TECO Is Going Solar, But You’re Paying the Bill!

Tampa Bay Electric Co.’s customers are set to see painful rate hikes over the next year, as the company covers its costs for investing in solar.

Tampa Bay Electric Co.’s customers are set to see painful rate hikes over the next year, as the company covers its costs for investing in solar.

In a recent notice to regulators, the Hillsborough County power company stated its plans to charge customers between $280 and $295 million from 2022.

Tampa Bay Electric Co. Continues Raising Rates

Regulators are likely to approve this request, causing customer rates to increase to an estimated $124.30 per 1,000 kilowatt-hours.

That’s up 18% from 2021!

And, that’s on top of already increasing the rates by 8% from 2020.

Why Are TECO Raising Energy Bills?

Last year Tampa Bay Electric Co. said their new 8% increase in rates was due to natural gas. This year, it’s because they’re investing in solar.

They’ve recognized that the climate crisis is calling for a future of electricity, green and solar. It’s inevitable.

The company is on track to generate 14% of its power from solar energy until 2023. That’s thanks to 1,200 megawatts of solar power.

But they’re conveniently keeping quiet their expensive payments towards grid fortification. And natural gas prices keep rising.

Customers Paying the Bill

Sadly, it’s their customers who are having to foot the bill – for the second year running.

TECO’s plans to build 1,200 megawatts of solar power by 2023 “will provide enough energy to power 200,000 homes”.

But, unlike having your own solar power system, you’ll have to keep paying an energy bill while the company enjoys those savings.

TECO also has Solar plans coming up for next year, in the fourth phase of their current solar expansion. So expect painful increases on your TECO bill next year too.

Insulate Yourself From Rising Power Rates in Tampa

As Tampa Bay Electric Co. forces its customers to foot the bill for installing new solar panels, many customers are taking the alternate route – investing in their own solar panels.

Rather than paying for a company’s solar panels, which provide just 14% of clean energy, you could enjoy your own green and clean home of the future – with FREE power.

How Much Could I Save If I Install Solar in Tampa?

If, for example, your average monthly power bill is $160.50, if we factor in the average annual inflation rate of 4%, you will be forking over $85,454 to the power company in the next 25 years.

If your monthly utility bill in Tampa averages $160.50:

Your estimated monthly solar loan payment would be: $125.66

With no money out of pocket you can save $418 a year, and potentially qualify for federal tax credits worth an estimated $9,008.22

You could enjoy a 6.9 year Return on Investment and Enjoy free power for over 18.1 years!

Don’t Miss Out on 26% Reductions!

Thanks to Federal Tax Credits on Solar Power Installations in Solar, you can enjoy a massive 26% reduction this year!

That’s the equivalent of $7,800 on a $30,000 installation.

But only if your installation starts before December 31st, 2021. By 2023, those reductions will drop to 0%.

Boost Your Property Value

So why not consider putting your hard-earned cash towards your own property, not TECO’s. Aside from that clean and FREE energy, you could also enjoy massive property value boosts.

For every $1,000 saved in annual electricity through Solar in Tampa, your home’s value can increase by $20,000. Your investment could pay for itself, fast!

In the future, homeowners will want pre-installed solar systems to avoid the hassle of installation costs and waiting on ROI. We’re already seeing real estate investors choose solar homes over outdated homes.

Avoid Fluctuating Rates

Understandably, TECO customers are annoyed at their rates changing for the second year running. Why should they have to pay for something beyond their control?

Although they can go up and down, TECO has now pushed rates up by 26% in just 3 years.

We’re also seeing rising solar equipment prices thanks to COVID and material shortages throughout the world.

By installing your own solar panels in Tampa, you can gain control over how much you pay and stop worrying about fluctuating rates that eat into your wallet.

TECO Can See the Solar Boom Coming

One thing we can’t criticize TECO for is their idea of going solar. We just don’t like seeing Tampa folk pay for it.

But solar is the future. TECO’s investments are evidence of that, so Tampa residents should act now to invest before the solar boom begins.

By getting ahead of the game, you could benefit from lower rates now and cash in on massive property value boosts.

As they say, you get rich by buying in before it hits mainstream news.

Tampa is Perfect for Solar Panels

It’s about time Florida power companies started investing in solar power, as our state has perfect conditions for collecting the sun’s rays.

