Are Solar Panels Worth It In Florida

The tax break reduces.

Are solar panels worth it in florida.

Chris zuppa the penny hoarder. Florida residents who install rooftop solar panels are eligible for the federal renewable energy tax credit. 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.

Ironically the investment opportunity wasn t in investing in the manufacturers of solar panels. 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. 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. How are you financing your solar panel system.

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. 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. The florida power and light net metering rate is currently around 10 5 cents per kwh.

Altier told us that floridians who have solar panels on their homes can use energy from the sun. 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 ranks ninth nationally in solar resource strength according to the national renewable energy laboratory and tenth in solar generation. Ten years ago solar was close to 7 00 watt.

The cost of solar power in florida and america as a whole has been on a steady decline. Are solar panels worth it for fpl residential customers. 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. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value.

While solar leases and power purchase. One of the biggest advantages of installing residential solar panels is a 30 federal tax credit on the total cost of a system.