How to Switch to Solar Power?
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Solar Panel Installation in Florida
The Sunshine State certainly lives up to its name. With solar energy as Florida’s most abundant energy resource, the state has the potential to generate more energy from solar than it actually needs. Despite this, for many years Florida lagged behind other sun-rich states when it came to solar power installers. This was largely due to restrictive policies and lack of statewide incentives to encourage homeowners in Florida to install solar power systems.
Now, all of that is changing. Thanks to changes in policies and funding sources, the choice to go solar makes sound financial sense to Floridians. Eager to lower their energy bills and take advantage of current rebates and incentives, Florida homeowners are rushing to install solar on their homes. As evidence of this, Florida saw the largest growth in solar installations during 2018.
Electricity isn’t cheap in Florida. With the abundance of sunshine in Florida, a home solar system may offset 100% of your electric bill. What are you waiting for? Read on to learn how you can invest in solar for as little as $0 down.
How Solar Panel Systems Work
Solar energy systems may sound complex, but our customers are usually surprised how easy it is to understand how solar works once we break it down for them. Here’s a brief overview to get you started:
- The magic happens in the solar panels. When the sun is shining, the solar panels generate DC (direct current) electricity.
- The DC electricity enters a solar inverter where it is converted to AC (alternating current) electricity so it can be used inside your home.
- A meter keeps track of the energy produced and consumed, with any excess fed back into the power grid. Net metering in Florida means that you’ll get credits for surplus energy.
How Much Money Will I Save with Solar Panels?
If you’re like the average Floridian, the decision to go solar is motivated by the long-term cost savings associated with a residential solar system. Since solar energy systems in sunny Florida have the potential to produce energy for nearly the entire day, you can expect to see huge financial savings over the lifetime of your system. Let’s look at the numbers.
- With all that sunshine, many homeowners will see a 100% offset in their energy bill with a solar panel installation on their property.
- For an average home, the cost to install solar (8 kW system) is between $30,000 and $35,000.
- Most systems can pay for themselves in 8 years.
- Based on a 25-year lifespan, you’ll save at least $36,000 after the system is full paid for!
These are just rough estimates to demonstrate your potential savings. They don’t take into consideration the 26% federal solar tax credit or local incentives. They also don’t include projections for increases in energy rates over time, which would further increase your savings.
Solar Incentives & Rebates in Florida
There are several incentives available to Floridians who wish to go solar.
Investment Tax Credit (ITC) – 26% Rebate on Your Solar System!
While Florida does not offer as many incentives as other states, Floridians can take advantage of the largest incentive currently available – the solar tax credit. This tax credit is equal to 26% of the cost of purchasing and installing a solar energy system on your property. When tax time comes, you’ll deduct 26% of the value of your system from your federal taxes, resulting in direct cash back to you. If you don’t have enough tax liability that year, you can roll it over and claim the remaining credit in future years.
Anyone who buys the system, whether outright or through a loan, can use this tax credit. Those who choose to lease a system, however, are not able to claim the ITC. This tax credit has motivated millions of Americans to invest in solar, but the rebate is due to expire. At the end of 2022, the credit will be stepped down to 26%, with further decreases planned until the credit expires in 2023. Since this offers guaranteed and substantial savings on your system, we encourage anyone interested in going solar to act now before the credit expires.
Net Metering in Florida
Net metering is a regulatory policy that allows homeowners to sell any excess solar energy back to the grid. On any given day, if you do not use all of the energy that your system produces, you’ll receive a credit for the excess, which can be used at a later time. At the end of the year, any remaining credits will be paid out to you. Net metering varies based on your local utility company, with some offering more attractive programs than others.
Sales & Property Tax Exemptions
Two further tax exemptions are offering as incentives to Floridians who decide to invest in solar:
- Sales tax exemption – In Florida, the Solar and CHP Sales Tax Exemption means that you won’t need to pay sales tax when you purchase a new solar system, resulting in a 6% savings.
- Property tax exemption – A solar energy system will increase the value of your house, but Florida’s Property Tax Exclusions for Residential Renewable Energy Property is a policy that ensures you will not incur extra taxes by going solar.
Solar Leases & Solar Loans
If you do not have the necessary amount of cash to purchase your solar power system outright, you may be interested to learn about a loan or solar power purchasing agreement (PPA) to help you go solar sooner. With a lease or a PPA in place, you’ll be able to go solar for $0 down.
If you take out a loan to pay for your solar system, you are still eligible for the 26% federal solar tax credit. During the first few years, you may pay slightly more for your solar panels than someone who buys outright, but you’ll still see incredible savings on your energy bill. Once the system is paid for, you’ll own it and will continue to enjoy saving throughout the life of your system. At Momentum Solar, we can help you find a loan at a great rate to fund the purchase of your system.
A solar power purchase agreement (PPA) is an attractive option for homeowners without much disposable income, such as retirees. When you lease your solar panels, a third party owns and maintains your system. With a PPA, no upfront investment is required, but you’ll be able to lock in a lower rate of electricity for the length of your agreement. Currently, Duke Energy is the only utility provider offering a PPA in Florida. Momentum Solar is able to coordinate a PPA with Duke Energy for customers who are interested in this option.
Why Choose Momentum Solar?
Momentum Solar is a top choice for Florida homeowners who wish to go solar. Our expertise in the solar industry allows us to plan a system that will perfectly suit your needs, allowing you to save a huge amount of money over time.
As a Tier 1 solar panel provider, you can be confident that your system is using the most reliable and effective panels available on the market. We’re so confident in our product that we offer a 25-year warranty on all of our solar panels and system components.
Our expert team goes the extra mile to ensure you have the system you need and the right financial plan in place to cover your costs. If you’re ready to make an investment in your future by saying YES to solar energy, we encourage you to call us today!