Are Solar Panels Worth The Investment In Florida

Chris zuppa the penny hoarder.

Are solar panels worth the investment in florida.

Ironically the investment opportunity wasn t in investing in the manufacturers of solar panels. 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. With a solar payback period of between 4 10 years this represents a simple investment return of between 10 25.

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. Ten years ago solar was close to 7 00 watt. Are residential solar panels worth it for my house. Factors like electricity rates solar panel system cost and financing method all play into how worth it solar will be for you.

Florida residents who install rooftop solar panels are eligible for the federal renewable energy tax credit. Ultimately solar panels can be a solid investment and save you a lot of money in the long run. One of the biggest advantages of installing residential solar panels is a 30 federal tax credit on the total cost of a system. 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.

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. Crunch the numbers to see what sort of return you re looking at and decide whether they re the right. Solar panels are somewhat recommended in florida.

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. The cost of solar power in florida and america as a whole has been on a steady decline. Start comparing solar quotes on the energysage marketplace to see how much you can save.

Most property owners can break even on their solar investment in 7 to 8 years. Overseas manufacturers such as china were dumping massive amounts of solar pv onto the market.