There are a few main factors that contribute to what the cost of solar will be for your home. Thanks to state and federal tax credits and solar rebates, purchasing a residential solar system can truly be affordable. And, when you partner with Super Solar in Tampa Bay, our energy experts will help you achieve whole home efficiency first, so you can save even more on solar panel prices for your home.
When it comes to determining how much your solar system will cost, there are few things to keep in mind:
1. The more energy your home consumes, the more solar panels you’ll need
Your home energy consumption will play the largest role in determining your cost of solar. This is why we do a full home energy audit before quoting your solar installation price. We want to first help you find and fix any energy “leaks” in your home that will reduce your energy consumption and solar production needs. Then, we can get you the best solar system price, with even greater success in lowering or eliminating your monthly electric bill.
2. Florida solar tax credits, rebates and incentives
Another huge factor in determining your cost of solar will depend on when you purchase your system and which state and federal solar incentives are available.
From now until 2021, you can save up to 26% of your solar system cost with the Federal Solar Investment Tax Credit (ITC). This rebate allows for any residential solar PV systems installed by December 31, 2020 to qualify for a 26% federal tax credit, which will drop to 22% to those installed in 2021. The Federal Solar ITC will expire in 2022 unless Congress renews it. A couple of things to note: this offer is not applicable for solar panel leasing, and you must generate enough income for the tax credit to apply.
Additionally, right now Floridians do not have to pay sales or property taxes for residential solar panels. With Florida’s Solar and CHP Sales Tax Exemption, you’ll save 6% of what you’d otherwise pay in taxes. And while your property tax would normally increase for an addition or added value to your home, you will not have to pay extra property tax for your solar panel installation, thanks to Florida’s Property Tax Abatement for Renewable Energy Property.
Net metering is another great Florida solar incentive that you can take advantage of. If your solar system generates more electricity than your home requires, the excess energy will go back to the grid, and you’ll be issued a credit on your next utility bill. In short, Florida homeowners can get paid for any excess energy produced from their solar system. This is another reason, we at Super Solar highly recommend whole home efficiency! Tampa Electric Company (TECO), Duke Energy, and Florida Power & Light (FPL) all offer utility net metering programs in Florida.
3. Super Solar’s Referral and Ambassador Programs
Don’t forget, you can earn $500 for every homeowner you refer who goes solar with us! Refer three people before your first solar payment is due (60 days after installation), and Super Solar will cover your solar payments for the first full year!
You may also qualify to take part in our Ambassador Program, which allows for a cash rebate of up to $5,000 depending on your area.
4. Long-term savings
When deciding if the cost of solar is worth it for your home, it’s important to consider the long-term solar benefits. While you’ll immediately reduce or even eliminate your utility bill, once your solar system is paid off, you’ll be able to enjoy free electricity for life. And, like many home upgrades, studies show that solar panels will increase your home value.
The Lawrence Berkeley National Laboratory (LBNL), a research lab funded by the U.S. Department of Energy, conducted multiple studies showing that solar can increase the value of your home. What we’ve learned from LBNL is that on average, home buyers are willing to pay $15,000 more for a home with solar, compared to a similar home without it.
5. Solar financing is available
Keep in mind, you don’t necessarily have to pay cash for your solar system. We’re proud to offer the best solar financing available to our industry, with low interest rates and easy approval. Be sure to ask your energy consultant for further details on our solar financing options.
At Super Solar, we take pride in making solar energy affordable in Tampa Bay! Our solar installation professionals will walk you through each of these variables, to make sure you get the best solar panel prices for your home. Get your custom solar quote by scheduling our free home energy consultation today!