Solar Energy in Florida: Is It Even Worth It?
Florida is known as the Sunshine State and for good reason: The state is saturated in sunshine all year round, which means that there is plenty of solar energy to be harnessed no matter the season. In Florida, the majority of the power comes from coal or natural gas (both of which are inexpensive). However, more and more Floridians are starting to turn to solar power as a more environmentally friendly option that can also help you save a little bit of money in the long run. Here we will talk about Solar Energy in Florida.
Performance payments in Florida
One of the aspects that makes going solar in the Sunshine State such an appealing option is the state’s strong net metering program. When compared to the offerings of a few other states, it is clear to see why this strong net metering program makes solar such an affordable direction for Florida homes and businesses. With the 1-for-1 net metering in the Sunshine State, you are able to offset nearly all of your electrical costs by using a solar power system. This is done by having all of the excess energy that your solar panels collect sent into the power grid, and for that, many of the state’s utilities will offer their clients credits at a 1-for-1 rate, meaning you will get full retail value for all of your excess power.
These net metering credits roll over year after year, which means you are able to use them to offset electricity costs you may a crew during downtimes of solar energy such as the evening time as the credits will offset any of your electricity charges.
Specifically, there are also places in Florida – such as Orlando – that have even more offers to make solar power more economical. The Orlando Utilities Commission has a program that sees its customers receiving 5 cents per kilowatt an hour that their home solar system creates for the grid. (This includes the power that is being used in the customer’s own home.)
Installation incentives, rebates and more
There is a federal tax credit known as the Renewable Energy Tax Credit which all Florida residents who install solar panels at home are eligible for. This credit equals out to about 30 percent of the total cost of your solar power system. While this is not Florida specific, there are additional incentives within the state that make going solar even more beneficial for homeowners.
In Florida, your solar power panel systems are exempt from sales tax, which can result in you being able to save hundreds of dollars when you first start your home solar panel power system project. As well, Florida offers property tax exemptions for the additional value that installing solar panels will provide your property, ensuring that you will not have to pay more taxes for going solar.
Returns on your solar investments
When it comes to deciding if installing solar panels on your Florida home is truly beneficial or not you must look past the initial start-up costs, rebates and benefits and look deep into the future for your potential return on investment. Of course, when it comes to how much your Sunshine State solar panel system will offer in return for your efforts the answer truly depends on how large of a system you install and how much electricity you are able to use. But, on average, a 5kW solar panel system on a typical Florida home would be able to produce a value of about $80 a month. That means over the course of 20 years, you will be able to save nearly $9,000 – and solar panel systems will last for much longer than 20 years.
While these systems can offer you a little more cash in your pocket, there is also the vast environmental benefit that comes with adding solar panels to your home or business, as well.