Are Solar Panels Worth The Investment In Florida

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Are solar panels worth the investment in florida.

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

The cost of solar power in florida and america as a whole has been on a steady decline. 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. Factors like electricity rates solar panel system cost and financing method all play into how worth it solar will be for you. 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. Technicians from solar source install solar panels on a house in dunedin florida. Are residential solar panels worth it for my house.

Ironically the investment opportunity wasn t in investing in the manufacturers of solar panels. Ten years ago solar was close to 7 00 watt. Chris zuppa the penny hoarder. With a solar payback period of between 4 10 years this represents a simple investment return of between 10 25.

In central florida starting november 1st 2016. 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. 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. One of the biggest advantages of installing residential solar panels is a 30 federal tax credit on the total cost of a system.

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. Ultimately solar panels can be a solid investment and save you a lot of money in the long run.