The average cost of a solar panel installation in the state of Florida ranges typically from $11,008 to $14,892. On a cost per watt ($/W) basis, a solar panel installation in Florida ranges in price from $2.20 to $2.98.
Another cost homeowners seeking solar have to consider is the solar payback period. This figure tells us as at what time you will recover your initial investment through electricity savings from your solar system. In the state of Florida, the average solar payback period is 10.69 years.
It’s also important to consider how you’ll pay for a solar panel system. Fortunately, there are many financial options available to afford installations. Cash purchases are one common method to pay for solar and often lead to the most long-term value for your money. If an upfront purchase isn’t right for you, solar loans and solar lease/PPAs are available to help finance a solar energy system.
What rebates and incentives are there in Florida for solar?
The federal Investment Tax Credit has been one of the most reliable and impactful incentives for solar across the U.S. This solar incentive allows you to deduct 26 percent of the total system cost from your federal taxes. For example, a solar energy system installation that costs $15,000 out of pocket will qualify for a tax deduction of $3,900. This advantageous incentive lasts until the end of 2022 – the tax credit amount steps down to 22 percent for 2023. The federal ITC is eliminated for residential solar installations after 2023, but commercial solar energy system owners can still deduct 10 percent of a commercial solar system cost from their taxes beyond 2023.
Beyond the federal ITC, Florida has additional incentives for going solar that are dependent on your area and utility company. The Sunshine State’s net metering programs allow your solar panels to continue to work to save you money, even when you are out of the house. What’s more, Florida has established generous property and sales tax exemptions, helping you get the most out of your solar purchase.