What’s all the rave about switching to solar power? What do I stand to gain from this as a resident of Florida? If these are some of the question you are currently asking, then you are in the right place. We are going to be examining exactly why you and any other residents of Florida should switch to solar power.
If you need some explanation of what solar power is and how it works then you may want to read this.
Benefits of Switching to Solar Power in Florida
Florida is known as the “Sunshine State” but this does not necessarily mean that it has more sunshine than some other states. It however has enough sunshine to make solar energy a viable energy option to pursue in the state.
Here are a few of the benefits you will enjoy once you switch to this renewable and eco-friendly energy.
Savings on Energy Bills
Energy bills are a major expense in many homes and these bills show no signs of coming down. However, solar provides a cheaper energy option that can save you up to 70% on your energy bills. Yeah, read it again, that was no mistake.
It gets even better because the savings turns to profit in a few years. Here’s the breakdown based on a 5KW system:
- In a year, your energy savings will be about $729.
- Your initial setup cost will be about $16,250 which will reduce to about $11,375 with the 30% Federal Solar Tax Credit.
- Adding your yearly savings to the tax credit, you will find that assuming everything stays constant (which it won’t), in about 16 years, you will have recouped the full cost of the system. However, energy costs are constantly increasing so every increase marks a greater saving for you so you are likely going to have covered the full cost of the system in between 12 to 14 years.
- The average lifespan of a system is about 25 years, so after about 14 years, every savings you make for the remaining lifetime of the system becomes sweet profit. This could easily amount to over $11,000.
Positive Environmental Impact
You will be interested to know that using a solar system and the attendant lack of pollution from carbon emissions is calculated to equal the effect of planting hundred trees a year. Talk about green energy.
Read a comprehensive description of the impact of solar energy on the environment here: https://www.ucsusa.org/clean_energy/our-energy-choices/renewable-energy/environmental-impacts-solar-power.html#.W9N-WZNKh1s.
How You Can Get Solar Power in Florida
Investing in a solar system requires ample initial funding. If however you are ready to make the switch, there are about three ways you can go about it.
This is an option you can consider if you have the cash to make the full payment for the system. This option will yield the highest return on investment. Sadly, it is not an option that many can afford.
Taking out a Loan
This is a very popular option. Once you have a means of income, you can take a loan out and pay over a period. There is however good news and bad news. The good news is that even with a loan you will still get the 30% federal solar tax credit. The bad news is that your monthly repayment for the first year may exceed the savings you are supposed to be enjoying. However, as energy bills increase, your savings will also increase while your repayment stays the same.
Do not forget that once your repayments are done, you will be enjoying full savings for the remainder of the system’s life span.
The Lease Option
This is a third option that is mainly for folks who do not have a steady source of income and so cannot afford to take out a loan. The solar lease arrangement in Florida is a bit different from what is generally obtainable.
When you take out a lease, the solar panel installers in Florida will claim the 30% tax credit. What you will benefit is a monthly payment that is less than your regular energy bill. This monthly payment will be fixed regardless of the amount of energy supplied.
It is also important to note that with this type of lease, there is no guarantee of the minimum amount of energy to expect. Whatever you get is what you get. If however the reduction in power generation is as a result of a failure of any of the component parts, the product warranty will cover that.
So, if you own a home in Florida and your home’s roof has direct access to sunlight and you are also tired of paying those hefty energy bills, then it is time to switch to solar. Look at any of the three options listed above and choose one that will work best for you.
Do not forget to take some time to compare quotes from different companies to ensure you get nothing but the best deal.