Solar Costs & Savings

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11.7 kW Grid Tied Solar System in Clearwater.

How Much Does Solar Cost?

For the average Florida utility rate payer, not going solar is the more expensive option, especially with the utility companies continually pushing for rate increases. Electric rates have increased, on average, 6.7% each year for the last 15 years.

To put things in perspective lets do an apples to apples comparison Solar vs Utility!!

Mr. Jones owns a 3200 sq ft house in Clearwater,FL. The home is single story, has a shingle roof, a nice pool, and five people living there.  His average monthly electric bill is $175 or $2,100 a year.

Lets for the sake of simplicity say power rates are going to stay the same for 25 years.

Utility Power

$2,100 X 25 = $52,500

So Mr. Jones is going to spend $52,500 to power his home with utility power over the course of 25 years.

 

Solar Power

$32,000 Out Of Pocket (Cash Price)

-$9,600 Federal Tax Credit

$22,400 Net Cost / $2,100 = 11 Year ROI

$52,500 In Savings By Year 25.

An 11.6 kW PV system using quality Solarworld mono modules in Clearwater,FL facing 180 degrees South and tilted 20 degrees would produce about 17,479 kWh a year which at 12 cents a kWh is valued at just under $2,100.

Our residential grid tied systems include;

  • High Efficiency Solarworld Panels
  • SMA TL Inverters
  • IronRidge Racking
  • Flashings To Protect Against Water Intrusion
  • Online Monitoring
  • 5 Year Installation Warranty

Fill out the form to the right if you would like a formal quote. >>>>>>>>>>>>>>>>>>

Financing

There are so many options when it comes to financing a solar system…….HELOC, Unsecured, Secured………Cash is king but if you are looking for some some options check out what Greensky has to offer.

 

 

Financing Options from GreenSky
Finance Your Solar Project
GreenSky credit programs financing is provided by a network of federally insured, federal and state chartered banks.

Reference # FPS2016

Investment

As the homeowner you would now own a solar electric system that adds value to your home, and provides 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.

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 systems 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 which means most systems will have paid for themselves the moment the solar system is installed.

Incentives and Tax Credits

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.

  • Federal 30% Tax Credit: The federal government is offering a 30% tax credit of the total system cost to promote renewable energy installations (Residential & commercial projects).
  • Accelerated Depreciation (MACRS): Renewable energy solutions can be depreciated on a 5 year accelerated schedule (Commercial Projects).
  •  50% Bonus Depreciation: In 2012 only, renewable energy solutions can avail of a one year, 50% bonus depreciation incentive (Commercial projects).

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

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.

 

Incentive Database

http://www.dsireusa.org/incentives/index.cfm?re=1&ee=1&spv=0&st=0&srp=1&state=FL