Benefits of Solar Energy
Solar energy provides multiple advantages that will enhance your home for years to come.
- Better energy independence: Solar energy can keep your home powered through emergencies and blackouts, giving you additional security. You can use your solar energy anytime with optional battery storage.
- Reduced carbon footprint: Embracing solar is a surefire way to minimize your carbon footprint and home fossil fuel dependency.
- Lowered energy bills: You can dodge the added cost of grid-tied power by producing some electricity right where you use it. Plus, many states offer net metering which can allow you to sell your unused energy back to help pay for your energy bill.
What Solar Incentives Are Available to Cape Coral Homeowners?
Florida's public agencies and power companies offer a number of solar incentives to help cut your solar system costs. Here is a breakdown of applicable solar programs where you live.
Incentive Type: Sales Tax Incentive
Incentive Amount:
All
Incentive Type: Property Tax Incentive
Incentive Amount:
Residential: 100% of the added value
Non-Residential: 80% of the added value
Incentive Type: PACE Financing
Website: floridapace.govIncentive Amount:
Determined locally
Incentive Type: Loan Program
Website: lakelandelectric.comIncentive Amount:
$5,000
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in Cape Coral
The price and efficiency of solar panels often hinge on the solar company that installed them. Consider all of these criteria in your service provider search.
Licensing and Training
Once an electrical professional in Florida has four years of field experience, including one year as an apprentice, they can pass two exams to earn a CV license with the Florida Construction Industry Licensing Board. The Sunshine State also allows electrical contractors to install solar panels, but they may need to subcontract some tasks to a licensed roofer. Solar companies can also pursue certifications from standards organizations and trade groups. The most respected ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Cape Coral
Different solar panel types look and perform differently. Monocrystalline panels cost more than other options, but they generate the most power and generally have the highest quality. Polycrystalline panels produce less power, but start at a more budget-friendly price point. Thin-film panels work well for small projects like RVs and sheds, but they're not ideal for larger installations due to their low performance.
You can also add electric vehicle (EV) chargers and battery backup systems. These will increase your total installation cost, but they can boost your solar system's performance. Not every solar provider provides these extras, so look for a contractor that installs them if it's crucial for you.
Generally speaking, it costs about $16,050 for a five-kilowatt solar array in Cape Coral. This table lists more specific prices for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,091 |
| Solar Polycrystalline | $851 |
| Thin-Film | $498 |
| Solar Battery | $698 |
| Solar Home EV Charger | $2,619 |
Financing Solar Energy in Cape Coral
Choosing the correct financing option will affect your overall solar system cost and potential savings. Common payment options include power purchase agreements, cash payments, loans, and leases. Though it involves a large up-front payment, cash is the most cost-effective choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the runner-up option. As with a car or home loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for cost-saving solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases allow you to pay a monthly rate to rent your panels, while a PPA lets you pay a variable rate based on only the energy you use. We generally don't recommend these options since you will not have ownership of your system and are disqualified from solar incentives, but they might be appropriate in specific circumstances. We advise working with a contractor that offers multiple financing options. Speak with each representative about what's available, and obtain more than one estimate for the best odds of keeping within your spending limits.
The table below lists the average payback periods for different capacities of solar systems in Cape Coral.
You are eligible for a 26% federal solar tax credit for new solar energy equipment until the year 2032. Municipal and state governments and utility companies might also offer rebates, discounts, and unique financing solutions that could save you more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 1.7 years |
| 2 kW | 3.5 years |
| 5 kW | 8.6 years |
| 10 kW | 17.3 years |
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Frequently Asked Questions About Solar in Cape Coral
How much money could I save by going solar in Cape Coral?
Is solar energy common in Cape Coral?
Will solar panels improve my Cape Coral home value?
Could I still use solar power if I live in a dark, rainy, or wooded area?
How can I determine my property's solar viability?
What care do my solar panels need, and how often do they need it?
What's the difference between a PPA and traditional financing?
In contrast, solar loans can come from installer, specialty lenders, the government and local banks. You'll need to pass a credit check to qualify for most of them. While the upfront costs are higher, and you'll be responsible for upkeep, you'll also have full ownership rights and can apply for many more financial rewards.
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