Are solar panels worth it for Florida residential customers?
The payback period for Florida customers that install solar panels is longer than in some states, largely due to the relatively low cost of power. However, solar panels are worth the investment overall.
If you input the details for a Florida customer that has a power bill of $212 per month into the a solar calculator it tells you that you need a 13.66kW solar system that will produce 19,272 kWh’s per year, and that this system will return the owner a $73,351 profit even after repaying the capital over 25 years.
What is the average payback period for residential solar panels for a Florida customer?
The payback period for a Florida customer installing solar panels on their roof at home depends on their power usage prior to installing solar, the time of day in which they use power and the size of system they install. You can visit a calculator yourself and enter your own current power bill to see your solar savings and your likely payback period. You’ll note that for customers with larger monthly power bills the payback time is usually slightly shorter because the cost of solar systems per watt usually reduces as the system size increases.
What incentives, tax credits and rebates are available to Florida customers for installing solar?
As is the case with most utilities around America, Florida no longer offers up-front cash incentives paid by the utility companies to encourage their customers to install solar panels. There are some upfront incentives available for customers on low incomes and some available for new home construction. You should ask us about whether you may be eligible for any such incentives. Solar may also be eligible for some wider energy efficiency grants or credits although these are also limited in scope and application.
The major financial incentive currently available until the end of 2019 is the 30% federal solar tax credit. However the way this works is that the full cost of the system needs to be paid to the installer and this tax credit can then be claimed back as cash when you next do your taxes.
What are the environmental impacts from Florida customers installing solar panels for their home?
Whilst most home owners ultimately decide to install solar panels because of the financial savings they offer over time, for some people it is the environmental impacts of this choice that drive the decision to install solar. Here is a break down of the environmental benefits delivered by the installation of a 13.66kW solar system.