On average, in Tampa there are 246 days of sunshine. That’s far higher than the US average of 206.

Solar systems are also great at providing you with electricity during hurricanes and storms. While the grid is down, solar owners with battery bank systems can enjoy electricity to protect themselves or stay entertained.

The Bottom Line

  • TECO’s rates are rising for yet another year – at 18% since 2021!
  • You can avoid paying for an investment that doesn’t benefit you, by installing solar.
  • Say goodbye to fluctuating solar rates.
  • Enjoy FREE electricity with your own solar power system.
  • Make money through net metering.
  • Save thousands of dollars through Federal Tax Credits (26% in 2021!)
  • Boost your property value considerably.
  • Stay ahead of the Solar boom.

Solar Power Installation in Tampa, FL

If you want to avoid paying TECO’s rising rates and instead boost your property value while enjoying FREE electricity, then contact us today for solar power installation in Tampa, FL.

Florida Power Services “The Solar Power Company” is the Sunshine’s states leading solar power installer and would love to help you save thousands of dollars.

Solar Equipment Shortages Due to COVID-19 Pandemic

Vaccines may be providing hope that the COVID-19 pandemic is reaching its demise, but solar equipment shortages are still present as COVID continues to shutdown countries around the world.

Act now and you’ll avoid paying overpriced costs. Here’s why solar shortages are happening and why you need to hurry up and invest in solar in Florida now:

Ongoing Disruption to the Solar Industry

COVID-19 has disrupted the production and transportation of key solar equipment that is typically imported from overseas since as early as last March. Although the equipment has been making its way through, the solar industry is seriously suffering from shortages that show no sign of slowing soon.

In particular, China is one of the major sources of solar equipment and has placed many of its cities under frequent lockdowns. This has caused factories and suppliers to shut down entirely, causing solar equipment production to hit a wall. Naturally, as China accounts for 80% of the global market, this has triggered shortages for solar installers, big and small. The same can be said for much of Europe.

The Fight for Raw Materials

Even US manufacturers are hit by China’s delays, as raw materials such as aluminum and PV glass have been hard to find. With production rates so low, imports to the US have been far lower than expected. Shipping companies have also suffered delays, with ports being closed or restricted worldwide.

Consequently, panel manufacturers in the US have been significantly affected by raw material delays. Most solar module production manufacturers in the US stock around one to two months of materials. Sadly, many of these manufacturers are once again running out of stock – so they can’t produce solar panels.

It Could Be Bad News for Solar Batteries Too

The majority of the world’s lithium-ion battery manufacturers are also struggling to keep up with the demands. With mandatory lockdowns and less staff in factories triggering delays across the board.

These delays are occurring as we see boosts in growth for both solar battery storage and electric vehicles.

COVID Has Heavily Hit the US Solar Industry

According to the Solar Energy Industries Association, the US solar sector has already lost over 65,000 jobs thanks to the pandemic. That’s five years of job gains!

Most of the job losses have been in the residential and commercial solar sectors. These employ a larger number of people per gigawatt than the larger utility-scale solar market. We’ve seen other companies have their solar projects canceled and even some installers close entirely.

Solar Prices Expected to Drive Up!

The cost of PV modules has risen for many solar power installation companies over the past year and is likely to rise again as these solar equipment shortages hit.

When supplies, competition becomes fierce and that causes the prices to rocket. And guess what? As solar companies have to pay higher equipment costs, they too have to raise their prices.

The Warning Signs Are Clear

The warning signs are evident in countries such as India and Australia. They’re already feeling the heat of China’s worrying glass shortage and are seeing prices rocket higher than Gamestop stock.

Glass shortages have seen prices rise by 71% since July and it’s hitting every country. Naturally, if the price for Chinese glass goes up, then so does the competition for US glass.

The general manager of the world’s largest solar company said, “If solar power generators see solar projects as uneconomical, they will delay investing in new projects and that will drag down solar demand. Solar power plant profits will drop below acceptable levels… if glass makers go on to push up the costs.”

Glass now accounts for around 20% of all solar panel production costs, double the usual amount. Although new glass factories are being planned, it will take at least 1-2 years before they have any effect.

