Phase 1 cost just under $20,000 and reduced the electricity bill to around $40 a month (not bad for a 2,700sf house in Texas) Phase two is going to cost about $22,000 for the house extension and another $27,000 for the panels.
Currently I get 11.5 cent per kwh produced up to 500kwh then 6.5 cents per kwh after that. Once phase 2 is complete I hope to be producing enough to put me in the commercial bracket then I'll get around 10cents per kwh for all excess power produced. So I will be looking for an income of around $100 per month. More as the cost of electricity rises. I also get a federal tax brake of 30% of the initial cost of the panels when I file my 2013 tax return.
The math does not make much sense until you take into account the low interest rates on savings. I figured the money would be better invested this way than sitting in a savings account earning around 1% per year.
Phase one was paid for in large part by metal detecting finds. The house extension will also be funded partially by just under $5,000 in the metal detecting account. Going detecting every day I'm home adds up even provides exercise.