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(Denver Channel)   Not on the utility grid? Good luck getting a mortgage, tree-hugger   (thedenverchannel.com) divider line 124
    More: Stupid, utility grid, solar energy, mortgages, mortgage lenders, loan officer  
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9507 clicks; posted to Main » on 03 Sep 2013 at 6:18 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-09-02 11:47:06 PM  
more like a survivalist teabagger
 
2013-09-02 11:49:39 PM  
Oh look, Freddie and Fannie at it again.
 
2013-09-03 12:18:46 AM  
Yup, when I bought my first car in 2005, they made a big stink about me needing to have a phone billed to my address.  That way they could make sure that's actually where I lived if they had to repo the thing (eye roll).
Banks are dumb.
 
2013-09-03 12:32:16 AM  
Probably doesn't have gutters either.
 
2013-09-03 12:41:54 AM  
Hail victory.
 
2013-09-03 03:29:28 AM  
That, my friend, is called a market.  They may be ahead of the curve, but someone is going to lend them money and collect interest on it and do what capitalists do.  It is simply a matter of time.
 
2013-09-03 04:27:50 AM  
I thought one huge benefit of solar power was hooking up to the grid and basically selling your excess power to the power companies.
 
2013-09-03 04:58:08 AM  

log_jammin: I thought one huge benefit of solar power was hooking up to the grid and basically selling your excess power to the power companies.


The power companies hate net metering. It wasn't worth the fight when it was one or two, but now that solar is going mainstream they are getting the rules changed.
 
2013-09-03 05:19:09 AM  

EvilEgg: log_jammin: I thought one huge benefit of solar power was hooking up to the grid and basically selling your excess power to the power companies.

The power companies hate net metering. It wasn't worth the fight when it was one or two, but now that solar is going mainstream they are getting the rules changed.


Isn't that because the electric companies pay more than market rate for it?
 
2013-09-03 05:32:21 AM  
Old news. They have trouble insuring those geodesic homes too, because they have no idea what the market value is. I wonder if the bank would throw any fit about going off grid  aftergetting the mortgage.
 
2013-09-03 05:36:25 AM  
So, hook up to the grid but don't use it.
 
2013-09-03 06:15:37 AM  

Peki: Old news. They have trouble insuring those geodesic homes too, because they have no idea what the market value is. I wonder if the bank would throw any fit about going off grid  aftergetting the mortgage.


I wanted to build one of those. Same thing happened to me. No "comparables", so no mortgage for me. Ended up building a "regular" home and even then had problems because the area where I built is one where property usually passes by inheritance, not by sales. With no recent sales to use as comparables, I had to go with the builders financing options.

My butt still hurts.
 
2013-09-03 06:20:28 AM  
meh.  pay cash for the land, then hand-weave your hemp house.
 
2013-09-03 06:25:31 AM  
I think the days of having a grid at all are numbered.  Storage isn't cost effective right now, but it's improving by leaps and bounds.  Once you can power a house with solar panels and a 500 lb battery pack for under $25,000, the utilities will be doomed.
 
2013-09-03 06:25:48 AM  
Wouldn't people who typically want to be "off the grid" also hate bankers? Meh, guess some people have no principles.
 
2013-09-03 06:30:17 AM  

Incontinent_dog_and_monkey_rodeo: I think the days of having a grid at all are numbered.  Storage isn't cost effective right now, but it's improving by leaps and bounds.  Once you can power a house with solar panels and a 500 lb battery pack for under $25,000, the utilities will be doomed.


Because $25000 worth of equipment to maintain is less expensive than paying for service in the first place.
 
2013-09-03 06:35:06 AM  

Weng: Incontinent_dog_and_monkey_rodeo: I think the days of having a grid at all are numbered.  Storage isn't cost effective right now, but it's improving by leaps and bounds.  Once you can power a house with solar panels and a 500 lb battery pack for under $25,000, the utilities will be doomed.

Because $25000 worth of equipment to maintain is less expensive than paying for service in the first place.


What if its $5-10k?  There will be a tipping point, soon.
 
2013-09-03 06:38:24 AM  
The 'best credit' the lending company has seen, and yet they only qualify for a Freddie or Fannie backed loan?
 
2013-09-03 06:41:27 AM  

log_jammin: I thought one huge benefit of solar power was hooking up to the grid and basically selling your excess power to the power companies.


The story isn't clear, but they might be too remote.
 
2013-09-03 06:44:09 AM  

elffster: Weng: Incontinent_dog_and_monkey_rodeo: I think the days of having a grid at all are numbered.  Storage isn't cost effective right now, but it's improving by leaps and bounds.  Once you can power a house with solar panels and a 500 lb battery pack for under $25,000, the utilities will be doomed.

Because $25000 worth of equipment to maintain is less expensive than paying for service in the first place.

What if its $5-10k?  There will be a tipping point, soon.