The solar industry could be 20% to 30% short of the glass it needs next year, with the market not being back in balance until 2022. One analyst says: “The shortage is expected to worsen over the next year. Prices for such glass may remain at high levels.”

Why You Need to Invest in Solar Now

Thankfully, Florida Power Services “The Solar Power Company” has enough supplies to cover us for a little while. But as this pandemic’s latest variants spread violently, we fear the worst – an imminent solar equipment shortage.

We don’t want our customers to lose out, paying far higher than they should. That’s why if you’re considering solar installation in Florida, you should hurry up and buy now! Supplies usually have to be ordered in advance, meaning these higher rates could last throughout 2021.

Avoid paying against the competition; install solar in Florida now!

Hope on The Horizon?

The good news is these solar equipment shortages last forever. Hopefully, within the next year or so, we can all start to put the Coronavirus behind us so that prices can return to normal and we can see the projected decrease in solar equipment costs.

However, if you want to make the most of this year’s tax credits and other incentives, then you need to act fast! It’s highly advised that you get in ahead of the competition and buy Florida solar now!

Thanks to the extension of the federal tax credits included in the recent $3 trillion COVID-19 stimulus package, the demand for solar should keep the industry flowing and moving onwards to the bright future it’s projected to have.

HURRY UP AND INVEST IN FLORIDA SOLAR NOW!

As the leading solar installation company in Florida, we currently have enough solar equipment supplies to get your project started and complete at no extra cost or delay. However, we’re warning all potential customers to get in fast!

Schedule a consultation with Florida Power Services “The Solar Power Company” today, and we’ll answer any questions you may have and can install a solar system that ensures your property is built for the future!

26% Solar Tax Credits Extended until 2022!

Congress has passed a bill for a two-year extension on its solar investment tax credit (ITC) facility until the end of 2022. This allows you to benefit from 26% savings on Florida solar installations for the next two years. Here’s how it works:

Why The 26% Solar Tax Credit Extension Is Great News

If you’re looking to invest in solar panels in Florida, this announcement is about to save you thousands of dollars – regardless of how much your solar installation costs.

The Solar Tax Credits were set to drop to 22% at the start of 2021 and then completely expire at the start of 2022. Property owners had been rushing to get solar installations started quickly, with many set to entirely miss the savings chance.

Now, things have changed. Everyone has two more years to receive 26% reductions on everything from solar panels to battery banks and service costs! Here’s how much you could save:

How Much Can I Save with Solar Tax Credits:

Until 2022, you can receive a 26% reduction on your solar power installation in Florida costs. For example, if your solar installation costs $10,000, then you could receive Solar Tax Credits of $2,600 – reducing your costs significantly.

26% of $10,000 = $2,600 in Solar Tax Credit savings

The 26% savings cover all labor, equipment and installation costs. The credits can also be carried forward to the next tax year if you can’t take the full credit in the year the Florida solar installation occurred. The IRS has also shared guidance that solar battery systems are eligible for Solar Tax Credits.

When Do 26% Solar Tax Credits End?

Be warned; the 26% solar tax credits will expire at the end of 2022. From 2023, it will drop to 22% before dropping to 0% in 2024 (except for commercial properties that can receive 10% in 2024).

Year Federal Solar Tax Credit Savings Savings on $30,000 Installation (For Example)
2021 26% $7,800
2022 26% $7,800
2023 22% $6,600
2024 0% (Or 10% for commercial solar) $0

Why You Should Act Now!

There is no guarantee that the extension will happen again, especially as this extension was part of the COVID relief bill. Despite the extension, solar tax credits have been dropping for years. We all miss the 30% reduction of 2019.

Time moves fast and frankly, many future solar owners have got lucky here, after stalling on taking advantage of the 26% tax credits when they looked set to expire at the start of 2021.

Act now and don’t miss out on saving thousands of dollars!

What Can Solar Tax Credits Reduce the Costs Of:

Thanks to the solar tax credit reduction, solar suddenly becomes far more affordable for a broader range of incomes. Whether you’re a homeowner or commercial property owners, here are where these savings can help:

  • Solar Power Installation Fees
  • Solar Equipment
  • Permitting Service Costs
  • Permit Fees
  • Roofing Fees
  • Shipping Costs
  • Engineer Fees
  • Electrician Fees
  • And More

Am I Eligible for 26% Solar Tax Credits?

