| Estimated PV payback with accelerated loan payback. Savings from new meter not included. | |||||||||||
| California Income Tax Rate | Assumed Federal Tax Rate | ||||||||||
| 9.30% | 25% | ||||||||||
| Year | Regular Mortgage Payments | Interest Paid | CA tax mortgage deduction | Interest - CA deduction -15% CA tax credit | Federal Tax Deduction | Net Cost of Loan | PV Savings | Cash Flow PV | End of Year Mortgage Principal | ||
| 1 | $3,758.27 | $3,062.85 | $ 284.85 | $ 2,778.00 | $ 694.50 | $2,778.92 | $2,009.73 | ($769.19) | $43,007.77 | 2003-2004 | |
| 2 | $3,006.61 | $2,458.66 | $ 228.66 | $(5,298.00) | $(1,324.50) | $4,102.46 | $1,827.80 | ($2,274.65) | $44,734.47 | 2004-2005 | |
| 3 | $2,881.73 | $2,221.73 | $ 206.62 | $ 2,015.11 | $ 503.78 | $2,171.33 | $2,675.01 | $503.67 | $43,570.80 | 2005-2006 | |
| 4 | $2,881.73 | $2,162.18 | $ 201.08 | $ 1,961.10 | $ 490.27 | $2,190.37 | $3,761.58 | $1,571.21 | $41,280.04 | 2006-2007 | |
| 5 | $2,881.73 | $2,045.01 | $ 190.19 | $ 1,854.82 | $ 463.71 | $2,227.84 | $3,716.75 | $1,488.91 | $38,954.41 | 2007-2008 | |
| 6 | $2,881.73 | $1,926.01 | $ 181.51 | $ 1,744.50 | $ 436.12 | $2,264.10 | $4,386.13 | $2,122.03 | $35,876.66 | 2008-2009 | |
| 7 | $2,881.73 | $1,768.57 | $ 168.90 | $ 1,599.67 | $ 399.92 | $2,312.92 | $4,386.13 | $2,073.21 | $32,690.28 | 2009-2010 | |
| 8 | $2,881.73 | $1,605.54 | $ 151.34 | $ 1,454.20 | $ 363.55 | $2,366.84 | $4,386.13 | $2,019.29 | $29,394.81 | 2010-2011 | |
| 9 | $2,881.73 | $1,436.93 | $ 133.63 | $ 1,303.30 | $ 325.82 | $2,422.27 | $4,386.13 | $1,963.85 | $25,986.15 | ||
| 10 | $2,881.73 | $1,262.54 | $ 117.42 | $ 1,145.12 | $ 286.28 | $2,478.03 | $4,386.13 | $1,908.09 | $22,458.87 | ||
| 11 | $2,881.73 | $1,082.08 | $ 100.63 | $ 981.45 | $ 245.36 | $2,535.74 | $4,386.13 | $1,850.39 | $18,808.82 | ||
| 12 | $2,881.73 | $ 895.33 | $ 83.27 | $ 812.06 | $ 203.02 | $2,595.45 | $4,386.13 | $1,790.68 | $15,031.74 | ||
| 13 | $2,881.73 | $ 702.08 | $ 65.29 | $ 636.79 | $ 159.20 | $2,657.24 | $4,386.13 | $1,728.89 | $11,123.21 | ||
| 14 | $2,881.73 | $ 502.13 | $ 46.70 | $ 455.43 | $ 113.86 | $2,721.18 | $4,386.13 | $1,664.95 | $ 7,078.65 | ||
| 15 | $2,881.73 | $ 295.19 | $ 27.45 | $ 267.74 | $ 66.93 | $2,787.34 | $4,386.13 | $1,598.78 | $ 2,893.33 | ||
| 16 | $2,881.73 | $ 81.06 | $ 7.54 | $ 73.52 | $ 18.38 | $2,855.81 | $4,386.13 | $1,530.31 | Paid Off | ||
| 17+ | $4,386.13 | $4,386.13 | |||||||||
| Assumptions about mortgage amount and interest rates are detailed in the Mortgage tab. | |||||||||||
| In this analysis, the cash flow from the PV and meter is used at the end of the year to pay down the mortgage faster. | |||||||||||
| Or in case of negative cash flow, added to the loan as if on a HELOC with the same interest rate as the main loan. | |||||||||||
| In reality, the interest rate on our HELOC was lower than that of the main loan. | |||||||||||
| Numbers in blue represent assumption that future year savings will be same as current year savings. | |||||||||||
| Negative cash flow in the first year is caused by installation time, i.e. the couple of months after we got the loan but before the PV was online. | |||||||||||
| Not being on the Time-of-Use billing schedule yet also had a negative effect. | |||||||||||
| Negative cash flow in the second year is caused by my not recognizing for a few months that one of our three inverters had stopped working. | |||||||||||
| California's top incremental income tax rate for 2009 and 2010 increased by 0.25% to 9.55%. | |||||||||||