Island Borrower Going Solar In Sunny Hawaii
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 2% |
| Lender Rate: | 5% | Borrower: | gov33 |
| Finished | State: | HI | |
| Funded: | 100% | Group: | Malama Ohana |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-05 | EricsCC ROI: | 4% |
| Status History | |
|---|---|
| Jun 05, 2008 | Current |
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With the recent run in energy prices the cost of electricity has literally gone through the roof. I should know, I work for the electrical utility company. To date the price of electricity is $.27 kilowatt-hour (highest nationally) and rising as fast as the price per barrel of oil. To do my part in hedging against energy inflation, lessening the dependency on foreign fossil fuels, and harnessing Hawaii's abundant supply of the sun, I have decided to install a photovoltaic system onto my property. So what is a photovoltaic system (aka PV)? Well a PV system is a set of solar panels installed on a roof and it captures the sun's energy and converts it into electricity. That electricity is then used to power the home. If the system generates more electricity than is needed by the home, the PV system directs the excess electricity back into the utility grid and sold to the electrical utility. In the end the net result is less dependency on the utility grid and more reliance on the sun?s power. When generating power from the sun my electrical bills drop dramatically, less oil is burned at the power plants, and I capitalize on this amazing renewable energy source. The initial cost of the system is $8000. I will be paying half of it through my savings and the other half through a Prosper Loan. Repayment of the loan will be leveraged through monthly energy savings ($50/month and climbing) and generous Federal (30%) and State (35%) tax credits for the start up capital costs. As a prospective borrower I have excellent credit and no revolving credit debt. I have never been delinquent on any of my financial obligations and generate monthly positive cash flow through my stable occupation and investment vehicles. I forecast to completely pay this Prosper obligation by March 2009 or sooner. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 105659 | Island Borrower Testing Prosper | AA | $1,000 @ 6% | Mar 06, 2007 | Loan created |
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