AES Offers $8,899 SunPower Solar Starter Kits
Alternative Energy Systems [AES] has launched of SunPower Solar Starter Kits, which the Company said will “make switching to solar power easy and affordable for Bermudians.”
The kits feature solar cell technology, include all necessary equipment and installation, which AES said will result in immediate savings on homeowner energy bills.
“The 1.44kW system will produce approximately 2,000kWh of energy per year, and requires only 80 sq. ft. of roof space. The kits start at $8,899 for first-time buyers of solar energy,” AES said.
“The SunPower Solar Starter Kit includes six SunPower 240watt AC panels, a SunPower web-based monitoring kit, a Belco Net Meter, complete installation and all government fees and permitting costs.
“The solar panels feature SunPower Maxeon solar cell technology, which captures up to 50 percent more sunlight and conducts more electrical current than conventional solar cells. The panels feature an industry-leading 25-year warranty.”
The monitoring system allows homeowners to keep track of energy production in real time from anywhere in the world using a computer or smart device.
Tim Madeiros, CEO of AES, said, “The SunPower Solar Starter Kit is designed to make it easy and cost-effective for homeowners to adopt solar power. And with financing options with Butterfield Bank, the Belco buy-back programme and government incentives, it makes sense for homeowners to switch to solar.
“We are excited to make this offer as part of our commitment to provide Bermudians with renewable and non-polluting energy services and to help them own their power.”
Mr Madeiros also states that solar power is an eco-friendly solution that perfectly complements other green initiatives such as electric cars and offers this scenario: “If you’re thinking about purchasing an electric car, a SunPower Solar Starter Kit will generate enough energy to offset the electricity required to charge the car at night so you can drive green on free energy for life.”
The introductory $8,899 price will be offered through the end of August 2012 and is a one-time only offer for first-time buyers. Prices may vary depending on conditions.
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Forward-thinking initiatives like this will help Bermuda distinguish itself from other islands. And think of the competitive advantage for Bermuda’s economy if energy costs were reduced via use of solar energy. Office buildings and hotels could eventually lower their operating costs.
However, you have to wonder if the Government of Bermuda (collecting hefty gas import revenues) and BELCO, servicing the current energy infrastructure, are really behind this.
Seeing that government will also pay a subsidy of $1440 for every installation i would say that the government is behind it.
Any amount saved on fuel is less foreign currency imported. More money in Bermuda.
Actually Bermuda is a bit behind other islands… I have been to St. Lucia and vitually all houses have solar water heaters… I believe there is legislation in Barbados regarding solar panels.
However it is a good start.
Hmm, no mention of the payback period which would be important if I am going to drop $9,000 on this. I would guess around 15 years, not a really good investment. I don’t really see the need for a web or mobile application to see what is being generated. Seems like a gimmick to me.
Lets have some real data folks.
At TK I hope you reconsider your thoughts. People spend a 3 and 4 times that amount for a car that doesnt come with a warranty past 3 years. If we go with your payback of 15 years and the Solar Warranty is 25 years, that is 10 YEARS that you have a reduced Belco Bill. If you save $100 a month (your savings will be more than that by the way especially if you monitor your high energy guzzlers with computer software), you save $12,000. That may not be a lot to you, but investors and the everyday people can do a lot with that amount of money.
Remember…this is just the basic package. Hope you have a rethink!
i’ve always been interested, seems like the way of the future. Im a first time home owner and wish i could afford this…..give me some options…..layaway………payment plan………barter?
The article says that Butterfield offers full financing. That’s a great option.
TK needs to go back to math class. 2000kWh’s per year at $0.42/kWh is $840 per year. Cost of the system after Government rebate is $7459. if electricity does NOT increase for the next 8 years then it will payback in 8 years 9 months. If electricity does increase in the next 8 years then payback is obviously faster. Says the systems have a 25 year warranty so looks like a good investment to me.
Why not have an application that tells you what you produce? How else would you know if the system is performing!
Actually, I think the price is already inclusive of all government subsidies, but even if it isn’t; after 8 years and nine months, assuming it doesn’t blow off your roof, you will have saved the amount of money you spent to buy it. Only at that point do you start earning any kind of positive return.
As much as I’d love to see solar take off, it just doesn’t make much financial sense.