With the new bill passed, the eligibility requirements haven’t changed. If you can say yes to the following criteria, then your solar installation will be eligible for the 26% solar tax credits until the end of 2022.

Residential Solar Tax Credit Requirements

  • The solar installation must start before the end of 2022 and provide energy for your home.
  • You must be the property owner, not a tenant.
  • You must own the solar panels, not be leasing them.
  • All electrical and fire code requirements must be met.
  • Solar systems purchased with loans are also eligible.

Business Solar Tax Credit Requirements:

  • The solar installation must start before the end of 2022 and provide energy for your home.
  • The solar system must be used by someone paying U.S. income taxes.
  • The above does not apply to schools, charities, churches and other tax-exempt organizations.
  • The energy generated cannot be used to heat a pool.

Are Solar Batteries Eligible for 2021-22 Solar Tax Credits?

Batteries and energy storage systems are covered for solar tax credits, but only if solar panels power them.

  • Residential owners can receive a solar tax credit if 100% of the storage’s charge is provided by solar power.
  • Commercial owners can receive a tax credit if at least 75% of the storage’s charge is supplied by solar power.

How Do I Claim 26% Solar Tax Credit Savings?

When filing your 2022 tax return, you should:

  • Ensure your installation starts before December 31, 2022.
  • Collect any receipt related to the cost of solar installations and solar power.
  • Fill out the IRS Form 5965.
  • Add the Tax Credits to Form 1040.

What Is The New Solar Bill?

The solar tax credits extension was included in a massive $1.4 trillion federal spending package, alongside a $900 billion COVID-19 virus relief spending bill.

Congress passed the bill in late December 2021, which included $35 billion of support for energy research and development programs. There has also been a one-year extension for wind power tax credits. This is excellent news for all involved in the clean energy industries and shows once again that the future is clean energy.

It provides welcome relief for the solar industry following COVID-related economic disruptions that hit solar installation companies and those looking to install solar panels, particularly hard.

The ITC was initially started by the Energy Policy Act of 2005 and has been helping the U.S. transition to a renewable energy economy ever since. It ensures that Florida’s solar power installations will continue to grow over the coming years.

Take Advantage of 26% Solar Savings in Florida

As the leading solar installation company in Florida, we can guide you towards making optimal savings for your solar installation. In recent years we’ve helped hundreds of Florida residents and commercial property owners take advantage of federal tax credits on time.

Schedule a consultation with Florida Power Services “The Solar Power Company” today, and we’ll answer any questions you may have and can install a solar system that ensures your property is built for the future!

Fixed-Rate Florida Solar Loans at .99% APR Now Available!

If you’re looking to install a solar system, then our Florida Solar financing options can help. We’re excited to announce that you can obtain a fixed rate solar loan at just 0.99% APR through our financing options. Your monthly payment will be less than the utility bill! Here’s how it helps:

Just .99% APR!

Our fixed-rate Florida solar loans have just 0.99% APR. This extremely low interest rate ensures your payments will be less than your utility bill, as you gain free solar power that rewards you financially for decades to come! Unlike variable loans, our fixed rates ensure you always know what you’ll be paying – with no sudden increases.

With a keen eye on the competition, our hassle-free fixed-rate loans offer some of the best interest rates in the state – meaning the solar savings and financial incentives directly reward you!

  • 0.99% APR
  • Our lowest ever interest rate.
  • Fixed interest rates
  • Flexible terms
  • Initial payments due 60 days after installation
  • No money out of pocket
  • Optional Prequalification
  • Instant Credit Approval for Qualified Applicants
  • Minimal Documentation Required
  • Suitable for Single-Family Homes, townhouses and row houses, duplexes and triplexes, vacation & Second homes and ground mounts.

Limited Funding Available

Demands are high for our latest .99% APR fixed loan opportunity and funding is limited. So you need to act fast to secure your spot before the chance is gone. If you’re interested, give us a call or head over to our Florida solar financing page to learn more.

Solar Made Affordable for All

We’re strong believers that solar shouldn’t be affordable for all. In our community, especially, we want to see solar panels on every home and every rooftop.

That’s why we’re offering low fixed-rate loans that allow you to pay the loan off fast and enjoy a healthy return on your investment soon.

