Solar Energy in Florida
They don’t call Florida the Sunshine State for nothing. The abundance of sun allows home solar in Florida to produce more energy compared to home solar systems in other states.
Solar panel costs have fallen significantly in recent years, making solar systems more accessible to Florida home and business owners. In fact, the average cost charged by solar energy installation companies in Florida is the lowest in the nation at just $2.70 per Watt for cash-purchased systems and $3.01 per Watt for systems purchased through a solar-specific loan, which is arranged through the installer.
The solar market in Florida is expected to stay strong through 2020, as the federal tax credit and other solar incentives (such as sales tax exemptions) make home solar panel systems a very attractive investment – despite low electricity prices charged by utility companies like Florida Power & Light.
Florida Solar Power Facts
$2.70 watt
Average cost: 5kW solar power system.
Average Payback time
On average it takes 8 Years 11 Months to pay back the system.
Average Lifetime Savings
On average, solar power can save you $52,209 over your lifetime.
6¢ kWh
This is the levelized cost of solar energy.
24¢ kWh
This is the levelized cost of energy without solar panels.
13,134 kWh
Annual power production of home solar panels.
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How much do solar panels cost in Florida?
Before 26% solar tax credit
Before 26% solar tax credit
Ave 15 year term, 2.5% price escalator
What are the pros and cons of installing solar panels in Florida?
The advantages of installing solar panels in Florida include high solar production, the 26% solar tax credit, and a 1-for-1 net metering policy for all public utilities – making the Sunshine State a prime location for installing residential and commercial solar systems. With some of the best solar financing options available in the US, going solar in Florida is an excellent and affordable investment.
The disadvantage of installing solar panels in Florida is that the state does not accept third-party ownership power purchase agreements (PPAs) as a way to finance solar systems. In other states, this financing option is popular among third-party solar developers. They own the solar system as they build it on the customer’s property and then sell the power generated by the system back to the customer.
Florida law states that only public utilities are allowed to sell electricity in this way and that it must be available to the general public. The electricity sold to customers straight from the developer would not be considered to be available to the general public, therefore rendering PPAs illegal.
However, the local and federal incentives, paired with Florida’s steady stream of sunshine more than make up for this.