Id love to doit myself but when I enquired about cost of panels, plus installation and annual maintenance it wasnt financially worth it. However, this is a swing in the right direction. Good to see prices coming down. I might have to revisit the idea again soon.
“If electricity does NOT increase for the next 8 years then it will payback in 8 years 9 months.”
There is no possible way electricity will not increase & as conflicts in the middle east get worse we will see the fuel adjustment prices skyrocket on our belco bills. We need more competition like this in Bermuda to bring us out of the age of fossil fuels.
As Homer Simpson once said “Thank you Lord for Nuclear energy, the cleanest safest power in the world, well, except for solar which we all know is just a pipe dream.”
Homer was right, the return on this is ridiculous.
$8.899 not bad for starters. Well done lets get the ball rolling.
if you were to pay $2000 per month to rent a house and someone told you that you could buy it outright for $192,000 (8 years rent) would you not think that was a good investment? I would. The other option is to pay the $2000 per month anyway for 8 years and own nothing. Reading the article it appears that the cost is $8,899 not including the rebate, so that actual cost is $7459, can someone from AES confirm this?
3 cents has a point. 8 years payback is over 10% return on your money…what are the banks offering for interest rates?
@James S and Family Man, what’s “ridiculous” to pay belco’s ever rising rates, that’s what doesn’t make “financial sense”. when you own something that produces your own energy your cost are levelized and future electricity rate hikes only serve to make it more valuable. Doesn’t sound like a pipe dream to me.
Um, no, its not 10% on your money. For the first 8 years, you’re only get back your own money.
If you give me (lets say) 7,459 dollars and I promise to give you back $840 a year, for as long as this thing continues to sit on your roof, all I’m doing for the first 8 or nine years is giving you back your own money. It’s not like a bank deposit, where, after nine years you get the principle back.
That assumes you really are able to generate 2,000kwh of electricity every year. Most salespeople I know tend to exaggerate just a little bit.
And don’t forget, the efficiency of the solar cells will decline over time.
But if you think that’s a ten percent return I’m in the wrong business.
let me make this as simple as i can for you. when you pay $7,459 to belco for energy you get nothing (0%) of it back, as opposed to $840 (11.2%) if you invest in solar.
so go ahead and give your money to belco, they need it more than you do. if you think that makes more financial sense, so you should stay in the business you’re in….you’re probably an overpaid belco executive!
This system will not even offset the output of my 1500 watt heater. 2000kwh a year is less than 6khw per day. The average small home consumes between 30-60kwh a day and the average modern home will consume in excess on 100kwh a day. You’re better off investing in a slightly larger system that you will actually be able to export back to the grid and be paid for that power produced. A bit larger investment, but the payback will be faster with the BELCO buy back program.
I think there will be a lot of disappointed people with such a small system, with 6kwh of savings on a good summer day, you’d be better off adjusting your energy consumption which could be done for free.
i.e.. Not running a 1500w heater for 4 hours a Day. That’s 6kwh a day.
Or reduce the running time of a small 5000BTU air conditioner for four hours per day over the summer. That’s 6wh.
Or even unplugging your water heater during the day when you’re not at home.
Simple methods for FREE. You will see greater savings with these simple methods than a 1.4kw system.
World prices of a 1.44KW grid tied system with net metering is $3 per KW (INSTALLED), i.e., $4320……HUGE PROFIT MARGIN for AES in a $8899 system.
Additionally, I wonder who takes the Government Rebate money.
I meant $3 per installed watt, not $3 per Kilowatt
with a name like encyclopedia you’d think that you’d be a little more educated. the rebate is in the name of the home owner, not the installer.
additionally, unless you are an employee of AES you know nothing about the cost of the panels, what it cost to ship here, what it cost to pay Bermudian staff and to operate a business. i own a business and understand the costs of Bermudian labour, Bermuda’s payroll taxes, insurance, pensions, truck licensing and shipping, etc. i seriously doubt their profit margin is as big as you imagine and in any case i don’t see you complaining about Belco’s $15million profits per year. AES is a Bermudian company trying to make a difference and i applaud them.
Need a 3-4 year return on your money. 8-10 years is just not good enough… Only thing the system realy does is freeze the cost of +- 2000 KWH of energy to you for the next 8-10 years…
Clear View has got the right idea!!
I tip my hat to AES for competing with big boy belco. I hope more companies come about like this to stick it to belco’s rip off rates. It would be nice to see some good deals on wind turbines as well & maybe even some ww2 submarine type batteries that will collect energy to be recycled.