Flexible Florida Solar Financing Options

We have three solar financing opportunities available. Our expert team will work closely with you to ensure you get guaranteed savings no matter what solar option or financing plan you choose.

Our Florida solar financing options are also flexible. We use max approval loans, built for easy changes when project prices increase due to unforeseen complications or new ideas. The last thing you want is to have to refile for a loan. We work around that.

No Money Out of Pocket

The best thing about our fixed-rate Florida Solar loans is that it allows you to install a solar power system without taking money out of your pockets. It will enable you to remain financially secure while reaping the rewards of the tech of the future. There’s no need to wait years saving or to dig deep into your pockets.

How do Fixed Rate Florida Solar Loans Work?

Like most loans, our fixed-rate Florida solar loans have an annual interest rate, monthly payment requirements and a payback period. However, best of all, our loans have a very low .99% fixed rate, with no money out of pocket required. Your monthly payment will be less than the utility bill!

Why Fixed Rate Florida Solar Loans?

  • No money out pocket.
  • No unexpected or sudden interest rate changes.
  • Own the solar panels from day one.
  • Receive federal tax credits for up to 26% savings in 2020 or 20% savings in 2021.
  • Immediate reduction in your electricity bill.
  • Monthly payments less than the utility bill.
  • No need for large cash sums!

Boost Your Property Value

Aside from the electricity bill savings, environmental impacts, rebates and tax credits, there is one other massive benefit – property value.

Many real estate experts say that for every $1 reduction in annual utility bills, property value increases by $20. So if you start saving $400 a year, your home is suddenly worth $8,000 more than before.

The climate crisis is also set to make solar homes highly sought after. Homes with pre-installed solar systems will be gems. The job will already be done for the new owner. That’s why prices will rise, and you could benefit.

Interest Rate Example

If, for example, you’re investing in a $10,000 solar system paid back over 15 years, our .99% APR rates would require just $59.81 per monthly payment.

Our plans are flexible, so you can adjust how you want to pay, for how long and much more.

Time is Running Out Tax Incentives!

If you’re thinking about going solar with our fixed-rate loans, then now is the time to act! That’s because the rules over tax incentives are soon about to change.

2020 Tax Incentives

If you’re reading this towards the end of 2020, then don’t delay. 2020 is the final year to gain an incredible 26% of savings on solar costs through the Federal Tax Credits. As an example, if your Florida solar power installation costs $10,000, you could receive solar tax credits of $2600!

So long as your installation begins before the end of the year, you’re eligible for tax credits. Act fast! Act Now!

  • Your solar installation must start in 2020.
  • You must be the property owner.
  • You must own the solar panels. (Solar loans qualify you as the owner)
  • All electric and fire code requirements must be met.

2021 Tax Incentives

Although the federal tax credits savings drops to 22% in 2021, it is the final year of federal tax credits for solar installation. From 2022, that figure is expected to be 0%.

Don’t delay. Secure your savings before it’s too late!

Fixed-Rate Solar Loans in Florida

Our .99% fixed rate Florida solar loans make investing in solar energy easy for all. Whether you’re a business owner or a homeowner, our financing plans allow you to get clean energy without busting the bank. Without the need for large savings, you can get started today – paying less on your monthly payments than your utility bill!

Don’t forget that now is the time to act to save 26% through federal tax credits. Contact Florida Power Services “The Solar Power Company” today to get started on your Florida solar installation Lock in your price now, before it’s too late! Apply for a Fixed Rate Solar Loan Today!

The Rising Costs of Utility Power and How Solar Saves You Thousands of Dollars

You may have heard about the rising cost of utility power. It’s no rumor, it’s a fact. Inflation will cause an estimated 4% rise over the next 25 years. While there are constant energy efficiency improvements, the bottom line is that rising costs are becoming inevitable across the United States. Solar owners have been aware of it for years and will save thousands of dollars over the next 25 years.

Solar makes utility bills lower, predictable and unaffected by the market and climate crisis.

4% Rise in Utility Power Costs

Important: Utility power rates are estimated to rise by 4% from inflation over the next 25 years. That doesn’t factor in the unpredictable chaos caused by the climate crisis and infrastructure investments. Here’s why those rates will continue to rise:

Rising Costs to Generate Electricity

Electricity rates were once frozen for years, but in recent years regulators and utilities have been revisiting electricity rates and increasing them.