There's also the "ten miles of electric line to get service" aspect. Off the grid is often a matter of distance from the grid.

I understand the Amish have been dealing with this for years. No electricity or plumbing meant no financing for building a new house, so the mortgage for construction would have to be made with just land as collateral.
 
2013-09-03 06:45:32 AM  
I can tell few folks here have lived rural/remote.

Usually the biggest killer is paying the utilities/phone to get the power from the boundary to your home site. As for town water and sewerage? That is for townies.
 
2013-09-03 06:49:27 AM  

zzrhardy: I can tell few folks here have lived rural/remote.

Usually the biggest killer is paying the utilities/phone to get the power from the boundary to your home site. As for town water and sewerage? That is for townies.


The really remote folks aint reading this anyway.
 
GBB
2013-09-03 06:51:20 AM  

DirtyDeadGhostofEbenezerCooke: meh.  pay cash for the land, then hand-weave your hemp house.


Then wait for the Govt to come along and demolish it for you because it's not up to code?
 
2013-09-03 06:55:06 AM  

untaken_name: Wouldn't people who typically want to be "off the grid" also hate bankers? Meh, guess some people have no principles.


You're assuming an awful lot about their beliefs and character based solely on the fact that they bought solar panels.
 
2013-09-03 06:59:45 AM  

Weng: Incontinent_dog_and_monkey_rodeo: I think the days of having a grid at all are numbered.  Storage isn't cost effective right now, but it's improving by leaps and bounds.  Once you can power a house with solar panels and a 500 lb battery pack for under $25,000, the utilities will be doomed.

Because $25000 worth of equipment to maintain is less expensive than paying for service in the first place.


It depends. If you live in an area that charges ridiculous amounts (such as many rural areas), it can amortize out fairly quickly. When your average bill is $500/month, even if you increase the "off-the-grid" cost to $40k to account for maintenance/replacement costs, it only takes 7 years to pay for itself. That's not a huge bill if you have a few acres in the country, either.
 
2013-09-03 07:00:31 AM  
I incinerate the carcasses of baby seals to power the 5 a/c units in my home.  The banks wouldn't stop throwing money at me when they found out.
 
2013-09-03 07:01:08 AM  

mongbiohazard: untaken_name: Wouldn't people who typically want to be "off the grid" also hate bankers? Meh, guess some people have no principles.

You're assuming an awful lot about their beliefs and character based solely on the fact that they bought solar panels.


No, I just assume that everyone except bankers hates bankers. That might not be realistic, since I haven't talked to everyone else in the world, but it holds true in my general experience.
 
2013-09-03 07:03:47 AM  
When we bought our place in November of '09, there were a couple of points in the contract where they not only said you had to be hooked up to the grid, but if at any time you got unhooked, they reserved the right to repossess.
 
2013-09-03 07:04:41 AM  
I've been making mortgage loans for 27 years and can tell you they aren't getting a mortgage anywhere. Problem is if they stop making the payments who am I going to sell that unique house to and for how much ?

If you want to operate outside "the system" then you are outside the system. Can't have it both ways.
 
2013-09-03 07:07:04 AM  

elffster: Weng: Incontinent_dog_and_monkey_rodeo: I think the days of having a grid at all are numbered.  Storage isn't cost effective right now, but it's improving by leaps and bounds.  Once you can power a house with solar panels and a 500 lb battery pack for under $25,000, the utilities will be doomed.

Because $25000 worth of equipment to maintain is less expensive than paying for service in the first place.

What if its $5-10k?  There will be a tipping point, soon.


The hubby and I were shopping at our local bulk goods store and saw they were starting to sell solar panels. That's pretty big. We live in Georgia.
 
2013-09-03 07:08:18 AM  

jmr61: If you want to operate outside "the system" then you are outside the system. Can't have it both ways.


This.
 
2013-09-03 07:08:30 AM  
Yeah, it's kind of unfair sounding, but I understand the mortgage companies.  They base their decisions on your ability to pay and the saleability of your home to recoup the loan if you fail to pay.

1) They are retired.  Good chance they aren't going to live long enough to pay off a 30 year loan.
2) Hard to find buyers willing to be off the grid.
3) If you can find them?  Good luck finding them with enough money for maintenance and the inevitable large lump sum needed for replacement of the system.
 
2013-09-03 07:09:00 AM  
"No electric company provides power to their home, which is a big part of why the couple decided to put in a 30 thousand dollar solar system.  "

So how did they get the loan to begin with?
 
2013-09-03 07:10:04 AM  
"I think we're just going to bite the bullet and live with our current mortgage and pay a higher interest rate," said Linda.

how the fark did they get a mortgage in the first place?  How have they been getting power before the solar panel installation?
 
2013-09-03 07:14:14 AM  

jmr61: I've been making mortgage loans for 27 years and can tell you they aren't getting a mortgage anywhere. Problem is if they stop making the payments who am I going to sell that unique house to and for how much ?

