Savings with Solar

Estimate the solar savings, tax credit, and financial benefits by calculating the return on investment (ROI) for your solar system.

CAN SOLAR HELP SAVE MONEY ON ELECTRIC BILLS?

Solar Energy Saves on Electric Bills

Even though solar power installations have many Zero Down Options, the system must be purchased with a commitment upfront. The return on investment is usually returned in 7 to 10 years, and many property owners then enjoy free electricity for over 25 years.

The majority of solar energy installations are also wired into the local electrical grid. When needed, the solar system can draw power from the grid. When excess solar energy is generated, the homeowner can obtain a credit from the utility company.

Calculate how much you spend on electricity each year to properly comprehend the savings of a solar power system.

The cost of power in Florida is 11.71 cents per kilowatt-hour.
Electricity prices were 65.74% higher in 2018 than they were in 2000, according to the US Bureau of Labor Statistics.
The average annual rate of inflation for electricity is 2.85 percent. The exact quantity of electricity that cost $100 per month in 2000 would cost $165.74 per month in 2018.

Let's say your typical monthly electricity bill is $200, and we put in a 2.85 percent inflation rate. In that instance, your electricity bill will be around $90,769 over the next 25 years.

Depending on the size of your solar installation, you may save up to $87,469 over the following 25 years! That means that your average monthly electric bill will be less than $11!

Based on 40 years of meteorological data, the solar energy facts are as follows:

Over 12% is the compound annual rate of return.
The cash flow is in the black. (positive)
The expense of a solar energy system is more than covered by the increased property value.

2022 Solar Cost Savings Breakdown

Federal Solar Tax Credit in Florida Solar Energy Auditors

Federal Solar
Tax Credit

The Federal Tax Credit, often known as the investment tax credit (ITC), permits property owners to deduct 26% of the total amount spent on installing a solar power system from their federal taxes until the end of 2022. The federal ITC is 22% if the installation begins in 2023. After December 2023, the credit for home solar systems might be phased out.

Property Tax Exemption in Florida Solar Energy Auditors

Property
Tax Exemption

Exemptions on property tax enable homeowners and companies to deduct the cost of a solar power system from their taxable property value. The additional value that a solar energy system offers to your home will not be considered when determining the taxable value of your home.

The exemption makes installing a solar energy system even more affordable for a homeowner. Some governments have given local tax authorities the option of offering a property tax rebate for a solar power installation because property taxes are collected locally.

Sales Tax Exemption in Florida with Solar Energy Auditors

Sales
Tax Exemption

Since July 1997, solar energy systems have been free from Florida's sales and use tax. Because of the Solar and Combined Heat and Power (CHP) Sales Tax Exemption, no sales tax is charged when acquiring a new solar energy system. When compared to non-exempt purchases, this is a considerable saving.

How Much Can I Save by Going Solar?