Florida ranks #11 in the United States in savings when using solar panels
The fact remains, Florida receives more sunshine than most other states in the country thus Solar Panels makes sense. In fact, solar panel prices continue to decrease over the years which has launched an influx of home and business owners installing them at an alarming rate. However, the average cost to install the panels is only $2.90 if purchased and $3.30 if leased which is lowest in the nation.
Solar Power Facts
- The average cost of a 5kw solar power system this year is $3.39
- it takes 9 years and 8 months to payoff system
- the average lifetime savings is $49,074
- The levelized cost of electricity (LCOE), also known as Levelized Energy Cost (LEC), is the net present value of the unit-cost of electricity over the lifetime of a generating asset is $.07 (7 cents)
- the forecast average utility prices over the next 25 years is $.24 (24 cents) which is more than 3x the cost today
Why buy solar panels in Florida
Florida offers excellent financing option on solar systems, more solar irradiation and the 30% solar tax credit and 1 for one net metering on all public utilities making solar in Florida an excellent and affordable investment.
The only real con is that private owned utilities may but are not required to offer net metering. However, there are still really good incentives without net metering. If you own a home in Florida you will be kicking yourself in a few years if you didn’t install solar panels while these great incentives are still around.
How much electricity will solar panels produce in Florida
The amount of energy produced by solar panels varies depending on location. For example, solar panels installed in Jacksonville on a south facing 20 degree pitch roof will typically produce: 1,351kWh per year per 1kw of peak DC (direct current) capacity.
What rebates, solar tax credits and other solar incentives are available in Florida
- The largest solar incentives are the Federal 30% Solar Tax Credit and the net metering law giving you the full retail value of each unit of solar power you generate. There is not much in the way of other upfront rebates or performance incentives but one area where Florida is leading the nation is in the development of cheap financing options for solar and we can help.
- Floridians are realizing that solar panels are a great insurance policy against rising utility power costs over the coming years. However, the popularity is limited to customers of the publicly owned utilities because these companies are required to by the Florida Public Utilities Commission to offer full 1 for 1 net metering to their customers.
- To explain, most solar systems are connected to the electric grid. These systems are called “grid-tied”, meaning that electricity can flow to and from the grid. When your solar panels generates more power than your home needs, the excess is sent out onto the local grid, where it is used by the next closest home or building. Likewise, when your solar panels aren’t producing enough electricity to meet your needs, you’re able to consume electricity from the grid. This ensures you always have a continuous supply of electricity. Thus, the utility company is required to give you the full retail value of that excess power.
Florida leads the nation in solar loan offerings
- Florida is one of only two states in America to have an active and funded PACE (Property Assessed Clean Energy) loan program should you elect the financing option.
- PACE loans allow a property owner to finance energy efficient or wind resistance improvements through a non-ad valorem assessment repaid through the annual property tax bill.
- These loans tend to carry fairly normal interest rates (around 4.9%-5.9%) and stay with the house if you sell it rather than the consumer. This is great for people that want to go solar but don’t know how long they will live in their current house.