If you live in central Florida, in Polk County or Orlando, it is possible to make your life in one of the best regions of Florida even more enjoyable. You could save huge costs on your energy bill by installing solar panels. Orlando, in Orange County, and Lakeland–Winter Haven Metropolitan, Polk County, are some of the sunniest urban areas in the US. They are a prime candidate to install a solar system.
Upgrading to Solar Power
If you decide to install solar power in central Florida, you qualify for a Federal tax credit. The tax credit is 26% for now. However, there is no guarantee that it will still be available in two years. As such, the best time to install solar panels is now.
Benefits of Installing Solar Panels
Solar is a great source of renewable energy that is great for the environment. However, the main reason homeowners are willing to install solar systems in Polk County, and Orange County is the reduced power bills.
The Cost of a Solar Installation in Central Florida
Solar systems in central Florida are some of the most affordable in the US. A major reason for this is that the industry is highly developed, which means that prices are competitive. In Central Florida, the average price of an installation is around $2.69 per watt. As such, it is the fourth cheapest state to get solar power in the US. For a 5 kW unit, you will pay around $13,500, which is enough to power an average-sized home in Florida. However, this price will go down drastically once you apply for the federal tax credit.
Property Tax Incentives
Beyond the federal tax credit, it is worth considering the property tax incentive. If you install solar panels on your roof, a home’s price could potentially shoot up. However, the property tax will not increase alongside it. On average, a home’s value can rise by 4% when solar panels are installed.
Sales Tax Incentive
Another incentive in central Florida is that you do not need to pay sales tax on a solar installation. That means that when you purchase the solar system, you will not need to pay the standard 6% sales tax. It could potentially shave hundreds of dollars off the cost of the purchase.
Lower Power Bills
When you install solar power in Florida, you can apply for net metering. It means that any power from your solar system that you do not utilize goes back to the grid. The utility provider has to pay you a tax credit that is at the same rate as the price of the power they sell to you.
In essence, you could end up paying back the cost of the entire system in just a few short years. After that, the system will be profitable, and you will never have to pay electricity bills again. It also ensures that you enjoy stability in your energy bill. With the rising cost of energy, coupled with high inflation in the US, installing solar makes a lot of sense.
On average, a modern solar system is expected to pay for itself within its lifetime. They are low maintenance and often come with a lifetime warranty for the individual components. In case of any part not functioning well, you will have it replaced at zero cost to you.