Value of energy
The value of energy your Solar Lounge™ is expected to produce over 30 years in the example above is based on the average price of electricity in Massachusetts, adjusted for inflation by 2% annually. Your ability to realize the full value depends on your home’s electricity usage, amount of energy storage available, and utility regulations on solar in your area. A more detailed and personalized estimate will be provided within a proposal. Electricity price estimates are sourced from the Energy Information Administration.
Pie chart estimated savings are based off of the average monthly electric bill in Massachusetts sourced from the Energy Information Administration.
Cost of Solar Lounge™
The estimated cost of your Solar Lounge™ includes materials and installation. Taxes, permit fees and additional construction costs such as significant structural upgrades are not included. The Solar Lounge™ cost above is based on a structure size of 15.5 ft. by 19 ft.
The 30% Solar Investment Tax Credit applies to the cost of the solar panels and associated solar energy equipment. To receive the full tax credit, you must have federal income tax liability that’s at least equal to the value of the tax credit. This credit may be carried over to future tax years. Additional state, local or utility solar incentives may apply. For the above calculation, Massachusetts incentives are included. Contact us for more information on incentives offered by your state.
Monthly loan payment
Customers can choose to finance their Solar Lounge™ through their home mortgage. The loan amount is equal to the total Solar Lounge™ cost, less the estimated 30% federal tax credit and any additional state, local or utility solar incentives. The monthly loan payment is amortized over the selected loan term at the selected interest rate. EcoLounge is not a mortgage lender. Values depicted above are for illustrative purposes only.
Mortgage interest deduction
A benefit of financing a Solar Lounge™ through a home mortgage is the tax deduction customers may receive on their mortgage interest. This value decreases over time as the mix of principal and interest paid per month shifts. The value of the mortgage interest deduction will vary depending on customers’ tax rates and individual financial information. This is not tax advice. Please consult your tax advisor.
Increased resale value
The patio cover home improvement value is based on the estimated typical patio room home resale value increase and the home value increase of solar. Home value increases on average by $20 for every $1 reduction in the annual utility bills, according to the Department of Housing and Urban Development. Solar homes also sell 20% faster and for 17% more money than homes without solar, according to the National Renewable Energy Laboratory. Outdoor patio improvement value is based on an average return on investment for traditional sunroom structures sourced from Remodeling.
Warranty and specs
All warranties and ratings apply to the United States only. Weatherization means that there will sealant applied to the canopy; however the walls are not sealed.
Solar Lounge™ customers will be installed based on when their order was placed. Installations performed by EcoLounge, or a certified third party installer.