If you live in Florida and are considering purchasing solar panels for your home, you are certainly not alone! Many people who live in the Sunshine State wonder if solar panels are worth the investment. And we are going to find out right now!
Solar panels are considered worth it in Florida. While it will cost between $20,000 and $30,000 to get solar panels in Florida, they will pay for themselves in what you’ll save on your energy bill in less than 13 years.
If you want to learn exactly how much it will cost to purchase solar panels in Florida, as well as how long it will take your money back and what the state of Florida offers in energy buyback, keep reading! In just the next few moments, you will know whether or not solar panels are worth it if you live in Florida.
How Much Do Solar Panels Cost in Florida?
The first thing you need to know before understanding if solar panels are worth it is how much they will cost in the first place.
When you purchase solar panels for your home in Florida, they usually cost almost $30,000. However, because you get a 30% federal solar tax credit, they will only really be about $20,000.
While this may seem a little pricey, it’s important to note that solar panels, especially in Florida, can save you quite a bit of money.
So let’s find out how long it would take to make your money back on solar panels.
How Long Does it Take to Make Your Money Back on Solar Panels in Florida?
When it comes to calculating when you will make your money back on your solar panels, there are several things to consider.
Now that you know how much you’ll probably spend, you also need to think about how much you usually spend on energy per year.
The average Florida home spends over $3,000 a year on electricity. This means that within less than 10 years, you could have made your money back if you didn’t have to pay anything for electricity.
However, it’s extremely important to understand that you will still get an electricity bill, even with solar panels. Although it will be a whole lot less every month!
Another factor that you must take into consideration is whether or not you can save money on your electricity bill and make your money back quicker through Florida buying the extra energy from your solar panels.
Does Florida Buy Back Energy From Solar Panels?
Luckily, Florida absolutely does buy back extra energy from solar panels.
Here’s how it works: The energy your solar panels produce that you don’t use goes back into the grid, for which Florida gives you credit to use for the minimum you need to pay on your electricity bill.
While most states have a net metering policy, Florida’s is especially great. And that is because they will actually allow you to earn more than you can use on electricity, which means you could make money!
You should also know that how much you make with your extra electricity doesn’t just depend on Florida’s rules. Every utility company has a different policy, so you should certainly shop around before you sign on with one.
Are Solar Panels a Good Choice in Florida?
Now, we have covered quite a lot of information on how much solar panels cost, how the buyback system works, and how long it usually takes to get your money back, but you might still be wondering: are solar panels worth it in Florida?
- You will make your money back in about 10-13 years.
- If you send excess energy back to the grid, you can use those credits to pay the remainder of your energy bill (saving you even more money.)
- Florida is one of the best places to use solar panels, as homes typically use a lot of electricity and have plenty of sunlight.
- Florida offers a 30% federal solar tax credit to those who purchase and install solar panels.
- You will be doing your part for the environment and your community.
However, it is important to note that there is one fairly important downside to purchasing solar panels for your Florida home.
As you probably know, Florida is prone to hurricanes and tropical storms, and if one hits your neighborhood, your solar panels might be damaged before you can make your money back on them.
But you can combat this problem by simply purchasing solar panels that come with a fantastic extreme weather warranty!
As promised, you now know whether solar panels are worth it in Florida and a whole lot more!
So you can decide for yourself if you think adding solar panels to your Florida home is a good choice for you and your bank account.