Estimated PV payback with accelerated mortgage payoff and
savings from new meter |
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California Income
Tax Rate |
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Assumed Federal
Tax Rate |
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9.30% |
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25% |
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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 |
Estimated Savings
from New Meter |
Cash Flow PV and
New Meter |
End of Year
Mortgage Principal |
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1 |
$3,758.27 |
$3,062.85 |
$ 284.85 |
$ 2,778.00 |
$ 694.50 |
$2,778.92 |
$2,009.73 |
($769.19) |
$2,692.66 |
$1,923.47 |
$40,315.11 |
2003-2004 |
2 |
$3,006.61 |
$2,299.69 |
$ 213.87 |
$(5,442.18) |
$(1,360.55) |
$4,153.29 |
$1,827.80 |
($2,325.49) |
$2,439.40 |
$113.91 |
$39,494.27 |
2004-2005 |
3 |
$2,544.17 |
$1,961.46 |
$ 182.42 |
$ 1,779.04 |
$ 444.76 |
$1,916.99 |
$2,675.01 |
$758.02 |
$2,460.95 |
$3,218.97 |
$35,692.60 |
2005-2006 |
4 |
$2,544.17 |
$1,766.99 |
$ 164.33 |
$ 1,602.66 |
$ 400.66 |
$1,979.17 |
$3,761.58 |
$1,782.41 |
$2,958.50 |
$4,740.91 |
$30,174.52 |
2006-2007 |
5 |
$2,544.17 |
$1,484.67 |
$ 138.07 |
$ 1,346.60 |
$ 336.65 |
$2,069.44 |
$3,716.75 |
$1,647.31 |
$2,134.96 |
$3,782.26 |
$25,332.76 |
2007-2008 |
6 |
$2,544.17 |
$1,236.94 |
$ 116.56 |
$ 1,120.38 |
$ 280.09 |
$2,147.51 |
$4,386.13 |
$2,238.62 |
$2,611.19 |
$4,849.81 |
$19,175.73 |
2008-2009 |
7 |
$2,544.17 |
$ 921.95 |
$
88.05 |
$ 833.90 |
$ 208.48 |
$2,247.64 |
$4,840.80 |
$2,593.15 |
$2,893.17 |
$5,486.33 |
$12,067.19 |
2009-2010 |
8 |
$2,544.17 |
$ 558.25 |
$
52.65 |
$ 505.60 |
$ 126.40 |
$2,365.12 |
$4,840.80 |
$2,475.68 |
$2,893.17 |
$5,368.85 |
$ 4,712.42 |
2010-2011 |
9 |
$2,544.17 |
$ 181.98 |
$ 16.92 |
$ 165.06 |
$ 41.26 |
$2,485.98 |
$4,840.80 |
$2,354.82 |
$2,893.17 |
$5,247.99 |
Paid off |
2011-2012 |
10+ |
$0.00
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$0.00 |
$4,840.80 |
$4,840.80 |
$2,893.17 |
$7,733.97 |
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Assumptions
about mortgage amount and interest rates are detailed in the Mortgage tab. |
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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. |
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Numbers in
blue represent assumption that future year savings will be same as current
year savings. |
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Federal
tax deduction in year two is negative because we had to pay Federal income
tax on the 15% tax credit that we got from California. |
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California's
top incremental income tax rate for 2009 and 2010 increased by 0.25% to
9.55%. |
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New Meter
Savings assumes that if we still had the old meter, that it would continue to
read a usage of 80 KWH/day. |
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When the new meter was put in, the
new meter read a usage 46% lower than the old meter (independent of the PV
array). |
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We
suspect the old meter read Volt-Amperes and the new meter reads Watts |
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and that the difference is caused by
the Power Factor from the inductive loads of the computers. |
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