Recently, many homeowners in Florida have been installing solar panels. If you want to be a part of this population, you should know that it is an excellent decision! Here, you can benefit from the state’s Property Assessed Clean Energy (PACE) financing program, favorable utility programs, and the reduced cost of solar panels. Learn more about solar panel installation in Florida for the year 2022.
How much do solar panels cost in Florida?
The solar panel cost depends on the kW solar system, state-sponsored benefits, and tax credits. As of March 2022, the average cost of solar panels is $2.58 per watt. This is lower than the $3.00 national average cost. So, for a 6 kW solar power, the cost is $11,442 after considering the tax credit that is worth 26%. This seems like a significant amount of money, but this does not yet consider the incentives.
What are the incentives when I install solar panels?
These incentives include the PACE program, net metering, and the 26% federal solar tax credit.
Net metering is Florida’s solar incentive when you decide to sell to the electricity grid your surplus solar electricity at the full retail price. You can do this because it is possible that you can generate excess power for your needs. Hence, you can benefit from exporting this to the grid.
After buying the solar panels, you can apply for the federal solar tax credit by filling out Form 5695 when you file your taxes.
PACE financing by Florida allows local governments to offer loans for solar panel installation. These are paid through the locality’s property tax increase. When you choose this financing, you save on your utility from Day 1, and if you move forward, the loan’s remaining balance is passed on to the next property owner.
The solar installation cost is far lower than ever before for an average homeowner due to these incentives.
How long will my solar panel installation take to pay for itself in Florida?
The payback period takes a minimum of five years in Florida. The factors that will affect this period are:
- The solar panel system size
- Your electricity rate plan
- Your electricity consumption
- Whether you use a lot of solar power per day
Extend your savings by responsibly using electricity so that you can send more energy to the grid.
Can solar panels resist harsh weather conditions?
Many solar companies St. Cloud have developed solar panels that can withstand hurricane-like winds or about 140 mph. They can resist damage and will not contribute to dangers during most harsh weather conditions. Industry-grade solar panels can also withstand hailstorms at higher speeds.
Is it worth it?
With all the savings, solar panel installation is genuinely worth it. You are also assured that your investment will not be damaged. This means that the durability of solar panels will allow you to use them for a very long time. Hence, having these panels installed for your home or business can benefit you and the community you are residing in.