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Florida is a sunny state, so it's only natural to consider installing solar panels on your home. Solar energy is environmentally friendly and ultimately a great way to offset utility costs. If you're looking for the best solar panels, there are a few things you should know about solar panel prices and incentives in Florida.
Solar power in Florida
The entire state of Florida averages 237 days of sunshine per year. But that's not the only reason Florida is a good place to install solar panels: Additional incentives in Florida can reduce the initial investment. That helped Florida rank third among all states for solar capacity, according to the Solar Energy Association's 2021 report .
Currently, less than 5% of the state's energy comes from solar power. However, that will change as utilities invest more in clean energy and the cost of installing solar panels falls.
Cost of solar panels in Florida
The average cost to install a 5 kilowatt solar panel system in Florida is $12,950, excluding rebates and incentives. A smaller 3-kilowatt system can cost less than $8,000 to install, while a larger 10-kilowatt system can cost more than $25,000 .
The payback period for a 5 kilowatt solar system in Florida is just over 10 years. This means you can recoup your initial investment in solar panels in about ten years and save on monthly utility bills.
Federal Tax Credits for Solar Investments
The Federal Solar Investment Tax Credit is a tax credit to encourage the adoption of solar energy in the United States by reducing tax liability. This credit allows individuals to qualify for reimbursement of up to 30% of the total cost of solar equipment, including labor, materials and installation costs.
It is important to understand that certain conditions must be met in order to receive this loan. For example, the ITC only applies to people who buy their photovoltaic (PV) system outright, except for those who choose to lease or finance it. It's also important to consider your income level, as the financial benefits of a tax credit can vary. Higher income earners may receive limited or no tax credit benefits.
Solar Panel Rebates and Tax Credits in Florida
Florida does not offer statewide rebates for solar panels. However, tax credits can make installation cheaper.
- Sales Tax Exemption: Under the Florida Solar and CHP Sales Tax Exemption, Florida residents are exempt from paying the 6% sales tax on solar panels.
- Net metering: Net metering is allowed in Florida, meaning that utility customers who produce solar energy with solar panels can sell Renewable Energy Credits (RECs) to the solar company. These credits can be applied to your electricity bill or paid off over the next 12 months.
Those incentives may not last forever, however: In March 2022, Florida lawmakers passed a bill that would have phased out net metering incentives through 2029, even though a poll found 84% of Floridians support net metering.
Florida Estate Tax Exemption
Florida's property tax abatements currently run through 2037. This incentive gives homeowners a 100% property tax rebate for retrofitting their homes with solar panels.
Clean measures of Florida
Florida Net Metering is a program designed to help electric utility customers offset their energy consumption with excess energy. The program allows customers to receive a credit on their utility bills for the excess electricity they generate. Additionally, Florida has no limit on the amount of excess solar you can sell to the grid.
Local incentives
For residents in some parts of Florida, local solar incentives lead to even more savings. Check your local regulations to see what solar rebates you may qualify for.
Which solar system is right for your home?
Not all solar panels are the same. When choosing the right solar power system for your home, you should consider the required size (kilowatts), the efficiency of the solar panels, their durability, and more. While this is not a complete list, here are the best solar panel systems.
- LG Solar: This mid-range option gets top marks for durability and efficiency.
- SunPower: Although SunPower systems are more expensive than most competitors, they are the most efficient models available for home use.
- Panasonic success: These solar panels are competitively priced, durable and suitable for extreme temperatures.
The benefit of the sun
Although the initial installation costs can be significant, there are many benefits to using solar energy .
- Protection of the environment. One of the most important advantages of solar panels is that they generate electricity from a renewable source of energy - the sun.
- Low maintenance: Apart from periodic cleaning of debris, solar panels require little maintenance.
- Long-term savings: In Florida, the average payback period for solar panels is about 10 years. From now on, monthly savings on utility bills can go straight to the bank.
- Net metering saves more: In states like Florida where net metering is now allowed, solar homeowners will make more money by selling unused solar power to utilities.
Is it worth the sun in Florida?
Given the abundance of sunlight in Florida, you may wonder if solar panels are worth it for your home. If you want to lower your electricity bills, take advantage of incentives and have a positive impact on the environment, installing solar panels on your home is a good idea.
- Energy Efficiency: Solar panels can help you produce clean energy using sunlight. Plus, since sunlight is free, it's a cost-effective way to generate electricity and lower your monthly bills.
- Solar stimuli. There are many tax incentives at the state and federal levels that encourage the development of solar energy. These include tax credits, subsidies or benefits. The federal Solar Investment Tax Credit (ITC) also provides significant federal tax credits for solar installations.
- Environmental Benefits: Solar energy is clean, renewable and good for the environment. Installing solar energy systems can help reduce carbon emissions and create a more sustainable future.
How to choose the best solar company in Florida
If you are looking to install solar panels in Florida, here are some of the best solar panel installation companies .
- Mayo Solar Electric in Claremont
- PayOli Solar in Miami
- Gulf Solar Electric in Davenport
- Change the sun at Land O'Lakes
- Solar shift in Orlando
Looking for a hassle-free solar installation
Find a network of trusted installers for your solar system, solar panels and electrical equipment. Find a solar panel installer today!
Questions and Answers (Frequently Asked Questions)
Are solar panels worth it in Florida?
Yes, installing solar panels is an investment in your home and the planet. Additionally, Florida has growing solar potential, and with many sunny days a year, solar panels are efficient at producing renewable energy.
Can you sell Florida Grid electricity?
Homeowners with solar panels in Florida are currently allowed to sell electricity to the grid through net metering, although that could change in the coming years due to legislation currently under consideration.
How long do solar panels last?
Although longevity varies by solar panel model, solar panels can last more than 25 years.
How Often Can You Claim a Solar Tax Credit?
You may be eligible for the federal solar tax credit (ITC) for the tax year in which all solar panels are installed.
