Benefits of Solar Energy
Solar energy offers multiple advantages that will enhance your home for years to come.
- Lowered energy bills: You can avoid the expensive cost of grid-tied power by generating 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.
- Better energy independence: Solar energy can keep your home functioning through emergencies and blackouts, giving you additional security. You can use your solar energy anytime with an optional battery storage system.
- Reduced carbon footprint: The sun is a highly abundant clean energy source, meaning you can reduce or eliminate your home's dependence on fossil fuels.
What Solar Incentives Are Available to Margate Homeowners?
Florida homeowners who go solar could qualify for rebates, special financing, reimbursements and tax credits. Here are just a few of the local incentive programs.
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 Margate
The cost and efficiency of solar panels often depend on which company installed them. Make your choice based on the following vital 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. Florida 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 prestigious 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 Margate
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 battery backups and electric vehicle (EV) chargers. These will increase your total installation cost, but they can increase your solar system's efficiency. Not all solar companies include these additional features, so look for a provider that sells them if it's important for you.
Generally speaking, it costs about $16,050 for a five-kilowatt solar array in Margate. This table displays more specific pricing information for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,095 |
| Solar Polycrystalline | $854 |
| Thin-Film | $499 |
| Solar Battery | $701 |
| Solar Home EV Charger | $2,629 |
Financing Solar Energy in Margate
Solar contractors use multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are solar leases, cash payments, solar loans and power purchase agreements (PPAs). Most solar experts recommend paying cash or using a solar loan. Cash payments require a large up-front sum, but they help you avoid paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Similar to a home or auto loan, you'll pay a set monthly rate with potentially $0 down. Solar leases allow you to rent your panels for a set monthly rate, while PPAs let you pay just for the energy you use, similar to an electric bill. Both options disqualify you for solar incentives and don't grant you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. We suggest working with an installer that offers multiple financing options. Ask each agent about what's available, and obtain more than one estimate for the best odds of staying within your budget.
The table below lists the average payback periods for different capacities of solar systems in Margate.
A 26% federal solar tax credit applies to new residential solar equipment purchased through 2032. Extra incentives may be available through city and state governments, usually in the form of rebates and special financing programs.
| 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 |
Ready to Get a Quote on Your Solar Project?
Please enter a valid 5-digit zip code!
Frequently Asked Questions About Solar in Margate
How much money could I save by going solar in Margate?
How prevalent is solar energy in Margate?
Should I expect a boost in my property value after going solar?
What can I do to estimate my home's solar viability?
Is solar installation a fast job?
What size should my new Margate solar system be?
How does "net metering" work, and do I need to participate?
Some states or power companies oblige you to join net metering when purchasing your solar system, while others give you a choice. Either way, once you join, you'll get a check or bill credit for your excess generation at a retail or wholesale rate.
What's the difference between a PPA and a solar lease?
If you choose a lease, you'll make set payments each month.
With both leases and PPAs, you don't own your panels and lose eligibility for most incentives. Further, you'll have to "buy out" or transfer the contract if you sell your home during the term.
To share feedback or ask a question about this article, send a note to our Reviews Team at reviewsteam@thisoldhousereviews.com.
