The issues linked to our changing environment, such as global warming and restricted resources, brought about the need for innovation. One of the most useful outcomes is the invention of solar panels. These are particularly efficient in sunny areas like Florida, though many people are put off by the size of the initial investment. It’s worth noting, though, that going solar in Florida is now easier and more affordable than ever.
Benefits Of Going Solar In Florida
Known as the Sunshine State, Florida has 221–266 sunny or partially sunny days per year on average, depending on the city. This fact alone shows that it could be a great place to invest in solar panels, as you’re very likely to break even on your initial investment in less than eight years. The amount of sunshine the state gets, combined with the state incentives, is the reason going solar in Florida is now easier and more affordable than ever.
The Overall Price
Starting from January 2020, the average price per panel is $2.65/W. Depending on the size of the system, the total costs can range from $7,950 (for a 3kW solar system) to $26,500 (for a 10kW system). However, after you count in the 26% Investment Tax Credit (ITC), the expenses drop to $5,883 (3kW) and $19,610 (10kW), respectively.
State And Local Incentives
Right now, there are about a hundred available incentive programs in Florida. They include tax incentives, as well as rebate, grant, and loan programs. However, the most important ones are ITC, net metering, and PACE.
State And Local Incentives
Right now, there are about a hundred available incentive programs in Florida. They include tax incentives, as well as rebate, grant, and loan programs. However, the most important ones are ITC, net metering, and PACE.
Investment Tax Credit (ITC)
ITC is a federal solar tax credit that corresponds to 26% of the total price of the equipment and installation of the solar panel system. If you qualify for it, you can get a refund in the form of a tax deduction. In other words, you can’t get a refund higher than the amount you owe in taxes.
Furthermore, this incentive is available to the owner of the system, which means that you can’t get it for a solar lease.
Net Metering
Solar systems don’t generate equal amounts of energy all the time. During the day, the energy levels are mostly high, but they drop at night. This means that sometimes, you’ll have more energy than you need. Other times, however, you won’t have enough.
Net metering deals with this issue by crediting the owner for kilowatts their system produces and sends to the grid. That way, they can offset their energy bills with the amount of power they’ve sold back to the grid. At the same time, they can import power when the solar panels aren’t generating it, i.e., at night.
As you can imagine, this is rather practical, not to mention that it ensures that the owners get their money’s worth.
Property Assessed Clean Energy (PACE)
Another option is a PACE loan, which is linked to your property, not you personally. The installments are added to your taxes. In practice, this means that if you sell your house, the loan goes with it. In other words, the next owner will continue paying it off.
However, you’ll need to meet some requirements to qualify for an incentive program. In general, you need to:
1. Live in Florida
2. Own your home
3. Make sure it’s a single-family home (no apartments, commercial buildings, etc.)
4. Check that your credit score is 650+
5. Ensure that your roof gets a lot of sunshine.
These are the basic requirements. You’ll need to check every program individually to see if there are any additional ones.
Final Thoughts
Solar energy is a clean form of energy, which makes it beneficial for the environment. It is also good for your wallet; not only does it lower your energy bills, but it allows you to break even on your initial investment fairly quickly.
The prices are lower than they used to be, and there are many different programs you can apply for in order to reduce the cost of the installment. All in all, going solar in Florida is now easier and more affordable than ever, so don’t miss your chance to do yourself — and the world — a huge favor.
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