If you want to operate outside "the system" then you are outside the system. Can't have it both ways.


Foreclosed homes typically sell under the fair market value in order to make them more attractive to buyers.
 
2013-09-03 07:15:03 AM  

Maul555: "I think we're just going to bite the bullet and live with our current mortgage and pay a higher interest rate," said Linda.

how the fark did they get a mortgage in the first place?  How have they been getting power before the solar panel installation?


Home loans were a lot easier to get 12 years ago before the bubble burst.  Now, even with a 750 credit score it can be a PITA.
 
2013-09-03 07:15:07 AM  

enry: EvilEgg: log_jammin: I thought one huge benefit of solar power was hooking up to the grid and basically selling your excess power to the power companies.

The power companies hate net metering. It wasn't worth the fight when it was one or two, but now that solar is going mainstream they are getting the rules changed.

Isn't that because the electric companies pay more than market rate for it?


Yes. They don't want to pay "consumer" rate for electricity they'd rather buy at "wholesale" rate.
 
2013-09-03 07:16:50 AM  
There is a lot of holes in this story. Especially since all of the information is coming from the couple.
 
2013-09-03 07:18:28 AM  

elffster: Weng: Incontinent_dog_and_monkey_rodeo: I think the days of having a grid at all are numbered.  Storage isn't cost effective right now, but it's improving by leaps and bounds.  Once you can power a house with solar panels and a 500 lb battery pack for under $25,000, the utilities will be doomed.

Because $25000 worth of equipment to maintain is less expensive than paying for service in the first place.

What if its $5-10k?  There will be a tipping point, soon.


That should work in well in the city.
 
2013-09-03 07:18:48 AM  

untaken_name: jmr61: If you want to operate outside "the system" then you are outside the system. Can't have it both ways.

This.


If you were able to build a house that could easily be put back ON the grid, and wasnt defaced by solar panels, Iwonder if that would help.
 
2013-09-03 07:19:31 AM  

jaytkay: log_jammin: I thought one huge benefit of solar power was hooking up to the grid and basically selling your excess power to the power companies.

The story isn't clear, but they might be too remote.


Article does say... they went solar because they could not get hooked up to any of the major utilities.
 
2013-09-03 07:20:48 AM  
Summon MrSteve007!

/in a good way
 
2013-09-03 07:22:41 AM  
This has always been the case. The banks require that you hook up to a utility. Most likely a provision inserted by the utility companies themselves.
 
2013-09-03 07:26:31 AM  

log_jammin: I thought one huge benefit of solar power was hooking up to the grid and basically selling your excess power to the power companies.


That's not possible in most places. In fact, where I'm from, if you hook to a utility while having renewable energy sources at your residence, you have to:

a. Purchase the renewable energy equipment.
b. Formally sign over full ownership of said renewable energy equipment to the local utility.
c. Maintain the equipment yourself.
d. Put extra energy on to the grid without receiving compensation.
 
2013-09-03 07:29:15 AM  

JonnyG: This has always been the case. The banks require that you hook up to a utility. Most likely a provision inserted by the utility companies themselves.


"The recently retired couple had no problem getting a loan when they first bought their property 12 years ago. . <snip snip> No electric company provides power to their home, which is a big part of why the couple decided to put in a 30 thousand dollar solar system.  "

Apparently not.
 
2013-09-03 07:30:12 AM  

foo monkey: Summon MrSteve007!

/in a good way


Great. Thanks. Now we get to hear about how he financed his home through the local seed bank or some such silliness.

/I also enjoy his posts.
 
2013-09-03 07:38:36 AM  

DubyaHater: I incinerate the carcasses of baby seals to power the 5 a/c units in my home.  The banks wouldn't stop throwing money at me when they found out.


*Golf clap*

I smirked.

/I also found it amusing.
 
2013-09-03 07:44:16 AM  

JerkyMeat: That, my friend, is called a market.  They may be ahead of the curve, but someone is going to lend them money and collect interest on it and do what capitalists do.  It is simply a matter of time.


Market, shmarket.
It's a racket.

You either pay to play with the system, the establishment, the man, or you don't play.
 
2013-09-03 07:45:31 AM  

JonnyG: This has always been the case. The banks require that you hook up to a utility. Most likely a provision inserted by the utility companies themselves.


Most do, but in 2001 banks were doing a bunch of high risk idiot funding. These idiots managed to not burn the house down and pay for it, so now they are OUTRAGED.
 
2013-09-03 07:46:16 AM  
Problem is if they stop making the payments who am I going to sell that unique house to and for how much ?

A friend of mine has a cabin in the woods with solar power and propane generator backup. It was mortgaged in 2009. It's rented 6 months of the year at $800 - $1000 per week.People go there specifically because it's off the grid.
 
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