Benefits of Solar Energy
Solar energy offers multiple benefits. Here are some highlights.
- Lowered energy bills: You can skip the expensive cost of grid-tied power by generating some electricity at home.
- Better energy independence: Adding a battery backup lets you have dependable energy during storms and grid outages.
- Reduced carbon footprint: Using clean solar power reduces your dependence on conventional, less environmentally-friendly sources.
What Solar Incentives Are Available to Hollywood Homeowners?
The state of Florida offers a number of solar incentives to help cut your solar system costs. Check out a breakdown of available solar programs where you live.
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 Hollywood
Choosing a company is the first step toward a well-oiled and valuable 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 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 accreditations from trade groups and standards organizations. The most prestigious 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 Hollywood
Your solar panels' model will impact how much power you can generate. Monocrystalline panels perform the best but cost the most. Polycrystalline panels generate less, but they're a great traditional option for low budgets. Thin-film panels are excellent for non-traditional roof shapes and cost the least, but don't work well for large residential installations.
Additional accessories, such as battery storage and electric vehicle (EV) chargers, will add to your overall costs. However, they might make your solar system more efficient and convenient to use. Not every solar provider provides these optional components, so look for a contractor that installs them if it's important for you.
Generally speaking, it costs about $16,050 for a five-kilowatt solar array in Hollywood. This table lists more specific prices for different solar panel types and system components in your area.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Hollywood
Choosing the best financing plan will impact your overall solar system cost and potential savings. Common payment options include leases, loans, cash payments, and power purchase agreements. Though it involves a large up-front payment, cash is the most cost-effective choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the second most effective 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 involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) lets you pay a monthly rate based only on the energy you use, similar to an electric bill. We usually don’t recommend these two choices because you won't own the system and are disqualified from using solar incentives. Look for providers that offer several payment plans to find the right fit for your financial needs.
The table below lists the average payback periods for different capacities of solar systems in Hollywood.
You can claim a 26% federal tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, utilities and local governments may have their own rebates and financing plans that could reduce your total cost even more.
|Solar System Capacity
|Estimated Payback period
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Frequently Asked Questions About Solar in Hollywood
How much money could I save by going solar in Hollywood?
How widespread is solar energy in Hollywood?
Will solar energy systems increase my Hollywood home value?
How long is a Hollywood solar panel's average lifespan?
What care do my solar panels need, and how frequently do they need it?
What's the average solar system size in Hollywood?
How can I maximize my solar array's performance?
- optimize the panels' position with your solar installer
- regularly clean your solar panels
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
- use energy-efficient appliances
How does "net metering" work, and do I need to participate?
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