| 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 | $4,840.80 | $2,527.88 | $32,235.62 | 2009-2010 | |
| 8 | $2,881.73 | $1,582.27 | $ 149.15 | $ 1,433.12 | $ 358.28 | $2,374.30 | $4,840.80 | $2,466.49 | $28,469.66 | 2010-2011 | |
| 9 | $2,881.73 | $1,389.59 | $ 129.23 | $ 1,260.36 | $ 315.09 | $2,437.41 | $4,840.80 | $2,403.39 | $24,574.13 | ||
| 10 | $2,881.73 | $1,190.28 | $ 110.70 | $ 1,079.58 | $ 269.90 | $2,501.14 | $4,840.80 | $2,339.66 | $20,543.03 | ||
| 11 | $2,881.73 | $ 984.05 | $ 91.52 | $ 892.53 | $ 223.13 | $2,567.08 | $4,840.80 | $2,273.71 | $16,371.63 | ||
| 12 | $2,881.73 | $ 770.65 | $ 71.67 | $ 698.98 | $ 174.74 | $2,635.32 | $4,840.80 | $2,205.48 | $12,055.07 | ||
| 13 | $2,881.73 | $ 549.80 | $ 51.13 | $ 498.67 | $ 124.67 | $2,705.93 | $4,840.80 | $2,134.86 | $ 7,588.28 | ||
| 14 | $2,881.73 | $ 321.27 | $ 29.88 | $ 291.39 | $ 72.85 | $2,779.01 | $4,840.80 | $2,061.79 | $ 2,966.02 | ||
| 15 | $2,881.73 | $ 84.78 | $ 7.88 | $ 76.90 | $ 19.22 | $2,854.62 | $4,840.80 | $1,986.17 | Paid Off | ||
| 16+ | $0.00 | $0.00 | $4,840.80 | $4,840.80 | |||||||
| 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%. | |||||||||||