Is Florida’s solar panel investment worth it? You might be asking this question if you own property in Florida. This is a valid question as the cost of installing solar panels can run into the thousands. Solar power can save you money on your energy bills and increase property values.
There are no one-size fits all solution when it comes to solar panel investment. Understanding the benefits of solar panels and how they work can help you decide whether it is right for you. Consider these benefits of going solar in Florida.
Consider these benefits of solar power to help you decide if it is worth the investment. You can also discuss any additional questions with a local solar installer.
The most popular reason property owners choose solar energy is that it provides clean, sustainable, unlimited, and renewable energy. Let’s take a look at these terms to better understand why solar energy is the right choice for you.
Let’s first define clean energy. Although electricity doesn’t produce any pollutants or fumes, the plants that generate it are highly polluting. The U.S. produces tons of carbon dioxide and other pollutants each year from its power plants. Solar panels, on the other hand, produce electricity with no emissions.
Solar is also eco-friendly. You don’t have to mine, blast, or harvest solar energy. It doesn’t affect wildlife or depletes water resources. Solar power is therefore the best choice for eco-friendly energy. As a residential electricity consumption.
Consider also that solar energy is unlimited and renewable. Also, solar energy is unlimited. The planet could run out of certain nonrenewable energy sources like coal, oil, and other gasses. Even renewable energy sources like trees require planting and care in order to replace fuel-cutting.
Solar power is therefore the best option for providing energy that doesn’t harm the environment. It doesn’t require replacement, so it is easy to harvest and then use as energy.
Solar panel installation can save homeowners thousands in utility bills. Although savings can vary, solar panel installation is a great reason to go solar. Even if your annual electric bill is only a few thousand dollars, it’s still money in your pocket.
You can also upgrade your electronics and appliances without worrying about rising energy costs by choosing solar. Solar panels allow homeowners to have large washers and dryers, as well as chef-inspired kitchen appliances, without worrying about their monthly bills. You won’t have to worry about rising rates from your local power company because solar panels aren’t there.
A number of studies have shown that solar panels can boost a home’s worth by as much as 4%. This is $4000 per $100,000 in property value! This increase can help you build equity quicker and make it easier to sell your property if you decide to put it up for sale.
For solar-generated increased value, Florida provides a 100% exemption on property taxes. This means that even if your property is worth more due to solar installations, your property taxes will not increase.
Both installing and recycling solar panels is a labor-intensive industries. This creates local jobs. You are supporting local installers, manufacturers, delivery firms, and other businesses by choosing solar. You are thus supporting the local economy by selecting a solar installation.
Notably, Florida does not currently collect state income taxes. Therefore, there is no state credit for solar. The Inflation Reduction Act (2022/) has granted tax credits to solar installations. This provision provides for a 30% credit up to 2032. The credit is then reduced to 26% in 2033, and 22% by 2034.
Florida offers solar panels at a flat 100% exemption from sales tax. You can also purchase these panels without paying the standard sales tax. Many cities also offer rebates or credits for solar use. Talk to a solar installer, or a representative of your utility company, to learn more.
Solar panels can be expected to pay off in 7-10 years for most homeowners. Some property owners may break even in 5 years. The payback period will depend on several factors.
- Your savings will be affected by how much power you use. Solar panels can only produce so much electricity. You will need to rely more on local electric companies if you use more power. This will reduce the return on your investment in solar panels.
- The more solar panels you have, the more power they produce. The reverse is true: the more panels you have the better your solar power will be.
- Solar panel power production is also affected by sunlight exposure. The more sunlight your panels receive, the more solar power they will produce. Solar power production is then reduced by overhanging branches or other obstructions.
Your solar panel contractor can help you determine the potential energy production of your panels. They can also help you determine the potential cost savings over time.
This article was written by a roofing and solar installation specialist at HD Roofing & Construction. At HD Roofing & Construction, our roofing team is the heart of the company, and we are proud to have a highly-trained, professional team. If you need a roof over your head, we’ve got you covered. We offer a variety of roofing and home improvement services, including roof replacement and repairs, emergency tarps, home restoration, and solar! We also offer solar panel installation in Melbourne FL!