Are Solar Panels Worth It In Florida

Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value.

Are solar panels worth it in florida.

The florida power and light net metering rate is currently around 10 5 cents per kwh. Most florida residents now pay 2 70 watt which is a real bargain. Florida has low electricity costs compared with other states which makes individual solar investment less attractive. Overseas manufacturers such as china were dumping massive amounts of solar pv onto the market.

While solar leases and power purchase. Ironically the investment opportunity wasn t in investing in the manufacturers of solar panels. If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands. An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group.

One of the biggest advantages of installing residential solar panels is a 30 federal tax credit on the total cost of a system. Solar energy system rebates are issued by the commission pursuant to sections 377 801 377 806 florida statutes and chapter 27n 1 florida administrative code contingent upon an annual appropriation by the legislature of the state of florida for the specific purpose of funding solar rebates. The tax break reduces. How are you financing your solar panel system.

We asked patrick altier owner of the florida based energy company solar trek to explain further. Technicians from solar source install solar panels on a house in dunedin florida. The payback period for fpl customers that install solar panels is longer than in some states largely due to the relatively low cost of power. Ten years ago solar was close to 7 00 watt.

It s equal to 30 percent of the cost of a pv solar system for systems in service by the end of 2019 with the credit decreasing through 2021. Florida ranks ninth nationally in solar resource strength according to the national renewable energy laboratory and tenth in solar generation. Are solar panels worth it for fpl residential customers. This caused panel prices to plummet comparatively so while solar panels were worth it for the consumer the manufacturers struggled to make a profit.

Florida residents who install rooftop solar panels are eligible for the federal renewable energy tax credit. The cost of solar power in florida and america as a whole has been on a steady decline.