Known as the Sunshine State, Florida is the perfect place to optimize the sun’s power. There is an obvious relationship with the amount of households that have recently switched to solar power and the year 2020. Switching to solar energy has many benefits, especially during this tough time. However, these benefits differ from state-to-state. Here at Vision Solar, we want you to be able to optimize each and every benefit that comes with your decision to have a solar panel installation in Florida. Here are some of the top 3 ways that going solar can save you money in your state.
- Available Incentives
As solar becomes more and more popular, the incentives for each state continue to decrease. However, the opportunity to claim a tax credit is still readily available for those of your looking to switch your energy usage. The Federal Solar Tax Credit is a credit equal to 26% of the qualified system costs of installing a PV (photovoltaic) solar system to your home. In order to calculate the amount of the credit, 26% of the installation cost is taken to result in your total credit amount. However, it is important to remember that the tax credit is given to the owner of the panels, which means if the panels are leased, then only the owner is eligible. The benefits of the Federal Solar Tax Credit is a great way to make your tax season a little more enjoyable this year.
- Net Metering
In order to understand the benefits of net metering, it may be helpful to have a little bit of background knowledge on the process of net metering. Click here to find our more information on Net Metering. The process of net metering allows for the excess power that is generated, and not used by you, to be exported to the grid. The benefits of this, allows for your panels to literally pay for themselves. You receive a credit for your excess energy generated, allowing you to maximize the use of your appliances.
- Electricity Bill
One of the most prominent savings that comes from switching to solar power in Florida is the amount you are paying for your electricity bill. Florida’s average annual increase in electricity is 3.5% each year. What this means is that within the next 25 years, the average homeowner will spend at least $60,762 on their electricity. This is based on a the cost of $0.12 per kWh with a 3.5% increase per year. By switching to solar, homeowners could see an amount up to $40,000 in savings. Comparing the two numbers, I know we all like the sound of $40,000 in savings rather than $60,000 in electricity costs for the next 25 years. Jumping even further into your possible savings, it is good to remember that your solar panels could pay for themselves, depending on the amount of energy you are using. If you are using less energy than what your panels provide, then you are earning that money back in credits later. If your solar panels are leased, then you have a fixed monthly payment. However, the small monthly payment is only based on the grid connection, making this amount so much less than what the electric company is charging you. On average, solar has the ability to save you up to $70.00 or more per month on your electricity bill.
Hopefully, we have provided just a small insight as to how solar can save you money. 2020 is your year to switch to solar power in Florida. For more information on your savings, please visit out Contact Page.