Benefits of Solar Energy
Solar energy provides multiple advantages. Let's look at a few of them.
- Smaller power bills: Producing some or all of your own power will save you money on your electric bills long-term.
- Better energy independence: Adding a battery storage system lets you have reliable energy during grid outages and storms.
- Reduced carbon footprint: Embracing solar is a surefire way to lower your carbon footprint and home fossil fuel dependency.
What Solar Incentives Are Available to West Palm Beach Homeowners?
Florida homeowners who choose solar could qualify for rebates, special financing, reimbursements and tax credits. Here are just a few of the area's incentive offerings.
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 West Palm Beach
Choosing a company is the first step toward a well-oiled and cost-efficient solar system. Consider all of these criteria 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. The Sunshine State 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 accreditations. Two of the most respected are the Solar Heating Installer and PV Installation Professional certificates, awarded 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 West Palm Beach
Different solar panel types look and perform differently. Monocrystalline panels cost more than other options, but they generate the most power. 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 raise your overall costs. However, they might make your solar system more efficient and convenient to use. Not every solar company provides these additional features, so look for a contractor that installs them if it's important for you.
You can plan to spend about $16,050 on average for a five-kilowatt solar energy system in West Palm Beach. Check the table in this section to get an idea of what amount West Palm Beach solar companies might quote for your specific system.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in West Palm Beach
Solar contractors offer multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are solar loans, cash payments, solar leases and power purchase agreements (PPAs). Though it requires a large up-front payment, cash is the most affordable choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the runner-up option. As with a home or auto loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for money-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, akin to 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. Look for installers that offer two or more 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 West Palm Beach.
You can claim a 26% federal 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
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Frequently Asked Questions About Solar in West Palm Beach
How much money could I save by going solar in West Palm Beach?
How common is solar energy in West Palm Beach?
Will a solar PV system raise my West Palm Beach home value?
How can I determine my home's solar suitability?
What's the average solar system size in West Palm Beach?
How long does it take to pay back a solar loan in West Palm Beach?
How can I enhance my solar panels' 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 many estimates should I get before making a final solar company decision?
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