For disclosure, I sold out SCTY in 2013 at $55 after having bought in the low $30 range as I had trouble with the risk/reward at the time. Now that it's $55 again and it's a year and a half later it's starting to look attractive to me again, especially with exciting developments like the NY factory they are building.
In trying to understand your example, are you trying to state that the financing would cost you $1.97 over the life of the loan? I'm not sure what you are trying to show here.
Lets look at it another way. The system I had installed from a non-SCTY installer cost me $13,203 after tax credits for a 5.886 kWh system. If I used a loan instead of cash (since most people need loans or lease arrangement) and plugging this value into a loan calculator for 20 years and 5% (your numbers) gives me a payment of $87.13 a month. It's supposed to make 8502 kWh a year, which averages 708.5 kWh a month. My utility charges $0.135/kWh so that would have been a $95.65 payment to the utility each month for this amount of energy. In this example I would still save $7 a month right now (and more when the utility raises rates each year) and at the end of 20 years I would own the system and pay practically $0 per kWh for the rest of the life of the system, which I expect to be a while because I went with Sunpower panels. It will last at least 5 more years as SPWR has a 25 yr warranty. If I could get 0.11/kWh with a SCTY lease that would be $78/month payment for now, which is 9 dollars cheaper than the loan scenario at the start but with the escalator will quickly match and pass the loan scenario and the kicker is that at 20 years I do not own the system, so I have to sign a new lease and I know it won't be 0 cents a kWh.
I think the biggest rebuttal here is you can't get 20 year loans for solar panels, at least not that I could find, so if you can't afford huge loan payments and or the cash then SCTY is your only option (and not a bad one!). I did cash for mine but got a loan just for the tax credit portion until tax season came. Am I missing something else? Even if it's better for people to get loans and do their own I agree with the value that SCTY provides. Obviously the SCTY business model is working and I think it's great but I would like to know what I'm getting back into.