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For the average Florida utility rate payer, not going solar is the more expensive option, especially now with the electric companies continually asking for rate increases. Electric rates have increased, on average, 6.7% each year for the last 15 years. This means that if you are currently spending $175 per month, next year your bill will likely average $186 per month, and in 10 years the same bill would be $287 per month. If inflation on electric rates continue at 6.7% for the next 30 years, you will have spent over $187,000 on electricity. Solar electric can help provide peace of mind from continually rising energy bills.
Financing your solar 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. That is what makes solar power feasible for the majority of home and business owners. We offer a variety of loan options that are available to make things a little easier for any situation.
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 increases over the coming years and decades. Solar 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 into our planet’s healthy future for many generations to come.
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 systems can replace your highest cost power first.
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 which means most systems will have paid for themselves the moment the solar system is installed.
Tax credits can provide a substantial portion of the total solar power system cost. 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.
With today’s federal tax incentives, there’s no better time to go solar. The federal energy Investment Tax Credit (ITC) allows you to take a tax credit equal to 30% of the total cost of your solar system, and due to the Energy Improvement and Extension Act of 2008, the federal ITC remains available through 2016.
Fortunately, photovoltaic (PV) technology has matured such that the payback question can now be given a serious answer, backed by solid math and accounting. The answers vary significantly by local climate, utility rates and incentives. In the best cases in Florida, the compound annual rate of return is well over 10 percent, the cash flow is positive, and the increase in property resale value more than covers the cost of the PV system.
Net metering provides the greatest benefit to you as a consumer. Under this arrangement, a single, bi-directional meter is used to record both electricity you draw from the grid and the excess electricity your system feeds back into the grid. The meter spins forward as you draw electricity, and it spins backward as the excess is fed into the grid. If, at the end of the month, you’ve used more electricity than your system has produced, you pay retail price for that extra electricity. If you’ve produced more than you’ve used, the power provider generally pays you for the extra electricity at its avoided cost. The real benefit of net metering is that the power provider essentially pays you retail price for the electricity you feed back into the grid.
Real estate studies have found that, by reducing electricity costs, solar increases a home’s value. According to the Appraisal Journal, for every $1000 saved in annual energy costs, $20,000 is added to the value of the home. Other home improvements, like kitchen and bathroom renovations and decks, are only worth about 75-100% of the cost, making solar 20 times more valuable than other home improvements.