Benefits of Solar Energy
Solar energy provides multiple perks. Here are some highlights.
- Better energy independence: Solar panels can keep your home running through emergencies and blackouts, giving you additional security. You can use your solar energy anytime with an optional battery backup system.
- Lowered energy bills: You can avoid the expensive cost of grid-tied power by creating some electricity at home.
- Reduced carbon footprint: Solar is a highly abundant clean energy source, meaning you can reduce or eliminate your home's dependence on "traditional" sources.
What Solar Incentives Are Available to Coral Gables Homeowners?
Governments and utility companies often incentivize homeowners for adopting solar. Here are some of the rebates, tax credits or other programs you could qualify for.
Incentive Type: Sales Tax Incentive
Incentive Type: Property Tax Incentive
Residential: 100% of the added value
Non-Residential: 80% of the added value
Incentive Type: Personal Tax CreditWebsite: ecowatch.com
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 Coral Gables
The price and performance of solar panels often hinge on which company mounted them. Here are some important factors to remember while shopping for a solar specialist.
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 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. You should also visit a company's website to learn about its private certifications. Two of the most respected are the PV Installation Professional and Solar Heating Installer certificates, granted by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Coral Gables
The type of solar panels you choose determines how much electricity you can produce. Monocrystalline panels give you the best performance but cost more upfront. Polycrystalline panels produce less power, but they're worth it if you want a traditional panel style without the high cost. Thin-film panels aren't meant for large home installations, but they're excellent for small projects like sheds and RVs.
Additional system add-ons, such as electric vehicle (EV) chargers and battery storage, will add to your overall costs. However, they might make your solar system more efficient and convenient to use. Not all solar providers provide these optional components, so look for a provider that installs them if it's crucial for you.
Most Coral Gables homeowners select solar systems sized for five kilowatts (kW) of electrical capacity. These systems cost about $16,050 to install, considering both materials and labor. You can see more specific cost information in the table.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Coral Gables
Solar providers offer multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are cash payments, power purchase agreements (PPAs), solar loans and solar leases. We suggest paying with cash or securing a solar loan for the best return on investment (ROI). Cash payments require a hefty sum up-front, but you’ll pay the least long-term by avoiding interest. You’ll also own your system and can apply for solar incentives to minimize your total costs. Solar loans are another good option if you don’t want to make a big initial investment. You can pay for your system in monthly installments while still benefiting from energy bill savings and solar incentives. However, you’ll pay more in total due to accruing interest. Solar leases allow you to pay a monthly rate to rent your panels, while a power purchase agreement lets you pay a variable rate based on only the energy you use. We generally advise against these options since you will not have ownership of your system and are disqualified from solar incentives, but they might be appropriate in particular circumstances. Look for installers that offer two or more payment plans to find the right fit for your budget.
The table below lists the average payback periods for different capacities of solar systems in Coral Gables.
The IRS allows you to claim a 26% federal tax credit on total system costs, so long as you purchase it before 2032. Local governments and utilities might also offer their own incentives, rebates, and financing programs that could save you more money.
|Solar System Capacity
|Estimated Payback period
Ready to Get a Quote on Your Solar Project?
Frequently Asked Questions About Solar in Coral Gables
How much money could I save by going solar in Coral Gables?
Is solar energy common in Coral Gables?
Will a solar PV system improve my Coral Gables home price?
How long will a common solar system last?
How do I care for my new solar system?
What's the average solar system size in Coral Gables?
How does "net metering" work, and do I need to participate?
Should I get quotes from multiple Coral Gables solar companies?
To share feedback or ask a question about this article, send a note to our Reviews Team at email@example.com.