Electric utilities use various fossil fuels to generate power. Although fuel prices went down during the 90s, prices have been on the rise ever since. Particularly for natural gas and coal. The utilities need to cover today’s higher fuel and operating costs. Despite their best efforts to shield their customers, it always catches up with one result – higher utility bills.

How Much Have Utility Power Rates Risen?

According to the U.S. Bureau, electricity prices were 65.74% higher in 2018 versus 2000. Over the years, that adds up with you paying far more than you initially planned.

Between 2000 and 2018, electricity experienced an average inflation rate of 2.85% per year. That means electricity costing $100 a month in 2000 would cost $165.74 a month in 2018. Now hear this: The inflation rate over the next 25 years will increase utility costs by an estimated 4%!

Florida’s residential utility rates are considered average for the U.S., at around 11.42¢/kWh. Duke Energy has also announced plans to invest in its infrastructure. These large plans are estimated to cost at least $28 billion. Those costs have to be covered somehow, and it’s almost always the customers who pay the price.

Could Utility Costs Fall?

Unlikely. Utility companies who love fossil fuels tend to ignore this one big thing you might have heard of… The Climate Crisis.

  • Rising temperatures are likely to drive up the demand of electricity for cooling and other operations. As the world fights to adapt during the crisis, infrastructure costs will build up, demands will soar and energy prices will rise.
  • Although natural gas prices recently fell due to the ‘fracking’ boom, international exports will soon cause higher prices once again.
  • Inflation. Over the next 25 years, energy prices will rise by a shocking 4% from inflation.

Save Over $90,000, By Avoiding Rising Costs.

As we’ve already mentioned, utility rates will increase by 4% from inflation over the next 25 years. Depending on how many solar panels you install, we could save you over $90,000 in the next 25 years by bringing your power bill down to the monthly utility charge of $11!

Other Ways Solar Power Avoids Rising Utility Rates

Solar Removes Your Dependence on Utility Power.

Depending on your solar system, you could be freed from the grid altogether. However, in most cases, you’ll still be able to get grid power but with significant reductions on your monthly utility bill.

Net Metering

Net metering gives you the ability to make money by feeding your excess energy back into the grid. As energy prices rise, there is a chance this system could really benefit solar owners.

Avoid Tiered Rate Plans

Most electric utility companies bill you using a tiered rate plan. Usually, this means the first 1,000 kWh consumed per month is billed at the lowest rate per kWh – anything over that is billed at a higher rate. Solar replaces your highest power cost first.

Boost Your Property Value

Homeowners who install solar power systems in Florida can significantly increase their property resale value. For every $1,000 saved in annual electricity, a home’s value can increase by around $20,000. Your investment could pay for itself the moment it’s installed.

Gain Control Of How Much You Pay

Utility electricity rates fluctuate. Although they can go up and down, the statistics show that they steadily rise over the longer-term.

These changes are beyond your control. Solar gives you the chance to control how much you pay and stop worrying about what happens to the fossil fuel industry.

Get In Before Solar Booms

Solar power is likely to boom over the next 20 years. Homeowners will be looking to avoid rising energy prices and the U.S. will hopefully make a big push for clean energy. You’ll be ahead of the game, with no worry about how the market’s looking and could benefit from a massive property value boost.

Don’t Be Punished By Pandemics

1 in 3 Americans are expected to see their utility bills go up by at least 10% this year. The pandemic has forced many people to stay home more often and use more juice. Although the epidemic should hopefully be solved by next summer, there is no guarantee you won’t be staying at home more as we all fight to keep it under control.

Solar owners know that if another pandemic or outbreak hits, they won’t be worrying about how much their energy bill rises when they need to stay home.

2020 Is The Time to Act!

2020 is the FINAL year you can get a huge 26% reduction on Solar Installations in Florida, as Federal Tax Credit reductions drop to 0% over the next two years.

For example, if your solar power installation in Florida costs $10,000, you can receive Solar Tax Credits of $2,600 in 2020. Avoid the rising costs of utility power and save thousands of dollars by acting fast!

Solar Installations in Florida

If you’re interested in saving over $90,000 over the next 25 years, then schedule a consultation today to get started with Solar Installation in Florida. Remember, 2020 is the time to act!