Chris wants to  add a 2-KW solar photovoltaic system to his home and has received a quote from an installer for $19,750. The federal government will give him a tax credit of 30%  on his combined taxes (ASSUME TAXES AS A PERSON, Not a corporation in this case). His marginal tax rate is 29%, provincial law requires the utility company to buy back all excess power generated by the system. Chris' estimated annual power bill of $2000 will be eliminated by the solar system, plus he expects to receive a cheque for $600 each year for his excess production. If the tax credits are received at the end of year 1, use present worth analysis.

Determine if the system is economic in 8 years. 

Assume that Chris earns 3% on his investments.