Benefits of Solar Energy
Solar energy provides multiple advantages that will enhance your home for years to come.
- Reduced carbon footprint: Using clean solar power reduces your dependence on fossil fuels, which release greenhouse gases that damage the environment.
- Better energy independence: Adding a battery backup or storage system lets you have trustworthy energy during grid outages and storms.
- Smaller power bills: Sourcing some or all of your own energy will save you money on your electric bills long-term. Plus, some states offer net metering programs that enable you to sell your surplus energy back to the grid, generating extra credits toward your energy bill.
What Solar Incentives Are Available to Pompano Beach Homeowners?
Governments and power companies often incentivize homeowners for going 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 Pompano Beach
Choosing a company is the first step toward a well-oiled and cost-efficient solar system. Consider all of these elements in your business search.
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. Solar installers can also obtain accreditations from standards organizations and trade groups. The most prestigious ones in the industry come from the North American Board of Certified Energy Practitioners. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Pompano Beach
Different solar panel types look and perform differently. Monocrystalline panels offer the best energy production but cost more than other options and generally have the highest quality. Polycrystalline panels provide a lower price point but produce less power. 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 car (EV) chargers and battery backup systems. These will increase your total installation cost, but they can maximize your solar system's efficiency. Not all solar companies offer these optional components, so look for a provider that installs them if it's essential for you.
A majority of Pompano Beach homeowners select solar systems designed 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 solar cost information in the table.
| 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 Pompano Beach
Choosing the best financing solution will affect your overall solar system cost and expected savings. Common payment options include power purchase agreements, loans, leases, and cash payments. Though it involves a large up-front payment, cash is the most economical choice because it doesn't accrue interest and qualifies you for incentives. Solar loans are the next best option. As with a home or auto loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for valuable solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases allow you to rent your panels for a set monthly rate, while PPAs let you pay only for the energy you use, similar to an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Look for installers that offer two or more 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 Pompano Beach.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, local governments and utilities 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 Pompano Beach
How much money could I save by going solar in Pompano Beach?
Is solar energy easily accessible in Pompano Beach?
Should I expect a boost in my property value after adopting solar power?
Could I still use solar power if I live in a dark, wooded, or rainy area?
How do I care for my new solar system?
What is the average payback period for Pompano Beach solar panels?
What is "net metering," and how does it work?
Some states or utilities mandate you to enroll in net metering when installing your solar system, while others give you a choice. Either way, once you join, you'll receive a bill credit or check for your excess generation at a wholesale or retail rate.
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