Benefits of Solar Energy
Solar energy has multiple advantages that will enhance your home for years to come.
- Better energy independence: Adding a solar battery storage system lets you have trustworthy energy during storms and grid outages.
- Lowered energy bills: Solar panels allow you to generate your own energy to power your home, decreasing your monthly electricity costs. You can eliminate your bills completely if you go off-grid. Plus, a significant number of states offer net metering, which permit you to earn money by selling your unused energy back to the grid.
- Reduced carbon footprint: The sun is one of the universe's most abundant clean energy sources, meaning you can reduce or eliminate your home's dependence on fossil fuels.
What Solar Incentives Are Available to Carrollwood Homeowners?
Governments and power companies often incentivize homeowners for switching to solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
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 Carrollwood
Choosing a company is the first step toward an effective and cost-efficient solar energy system. Make your choice based on the following key factors.
Licensing and Training
Once an electrical professional in Florida has four years of field experience, including one year as an apprentice, they can take two tests to earn a CV license with the Florida Construction Industry Licensing Board. Florida also allows electrical contractors to install solar panels, but they may need to subcontract some tasks to a licensed roofer. Check a company's website for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), one of the solar industry's most credible trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Carrollwood
Your solar modules' type will affect how much power you can generate. Monocrystalline panels are among the highest quality and perform the best but cost the most. Polycrystalline panels offer you a budget panel with a traditional design, but at the cost of less power generation. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.
If you need to charge an electric vehicle (EV) or use your solar power in cloudy weather, you can pay extra for add-ons. By selecting the right components, you can make your system more effective and user-friendly. Not all solar companies offer these add-ons, so look for a provider that sells them if it's a priority for you.
Most Carrollwood homeowners choose solar systems rated for five kilowatts (kW) of electrical capacity. These systems cost about $16,050 to install, considering both parts and installation. You can see more specific solar cost information in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,145 |
| Solar Polycrystalline | $893 |
| Thin-Film | $522 |
| Solar Battery | $733 |
| Solar Home EV Charger | $2,749 |
Financing Solar Energy in Carrollwood
There are various ways to pay for a solar energy system, and the right one will reduce your expenses. A few of the most common options include cash payments, leases, loans, and power purchase agreements (PPAs). Though it requires a large up-front payment, cash is the most affordable choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the runner-up option. As with a home or auto 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 involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) enables you to pay a monthly rate determined by the energy you use, as with an electric bill. We usually don’t recommend these two options because you won't own the solar system and are disqualified from using solar incentives. Look for companies that offer multiple payment plans to find the right fit for your wallet.
The table below lists the average payback periods for different capacities of solar systems in Carrollwood.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, utilities and local governments may have their own financing plans and rebates that could reduce your total cost even 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 Carrollwood
How much energy and money could I save per year by switching to solar?
How prevalent is solar energy in Carrollwood?
Will solar energy systems improve my Carrollwood home value?
What if I live in a dark or gloomy
How long will a common solar system last?
How long does it take to pay back a solar loan in Carrollwood?
What is "net metering," and how does it work?
What's the difference between a PPA and traditional financing?
In contrast, solar loans can come from specialty lenders, installer, local banks and the government. You'll need to pass a credit check to qualify for most of them. While the upfront costs are larger, and you'll be responsible for taking care of the system, you'll also have full ownership rights and can apply for many more benefits.
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