Benefits of Solar Energy
Solar energy offers multiple perks. Let's look at a few of them.
- Lower utility costs: Producing some or all of your own electricity will cut power costs long-term. Plus, some states provide net metering programs that enable you to sell your surplus energy back to the grid, generating extra credits toward your energy bill.
- Better energy independence: Solar energy can keep your home powered through blackouts and emergencies. You can use your solar energy anytime with an optional battery storage system.
- Reduced carbon footprint: Using 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's public agencies and power companies offer a number of solar incentives to help minimize your solar system costs. Here is a breakdown of applicable solar programs where you live.
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 West Palm Beach
The more comprehensive your company research is, the better your photovoltaic system will ultimately operate. 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 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 companies can also pursue certifications from trade groups and standards organizations. The most prestigious 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 West Palm Beach
Your solar modules' style will affect how much electricity you can produce. Monocrystalline panels are among the highest quality and perform the best but cost the most. Polycrystalline panels offer you a budget panel with a traditional design, but at the cost of less power generation. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.
Additional components, 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 every solar company offers these additional features, so look for a contractor that sells them if it's crucial for you.
You can plan to spend about $16,050 on average for a five-kilowatt solar energy system in West Palm Beach. Use the table in this section to get an idea of the amount West Palm Beach solar companies might quote for your specific solar system's price.
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 West Palm Beach
There are many ways to pay for a solar energy system, and the right one will reduce your expenses. A few of the most common options include loans, cash payments, power purchase agreements (PPAs), and leases. Though it involves 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 second most effective option. As with a car or home 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 allow you to pay a monthly rate to rent your panels, while a PPA lets you pay a variable rate based on only the energy you use. We generally don't recommend these options since you won't own your system and are disqualified from solar incentives, but they might be appropriate in particular circumstances. Look for contractors 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 West Palm Beach.
You are eligible for a 26% federal solar tax credit for new solar power systems until the year 2032. Municipal and state governments and utility companies might also offer discounts, rebates, and dedicated financing plans that could save you 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 West Palm Beach
How much energy and money could I save per year by switching to solar?
How widespread is solar energy in West Palm Beach?
Will solar energy systems raise my West Palm Beach home price?
What can I do to assess my home's solar potential?
What size should my new West Palm Beach solar system be?
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
Should I get quotes from multiple West Palm Beach solar companies?
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