Thread by @ricardodallen

Did you know there's a way to switch to Solar and have the banks pay and you save?

I am saving J$45K monthly by switching to solar. It cost me J$3.5M upfront, BUT the bank is paying for it, and I keep the savings.

The Sun is free. This is my story, folks! #Thread

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Imagine opening your JPS bill, and you owe a whopping J$77,026.40. That's was me last summer. This was close to twice my average.

Solar seemed complicated. Kilowatt hours, inverters, batteries, all Greek. But with my JPS bill through the roof, I HAD to Maths it out.

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Here's the key: Buy enough solar panels for day consumption and batteries for the night. I ended up with 17 panels, 1 inverter, and 2 batteries.

The price tag? J$3.5M. I went the bank, borrowed at 10% (J$350k annually or J$30k monthly), and paid the solar company in full.

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But here's the kicker: My JPS bill was J$75K per month. With a bank loan, I'd be paying J$30K monthly, less than HALF my JPS bill, and pocketing the difference!

In total, I'm saving J$45K monthly. That's J$540K/Year! That initial fear of the solar setup cost? Worth it.

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You might be in the same boat I was.

Let's say your bill is J$25K/Month.

Here's a quick math:
Estimate Consumption (KWH/Month): 300 KWH
Monthly JPS Bill: J$25k

Setup: 1 Inverter, 1 Battery, 5 Panels
Estimated Cost : J$600K
Interest: 10% or J$5K/Month

Saving: J$20K/Month

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Beyond personal benefits, widespread solar adoption would also positively impact Jamaica's foreign exchange rate, reduce our dependence on oil and gas imports, and help with our Balance of Payments deficit. #GoSolar #Jamaica

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Let's be proactive. Let's harness the power of the sun that shines on us for most of the year. It's time for #SolarEnergy. Let's make the banks pay for it if the cost of financing it is less than the monthly bill currently. Let's make the change! 🌞🔋🇯🇲

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Note: In the long run, there will be a role to play for JPS in terms of power backup and effective insurance against any short-term changes in the weather. To do this, JPS would need to maintain their infrastructure and hence would need some payment. BUT win win for everyone.

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Think about this, Jamaica. By the nation replacing their current energy with solar, we pay less, yes, but our Govt wins too! They have a stake in JPS, which means the government earns revenue. But here's the catch: With the big savings from solar, people more cash to spend.

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The multiplier effect in action: More economic activity means higher tax revenues for our government. So we're not just saving money and the environment, we're also helping to build a stronger, greener Jamaica. Let's do this together! 🇯🇲💚 #GoSolar #GreenGrowth

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This is an app that you get with the installation, too. It helps you to track your production, your consumption, and the battery being charged.

It also has another benefit (cost)... I'm now very energy conscious to the point where I am now getting in trouble with my wife! 🤣

NHT Giving 20 Years for Solar:

We should lobby the government to allow new home owners to access this along with those who are owners below 15 years. It would be a cool benefit and drive a green economy.

https://twitter.com/ricardodallen/status/1667996342361157638?t=pz87sRkVNrs4E2UqKulHFg&s=19

Assumptions for my #SolarJamaica argument:

You can access a bank loan.

The cost of financing is less than your current JPS bill. It's time to change how we view financing solar. Banks offer 10-year car loans but hesitate on solar loans. Why? 🤔

When calculating your debt service ratio, your electricity bills are factored in. So, shouldn't banks lend to lower this expense? It's a win-win! The upfront cost of solar might seem intimidating, but the long-term savings are substantial.

The first step is increasing solar financing options, starting with the NHT. Their current policy restricts solar loans to borrowers with loans taken out 15+ years ago. This needs to change to allow new and existing homeowners to benefit. Keep me honest if I get this wrong 🏡☀️💰

The @TheNHT must consider revisions to facilitate new and existing homeowners to benefit from solar loans. Adjustments would need to consider NHT's fund size and actuarial calculations. Obviously we want to manage this. But isn't it worth exploring the potential impact? 🌍

Transitioning to solar means a greener economy, more disposable income, and could stimulate economic growth and tax revenues. The government might lose some JPS revenues, but the overall net benefits like a sustainable energy source and FX rate impact outweigh the costs.

The time is now. We need change, and we need it together! Let's make #SolarJamaica a reality, not just a dream. It's a bright idea whose time has come. ☀️🔋🏠💡🌍 Together, we can make Jamaica an example of sustainable, renewable energy adoption for the world. 🇯🇲💪

Sun is free!