How Does Solar Save You Money?

If you are thinking about solar panels for your roof, it’s likely because you are looking for cost savings. The overall cost of installing a solar system across Florida is going down and between new financing options as well as tax credits, you can work at owning your solar system faster so that you can save money. Solar does save you money and here are a few of those cost-saving benefits!

You Will Lock in Your Energy Costs

The average solar system in Florida will cost roughly $20,000 with some of the tax credits that are available to property owners. When you consider the average energy cost for a small home at roughly $170 per month, we can estimate that you will be paying over $50,000 in energy costs throughout the full lifespan of a solar system. You could be locking in your energy costs at $20,000 and save money over time. 

Utility rates are continuing to rise as well. The prices for solar systems are only continuing to drop. If you choose to put in a solar system today, you can save tomorrow and your return on investment is likely to grow even higher as utility rates rise. We could easily see an increase from energy companies by up to 5% over the next two years and this can lead to massive cost savings especially when you have your rates for energy locked in. 

Credits From Your Utility

Another easy way that you can save money with the cost of a solar system is the credits from your utility that you can get for the extra power that your system is generating. When you have a solar system that is tied in with the energy grid, you can sell excess energy back to the grid! As you continue to generate power, the utility company will take that power and redistribute it throughout the grid, in exchange for loaning you some extra power when you need it. 

Your utility bills are likely to be nothing with the multiple credits that you can have with your utility company. It’s possible that your utility company may even cut you a check at the end of the year for the extra energy that your system generates! 

Tax Credits And Financing Options

It is easier to finance solar systems than ever before and there are a wealth of tax credits available across the state of Florida. It’s possible to get started with installing your solar panels with very little money down. Leasing a solar panel might seem like a great option at first, but this can often be much more costly in the long run. Solar panels often have very little maintenance and repair requirements so purchasing them can be an extremely secure investment for your property. When leasing a solar system you will not experience any of the tax benefits or breaks on the overall cost of the system that you would get through financing or purchasing the system outright. 

Paying upfront for a solar panel installation is a much better alternative, you’ll be able to leverage the benefits of the federal and state tax credits being offered to solar owners. If you are interested in learning more about installing solar panels throughout your property, contact us today to get the info on the installation process!

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