Solar Cost & Savings
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How much does it cost?
Solar Power is definitely a big ticket item, but don’t let “sticker shock” stop you from taking advantage of one of the best investments you will ever make. For the average Florida rate payer, not going solar is the more expensive option, especially now with the electric companies asking for fuel rate increases or pass along costs of 16% to 35%. For Example: if you are currently spending $175 per month on electricity, it equates to an annual cost of $2,100. Electrical rates in Florida have increased, on average, 6.7% each year for the last 15 years. This means that next year your bill will likely average $186 per month, and in 10 years the same bill would be $287. If inflation on electrical rates continues at 6.7% for the next 30 years, you will have spent over $178,000 on electricity. The electrical charges associated with the example bill could be reduced by up to 50% with our 5kW solar power system This system would need approximately 300 square feet of space (for example: a roof measuring at least 10’ by 30’ rectangular or 17’ by 17’ square), and would need to be installed in a location with good exposure to the sun ideally south.
This 5kW system would have an initial investment of approximately $38,000. There’s no doubt that it’s a big ticket item, but it’s an investment that is expected to last 30-40 years. Solar power is much less expensive over the long run, and if you finance your system, it becomes more feasible.
The following are just two examples of system sizes we offer. The size of systems that we install range from 2KW to 250KW or more.
Example 1 – 2 kW system for Florida customers
$ 17,000 Total installed cost (see note*)
- 5,100 30% Federal tax credit (see your tax consultant)
Example 2 – 5 kW system for Florida customers
$ 38,000 Total installed cost (see note*)
- 11,400 30% Federal tax credit (see your tax consultant)
*Assumes shingle roof single story south,s.w. or s.e. facing roof
2kw system will produce approx. **$440 of electricity in the 1st year.
5kw system will produce approx. **$1,100 of electricity in the 1st year.
** This value will rise each year as the electric utility company increases their rates and fuel charges as part of normal energy inflation.
Disclaimer
This includes potential incentives and tax benefits of installing a solar photovoltaic system. You should confirm the availability of the economic incentives and you should consult your tax advisor about the tax credit before you install a solar photovoltaic system.
Financing
Purchasing a solar power system may seem expensive, but financing your system makes it easy and affordable. Unlike most loans, a loan for a solar system is paid for by the money you are saving on your monthly electric bill. We call this cost parity, and that is what makes solar power feasible for the majority of home and business owners. Our financing partner understands solar and has a variety of loan options that will make things a little easier for any situation.
Investment
As the homeowner you would now own a solar electric system that adds value to your home, and provides some degree of protection against future electric utility rate increase over the coming years and decades. Solar power systems offer a long term, low risk way to invest your money. In addition to the financial sense of solar power, the environmental benefits are undeniable, thereby making it an investment in to our planet’s healthy future for many generations to come.
Electric Utility
Most electric utility companies bill their customers using a tiered rate plan. This plan typically means the first 1000 kilo-watt hours consumed per month are billed at the lowest rate per kilo-watt hour and anything over that is charged at a higher rate. Solar power can replace your highest cost power first.
Added Property Value
Homeowners can expect a reasonable increase in their homes resale value. An article in the Appraisal’s Journal showed that a home’s value increases $20,000 for every $1,000 saved in annual electricity.
Incentives and Tax Credits
Tax credits and electric utility rebates can provide a substantial portion of the total solar power system cost.
