Is my logic correct ??
I live in San Diego county. Our electric rates are ridiculous and I’ve been considering a powerwall for some time now. Trying to make sure my math is mathing and if this would be a worthwhile decision.
For the powerwall itself it seems like the lease option is actually coming up a bit cheaper than the finance option? Is that correct?
Lease
~$100/mo starting payment
3% annual escalator
~$8.6k buyout after year 5
Total paid after 5 years + buyout ≈ ~$15k
Cash/finance
~$16.6k upfront financed/purchased
Current SDGE billing plan TOU-DR1
~Super off peak 39¢/kWh
~Off peak 48¢/kWh
~On peak 70¢/kWh
Ideal plan (EV-TOU5)
~Super off peak 12¢/kWh
~Off peak 51¢/kWh
~On peak 80¢/kWh
Am in the process of purchasing an PHEV to be able to get the EV-TOU5 plan for the lower super off peak pricing. We have central A/C but all our appliances (currently) run off natural gas. I’m thinking a power-wall+expansion pack under lease for 5 years and then buyout at the 5 year mark and eventually converting the water heater and dryer to electric. We currently use around 10-16kWh per day. Sometimes more. Haven’t gotten to experience summer AC costs yet as we just moved into this house this winter.
Just using the powerwall, no expansion pack, say we utilize the entire capacity (13.5kWh) every day by charging at night and utilizing during off peak and on peak. Break even would be around 5-6 years assuming SDGE doesn’t change the super off peak rate drastically. Is this worthwhile ?
Is the installation included with the lease? Does the installer help navigate the HOA / permits? Any other advice or recommendations? Was originally looking at solar + powerwall but it seems like such a waste with NEM 3.0 and this seems like a much better “solution”.