Benefits of Solar Energy
Solar energy comes with multiple benefits. Here are some highlights.
- Reduced carbon footprint: Utilizing solar is a surefire way to decrease your carbon footprint and home fossil fuel dependency.
- Better energy independence: Solar panel systems can keep your home running through emergencies and blackouts, giving you additional security. You can use your solar energy anytime with optional battery storage.
- Lowered energy bills: With solar panels, you create power without paying the tacked-on costs of grid-connected power. Going off-grid can eliminate your bills completely. Plus, a significant amount of states have adopted net metering, which permit you to earn money by selling your unused energy back to the grid.
What Solar Incentives Are Available to Riverview Homeowners?
Governments and power companies often incentivize homeowners for embracing 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 Riverview
Choosing a company is the first step toward an effective and cost-efficient solar system. Make your choice based on the following crucial aspects.
Licensing and Training
Once an electrical professional in Florida has four years of field experience, including one year as an apprentice, they can pass 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 providers can also pursue certifications from standards organizations and trade groups. The most recognized 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 Riverview
The kind of solar panels you purchase decides how much electricity you can produce. Monocrystalline panels and high-quality and give you the best performance but cost more upfront. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't recommended for large residential installations, but they are ideal for small projects like converting RVs and sheds.
Additional accessories, such as battery storage and electric vehicle (EV) chargers, will raise your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not every solar contractor offers these additional features, so look for a provider that sells them if it's important for you.
If you're a resident of Riverview and are looking into a five-kilowatt solar energy system, you could plan to spend about $16,050 for materials and labor. See more information on specific component and solar panel costs 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 Riverview
Solar installers 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, solar leases, 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. Much like a car or home loan, you'll pay a set monthly rate with 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 determined by the energy you use, as with an electric bill. We typically don’t recommend these two choices because you won't own the panels and are disqualified from using solar incentives. We recommend working with an installer that offers multiple financing options. Speak with each salesperson about what's available, and get more than one estimate for the best odds of keeping within your spending limits.
The table below lists the average payback periods for different capacities of solar systems in Riverview.
A 26% federal solar tax credit applies to new residential solar equipment purchased through 2032. Additional 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 Riverview
How much money could I save by going solar in Riverview?
How common is solar energy in Riverview?
Will solar panels boost my Riverview home worth?
Is installing solar panels a quick job?
What care do my solar panels need, and how frequently do they need it?
What is the average payback period for Riverview solar panels?
What is "net metering," and how does it work?
Some states or utilities require you to join net metering when installing your solar system, while others give you a choice. Either way, once you sign up, you'll receive a bill credit or check for your excess generation at a wholesale or retail rate.
What are some "red flags" to watch for as I research companies?
- Pressuring you into signing a contract
- Not being straightforward about references, warranties, cost and credentials and training
- Limited or no customization
- Rushing through the site assessment
- Limited customer feedback
To share feedback or ask a question about this article, send a note to our Reviews Team at reviewsteam@thisoldhousereviews.com.