It’s not surprising that the Sunshine State ranks third in the Ü.S. for solar installations. Abundant sunshine means Florida homeowners are enjoying massive savings on electricity in this part of the world.
On top of that, the cost of solar panels in Florida has declined by 11% in the last five years too.
Keep reading to find out more about how much solar power costs in Florida, and how you can save on your installation.
Florida Solar Panel Cost
Solar panel cost calculations work on a price per watt, and the average cost of solar panels in Florida is currently $2.59/W. The national average is around $3.00/W.
That means you’ll pay around $12,950 for a 5kW installation when switching to solar in Florida. You can expect to recoup your costs in about 20 years.
Solar panels are exceptionally durable, so you won’t need to pay anything toward their upkeep in that time.
Florida Solar Incentives
If you pay for your solar panels with cash or a solar loan, you can take advantage of the federal tax incentive, also called the ITC. The ITC allows you to deduct 26% of the cost to install your solar panels from your tax return for that year.
If you have no tax liability this year, you have twenty years to claim your deduction. You have to install solar before the end of 2024 to enjoy any tax credits, and the deduction drops to 22% from 2023.
When you install solar, your home’s value goes up. That’s great news when you want to sell your house, but it’s not so great when you need to pay increased property taxes.
In Florida, homeowners are exempt from paying increased property taxes when they install solar panels.
They also won’t pay any sales tax on the price of your solar panels.
Save Even More on Your Solar Installation
Did you know you can get free solar panel installation in Florida? When you sign a power purchase agreement with a power company, they pay the installation costs.
You get to buy the solar that’s generated on your roof back from them, but you’ll pay a lot less than you pay for electricity from a regular power company.
The more electricity you use, the more panels you need, and the more powerful they need to be. You can save on your installation by cutting down on your power consumption before installing solar, too.
Some ways to do this include installing LED lights in your home and switching to gas appliances where possible.
Take time researching the best solar company in your area. They’ll work with you to find a solution that suits your budget as well as your power needs.
The Benefits Outweigh the Cost of Solar Panels in Florida
It’s never too late to embrace the low cost of solar panels in Florida. The sooner you get on board with renewable solar energy, the sooner you’ll start saving.
You’ll also do your part toward decreasing global warming and ensuring a better future for us all.
Are you keen to discover more ways to save? Browse our blog for all the best home improvement and lifestyle tips.