If you live in the Sunshine State, solar power makes a lot of sense. Sunshine is abundant all year. Besides that, Florida often experiences periodic disruptions to the power grid caused by hurricanes and afternoon thunderstorms. Additionally, the state experiences brownouts and blackouts in the summer that can last for hours at a time. These are caused by a strain on the power grid because of the hot weather as people turn up the dial on their HVAC equipment. As a result, installing a solar power system makes a lot of sense. Besides these reasons, here are other reasons you should install a solar power array.
Environmental Benefits of Solar Power
According to data from the EPA, electricity generation is the largest contributor of greenhouse gas emissions in the US. By installing a solar array, you reduce the dependence of your home on fossil fuels. As a result, you reduce your home’s role in the release of greenhouse gases that have disastrous effects on the earth’s climate.
Federal and State Incentives
In Florida, residents get to enjoy several state and federal incentives. The incentives are:
- Florida Net Metering
Net metering is a great incentive for residents that install solar panels. Under the program, Floridians who have a solar array installed and are connected to the grid receive credits on their power bill. The credits are for surplus power that is produced by their solar panels. It allows you to store your excess power in the grid. In some cases, you can cover the full cost of your energy needs throughout the year. Without net metering, homeowners have to purchase solar batteries to store their excess power.
- Property Tax Exemption
In Florida, homeowners receive a property tax exemption if they install a solar system. Besides the property exemption, a solar array is estimated to increase the value of your home by up to 10% on average, which makes it a worthwhile long term investment.
- Sales Tax Exemption
The state’s Solar and CHP Sales Tax Exemption means that you keep the extra 6% state sales tax that you would pay for the purchase of a solar system and the battery storage.
- Federal Solar Tax Credit
The federal government offers a solar tax credit if you buy the residential solar system. The tax credit was 30% in 2019 and it dropped to 26% in 2016. It is set to drop to 22% in 2021 and it will be phased out in 2021. Consequently, this would be the best time to purchase your residential solar system.
The Cost of Solar Systems is Down
A decade ago, the cost of a residential solar system in the US cost around $80,000. However, it has dropped a great deal since then. Today, it costs around $19,039 for a 6kW System at an average cost of $3.17/Watt. After you claim the federal tax credit, the cost is just $14,089 for the 6kW system.
Financing Options with $0 Down payment
If you are worried about coming up with the funds to purchase a solar system, you will be glad to know that Florida offers financing via easy, no upfront cost financing. Via this program, a homeowner can get financing for their solar system with zero down payment. With financing rates starting as low as 2.99%, you will be able to see monthly saving from day one. Get informed and find out about your personal potential savings.
With all the benefits mentioned above, it is time you considered installing a residential solar system.