The return on investment made from buying into solar energy can vary depending on a few circumstances. Whether it’s from government incentives or the type of panels you install, you can expect to be saving a nice lump sum for your solar investment. But in order to understand just how much you are saving from your solar investment you will have to first know how much you are paying and what that ROI will look like.
How much does solar energy cost to start up?
You’ll need a photovoltaic (PV) system or solar panels which varies in price for the amount. However, between $20,000 – $25,000 which will usually cover the cost of each part of the system.
What are the parts of a photovoltaic system?
The Solar Panels – Solar panels capture the sun’s light and convert the energy into electrical energy.
Batteries – As a conventional battery, they are made to store energy.
Inverter – Converts the stored electrical energy to the necessary voltage needed for your home.
What incentives make it worth it?
Florida is quite generous to its energy-conserving residents, offering property tax exemption, a sales tax exemption, as well as the Federal Solar Tax Credit (ITC).
Property tax exemptions can be a big deal. The state of Florida is inclined to give its residents who decide to use solar energy a property tax exemption. However the benefits really comes through when you take into account the effect of a solar system when looking to sell.
Not only does the property value go up by a wide margin, but whatever money you save on your property tax exemption will give you that much more money if you’re looking to sell it.
Florida homeowners also receive sales tax as well as CHP exemptions.
Then there is the Federal Solar Tax Credit which amounts to 30% of the cost of your solar panel and covers and a solar battery if you buy Florida solar panels.
With all these incentives, it’s a wonder more people aren’t switching to solar energy. If you’re looking to make a solar investment, visit us at Sundial Solar today!