Solar ROI – Statistics and FAQs You Should Know
Solar energy is an excellent investment—one that can save you money on your energy bills in the long run. Although the installation cost for a solar energy system can appear daunting, the returns on investment (ROI) are impressive. Read on to understand some common questions regarding solar energy system ROI to help you make an informed decision about your energy options.
What Is the Typical Solar Panel Installation Cost?
According to a recent MoneyGeek study, the average cost for a 5 kW solar panel system is about $13,000, but new federal tax credits and state incentives could save you up to 39% on the total cost. With these credits and incentives, you could potentially purchase a solar panel system for a lower cost and enjoy the energy-saving benefits quicker.
Does Florida Have Any Incentives for Solar Panel Installation?
Yes, Florida offers incentives for solar energy installation. Specifically, the Federal Solar Tax Credit lets you deduct up to 26% of the solar installation cost from your federal taxes, and if you owe less than the credit amount, you could roll over the remaining amount for up to ten years. In Florida, the total savings could come to $3,406 for a $13,100 system, which is a considerable amount.
What Is the Expected Return on Investment for Solar Energy Systems?
Return on investment is another important consideration when it comes to solar energy installation. According to the same MoneyGeek study mentioned above, on average, solar energy system owners could see a 14.6% rate of return, and in states with higher electricity costs, more peak solar hours, and state incentives and net metering, returns can be as high as 20% or more. This means you could start seeing savings on your energy bill shortly after installing your solar panels, and these savings would continue well into the future.
Are There Any Maintenance or Repair Costs Associated With Solar Energy Systems?
Solar energy systems have minimal maintenance and repair costs, especially when compared to traditional energy systems. The occasional cleaning and inspection are usually enough to keep your solar panel system running efficiently.
Is Solar Energy a Sustainable Investment for My Property?
In addition to all the financial savings, solar energy is also a sustainable investment for your property. Not only does it decrease your carbon footprint, but it also increases your property value since solar energy systems are highly desirable to potential buyers.
Making the Switch to Solar Makes Financial Sense
While solar energy installation can come with an upfront cost, understanding the ROI through incentives, tax credits, and savings, can help homeowners see solar energy as the best option. It represents an opportunity to invest in a cleaner, renewable energy source, which will save you money and add value to your property. Contact Solar Bear of Tampa today at (727) 471-7442 to start seeing your energy bills dropping and your return on investment growing with the power of solar energy systems!
