Are Solar Panels Worth it in Florida?

Solar panel installation is an increasingly popular and environmentally responsible approach to harness the power of nature for your energy needs.

Stop spending money on expensive electricity and contribute to a greener earth by using this technology to reduce pollution.

Solar panels are worth it in Florida. Here’s why.

Is Solar Worth it in Florida - Our Answer

Solar Panels Reduce Your Electricity Bills

Solar panels generate their own energy and can thus significantly reduce, if not completely eliminate, your monthly electricity expenses. The higher your bill, the more probable it is that switching will save you money.

Additionally, through something called net metering, you can sell back the extra electricity you generate to utility companies. 

If your home is net-metered, the electricity meter will run backwards to provide a credit against the amount of electricity used at night or during other times when the home’s electricity consumption exceeds the system’s output. Customers are only charged for the energy they use “net.” Only 20-40% of a solar energy system’s output ever makes it into the grid, and this solar electricity is used to power local customers’ loads.

Solar Panels Come with Tax Incentives

Federal Solar Tax Credit

A federal tax credit is a government rebate program that allows you to deduct a portion of the cost of a residential solar installation off your taxes the following year. It’s a direct dollar-for-dollar arrangement, so if your tax liability is $6000 and you get a $2000 rebate, you’ll only have to pay $4000.

For solar systems installed in 2022 and beyond, the solar tax credit will be 22%.

Unless Congress extends the tax credit, it will expire in 2024. Because President Biden has made a long-term commitment to solar, it’s quite likely that it will be renewed or extended. There is no limit to the amount of money that can be claimed.

Property Tax Exemption

Thanks to Florida’s Property Tax Exclusion for Residential Renewable Energy Properties, there are no additional taxes associated with building a renewable energy property.

When you make an upgrade on your home, you may usually expect an increase in taxes; however, this is not the case when you install solar panels!

Sales Tax Exemption

You won’t have to pay sales tax on your new solar or CHP system because of the Solar and CHP Sales Tax Exemption.

That’s a 6% reduction over what you’d pay otherwise, making it easier than ever for Florida residents to acquire all of their energy from sustainable sources like solar electric PV systems.

Solar Panels Increase Home Value

According to a solar research conducted by Zillow, installing solar panels in a home might potentially enhance the property’s value by up to 4.1% more than comparable homes without solar panels — or an additional $9,274 for the median-valued home in the United States.

Solar Panels Come with Warranties

Florida Solar Energy Group offers the industry-leading solar panel warranties. Not only do these warranties greatly exceed the average solar panel payback period of 9-12 years, but they completely crush it. Our solar panels come with a 25-year warranty. 

Conclusion

The upfront costs of installing solar panels are eased by rising property prices, decreasing electricity costs, and the federal tax credit. Because energy prices aren’t going down, investing in solar energy is a sensible way to save money while also reducing your carbon footprint!

Call us today to receive a solar panel installation quote!

2 thoughts on “Are Solar Panels Worth it in Florida?”

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