups this month.  The engineering report stated that we’d need to reinforce a few sections of our roof (additional cost) and then we found out that the solar panels that we had intended on installing have a 17 week backorder period.  We ended up going with a slightly less performing panel and now we can expect to produce 89% of our yearly usage rather than the previous 93%.  However, a final install date of October 6th was finally identified and now we at least have a schedule in place.

 

August 2013 Net Worth Image

2 Comments »

  1. I’m curious to see how the solar installation plays out. If you don’t mind saying, what region of the US are you located in? (Just wondering if you’re in, say, Arizona, or someplace with less continuous sun :)

    Also, (once complete) I think it would be interesting to detail the entire cost and compare that to your expected “gain.” I’m assuming you’re doing this mostly for ecological reasons, but it would be interesting to have a window into the financial side.

    Comment by Jared — September 12, 2013 @ 11:08 pm

  2. We are in the Northeast US. I hope to have a more detailed post up after the installation that details the numbers. It is about a 50-50 ecological/financial decision. We should recover our investment within 10 years (assuming today’s electric prices).

    Comment by EMS — October 1, 2013 @ 8:19 pm

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