Are Solar Panels Worth The Investment In Florida

Ten years ago solar was close to 7 00 watt.

Are solar panels worth the investment in florida.

This generous rebate effectively knocks off 26 percent of the cost of your new solar energy system right off the bat as a credit on your income tax. Most florida residents now pay 2 70 watt which is a real bargain. Solar panels are somewhat recommended in florida. With a solar payback period of between 4 10 years this represents a simple investment return of between 10 25.

Florida residents who install rooftop solar panels are eligible for the federal renewable energy tax credit. Factors like electricity rates solar panel system cost and financing method all play into how worth it solar will be for you. One of the biggest advantages of installing residential solar panels is a 30 federal tax credit on the total cost of a system. Any customer of peace river electric coop who puts up solar panels has to sign a solar interconnection agreement which now includes a penalty of 5 00 per kilowatt usually 11 or 14 cents per kw for every kilowatt of power that is used during and after 15 minutes of higher than usual power usage.

In central florida starting november 1st 2016. While it is up to each of us to decide the best way to spend our hard earned money residential solar panels compare very favourably to other traditional forms of investment. Chris zuppa the penny hoarder. Ironically the investment opportunity wasn t in investing in the manufacturers of solar panels.

Are residential solar panels worth it for my house. Technicians from solar source install solar panels on a house in dunedin florida. 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. Based on the price of electricity in florida an average of 0 11 per kw and high amounts of sun 10 more than average compared to other states solar power is 5 more cost effective than the rest of the nation.

The cost of solar power in florida and america as a whole has been on a steady decline. Ultimately solar panels can be a solid investment and save you a lot of money in the long run. In addition to florida s net metering policy and tax exemptions to encourage solar energy the federal government gives you another huge incentive known as the investment tax credit itc. This caused panel prices to plummet comparatively so while solar panels were worth it for the consumer the manufacturers struggled to make a profit.

Is solar worth it in florida. Most property owners can break even on their solar investment in 7 to 8 years.