Are solar panels in Florida worth it?
The Sunshine State has seen a recent boom in solar panel installations as more homeowners become aware of the huge savings solar energy offers. The combination of federal incentives and utility programs — alongside Florida’s Property Assessed Clean Energy (PACE) program — has made solar more affordable than ever before.
What is the cost to install residential solar power in Florida?
Depending on the installer, the cost of solar power in Florida can often be as cheap as $2.88/watt. This puts an average 6 kW solar system at $17,280 before claiming any incentives. While that’s a lot of money, this is rarely the amount you’ll actually pay after all incentives are factored in.
What solar incentives are available in Florida?
Solar incentives currently available in Florida:
Property Assessed Clean Energy (PACE program Florida)
What is the 30% federal ITC?
The 30% federal ITC allows tax-paying homeowners to claim 30% of their solar system’s cost as a deduction on their income taxes. This is essentially a 30% discount on your solar system. If your tax liability is less than 30% of your solar system’s cost, you can roll the remaining balance over to the next period for up to 10 years.
How do I apply for the 30% federal ITC?
After purchasing your solar system, fill out form 5695 when you file your taxes. Here is a guide you can follow on how to claim the solar tax credit.
Are solar systems in Florida exempt from property tax bills?
Despite the substantial cost to install solar power in Florida your property — and the resulting boost to your home’s selling price — you will be exempt from paying taxes on the value added to your home. Alongside the utility savings, this is a great selling point when listing your home on the real estate market.
Does Florida offer any rebates or tax credits to further reduce the price of solar panels?
The city of Longwood used to offer a small rebate program but this program has now expired. Sadly, there’s no other state tax credit or rebate for solar in Florida. The same goes for rebates.
Luckily, the dual impact of existing incentives and advancements in manufacturing technology means that the cost of solar power in Florida has dramatically decreased for the average homeowner.
What is net metering?
With all the sunshine in Florida, it’s very likely that at times your solar system will produce too much energy for your home. This excess power is exported to the grid, and net metering means your utility must compensate you at the rate you pay for power. Every 1 kilowatt hour (kWh) of power sent to the grid is 1 kWh off of your electricity bill; this is how solar pays for itself.
Provided you size your system correctly you should be able to wipe out all or at least most of your electric bill.
Will the cost of solar power in Florida go down?
The cost of solar power in Florida and America as a whole has been on a steady decline. Ten years ago solar was close to $7.00/watt; most Florida residents now pay $3.00 per watt— which is a real bargain.
Get In Contact With US TODAY!