I hear it’s the homeowner who gets the rebate, not the installer. Have a look on the energy website, it’s all there. So unless someone’s lying, the benefit does in fact go to the consumer.
So here’s a question to ponder- why would most people pay a huge chunk of money for a new car- which depreciates what, like 20% the second you drive it off the lot, and buying something like these is a dumb investment?? I really don’t get that logic at all. I’d say that electricity is more of a necessity than a flashy blinged out SUV with spinner wheels and a killer sound system. Just saying…
I wonder if there is a way that tenants could invest in something like this that they could take from one home to the next. A shame that renters are excluded from this sort of thing.
Mmm, not many antis or cons – aren’t they the ugliest things you’ve ever seen? Just wait for the next big hurricane and see them all swept away; they are just like an aeroplane wing. I’d like to see the results after about ten years.
This is a great idea to get people interested in solar panels and I applaud AES for introducing the program, however, SunPower’s stock price has taken a massive fall over the last year (down more than 60%) and their market value is hovering around a relatively modest $300m.
A 25 year warranty is only as good as the company honouring it and considering SunPower’s unfortunate decline and investor concerns regarding its continued viability potential customers should weigh their options carefully.
There are many comments on here that highlight a huge gap in the understanding of solar energy and the financial and environmental benefits. My only advice is to stress the importance of thoroughly investigate the topic before posting about it. Thanks to all who have supported the industry and my efforts.
To 32n64w. SunPower has been in business for 27 years and has the most advanced technology on the market and are well know to consistently break world records for power and efficiency in solar energy.
SunPower have had significant revenue growth: from $775 million in 2007 to $2.2 billion in 2010. They have a strong financial position, ending Third Quarter 2011 with more than $610 million of cash,
cash equivalents and marketable securities, up from $471 million at the end of the
Second Quarter 2011.
SunPower had profitable operations recording Third Quarter 2011 non-GAAP earnings per share of $0.16.
SunPower is backed by Total, a $200 billion company, with $1.4 billion plus investment.
All in all SunPower is the most well positioned solar company on the market, while others companies are failing and going bankrupt because they are competing on price, SunPower remains strong because of their technology and their backers. The 25 year warranty is safe.
Tim,
I appreciate your reply. IIRC the Total investment last year was done at a price north of $20 per share. Today SunPower is trading sub $6. $200 billion or not, analysts are concerned with the company and the depressed stock price would appear to reflect the market’s concurrence.
SUNPOWER Stock – http://finance.yahoo.com/q?s=spwr&ql=1
$820 million in debt.
Article on Sunpower – http://www.humanevents.com/article.php?id=46761
Cost of 1.44KW grid tied PV system
http://www.vanguardsolartechnologies.com/catalog/item/6923700/6951866.htm
Obviously you know nothing about running a business. add to that range of costs listed the probable $2000 in shipping costs (the panels are not small), the cost of hiring Bermudians and supporting their families (but maybe you’d rather AES hire cheap foreign labour and put Bermudians out of work), and the cost of doing business in Bermuda. After all that, by my calculations – and as i pointed out, i own a business and speak from an informed perspective – it doesn’t appear that AES is profiting much to sustain the business. You really need to get informed.
what you also failed to point out is that the cost of electricity in the US is an averaged at $0.12/kWh…but the cost of electricity in Bermuda is $0.42/kWh…any comments on Belco’s $15million profits from the pockets of every single Bermuda resident and business owner?
I will admit, my family took the plunge, and we are completely happy with the results. In little less than a month we have generated just shy of 1700kWh. My bill from Belco this month was $10 service fee. My bill is normally around $450 this time of year and goes north of $600 in the summer. We have “banked” the surplus kWh’s (since we produced many more than we consumed) and we will get paid back from BELCO later in the year.
For all those who think this is a bad idea, just consider that BELCO will only charge more per kWh as the days go by. Just like the price at the pump. As an aside, does anyone remember a few years ago when people were crying out that the price at the pumps was going north of $2 a litre – guess what – where is it now?? I will take solace in the fact that BELCO will be paying me everyday the sun shines.
Finally I would like to thank Tim and the AES team for such a great installation completed on time and budget. I guess our next stop should be Bda Motors to look into buying a Prius.