Benefits of Solar Energy
Solar energy has numerous advantages that will enhance your home for years to come.
- Reduced carbon footprint: Solar is a highly abundant clean energy source, meaning you can lower or beat your home's dependence on "traditional" sources.
- Lowered energy bills: You can avoid the added cost of grid-tied power by producing some electricity at home. 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: Adding a battery storage system lets you have dependable energy during grid outages and storms.
What Solar Incentives Are Available to Royal Palm Beach Homeowners?
Governments and power companies often incentivize homeowners for going solar. Here are some of the rebates, tax credits 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 Royal Palm Beach
The more comprehensive your company research is, the better your solar panels will ultimately function. Make your choice based on the following important considerations.
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 tests 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 providers can also obtain accreditations from standards organizations and trade groups. The top 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 Royal Palm Beach
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.
Additional system add-ons, such as electric vehicle (EV) chargers and battery storage, will increase your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not all solar companies include these extras, so look for a provider that installs them if it's a priority for you.
Generally speaking, it costs about $16,050 for a five-kilowatt solar array in Royal Palm Beach. This table lists more specific costs for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,126 |
| Solar Polycrystalline | $878 |
| Thin-Film | $513 |
| Solar Battery | $720 |
| Solar Home EV Charger | $2,702 |
Financing Solar Energy in Royal Palm Beach
Choosing the optimal financing plan will affect your overall solar system cost and potential savings. Common payment options include loans, power purchase agreements, cash payments, and leases. Most solar experts recommend a cash payment 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. Like an auto or home loan, you'll pay a set monthly rate with potentially $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, akin to an electric bill. We generally don’t recommend these two options because you won't own the solar system and are disqualified from using solar incentives. We recommend working with a provider that offers multiple financing options. Ask each agent about what's available, and get more than one estimate for the best odds of staying within your financial plan.
The table below lists the average payback periods for different capacities of solar systems in Royal Palm Beach.
The IRS allows you to claim a 26% federal solar tax credit on your new solar panels, so long as you purchase it before 2032. City and state 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 |
|---|---|
| 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 Royal Palm Beach
How much money could I save by going solar in Royal Palm Beach?
How common is solar energy in Royal Palm Beach?
Should I anticipate a boost in my property value after installing solar panels?
What can I do to assess my home's solar potential?
How long will an average solar system last?
How do I care for my new solar system?
How can I boost my solar system'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 are a solar lease and PPA different?
If you choose a lease, you'll make set monthly payments.
With both leases and PPAs, you do not 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.
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