Is a solar installation within a typical homeowner's budget?


Residential solar energy may be breaking into the mainstream Florida homeowner's consciousness — but is it within reach of the current mainstream budget?

It most certainly is!

Most Florida homeowners assume that buying solar panels for homes is too expensive and until recently, this assumption was well-founded. However, in recent years, the cost of solar energy systems in Florida has plummeted dramatically due to reduced material costs and new federal and state incentives.

How much do solar energy systems cost in Florida?

With increasing demands, Florida's solar installation costs have seen a remarkable drop in the past several years. Given a solar panel system size of 5 kilowatts (kW), an average solar installation in Florida would have cost you more than $50,000 a decade ago. It now ranges from $11,262 to $15,238!

And that is before incentives.

The 26% Federal Investment Tax Credit (ITC) and other Florida solar incentives (Solar System Property Tax Exemption and Home Solar System Sales Tax Exemption) can further reduce a residential solar system's cost by thousands of dollars. This puts solar power very much within reach for most homeowners in Florida.

Here is the average solar panel cost by system size in Florida in 2021:

System Size

System Cost

System Cost (after ITC)

3 kW



4 kW



5 kW



6 kW



7 kW



8 kW



9 kW



10 kW



Although prices are considerably lower than they were, a solar power system in Florida remains a substantial investment, which is why we are careful to emphasize the plethora of financing options and the helpful tax credits and incentives available to homeowners.

The current pricing and incentives could realistically allow residential solar panel installation to become typical in the mainstream market. And why not?

When it comes to increasing the value (or resale value) of your Florida home, it is hard to beat residential solar energy systems for a strong investment choice. Most systems are expected to far outlast their 25-year warranty. Most homeowners find they have saved enough money on their utilities to have paid off their system in about three years or less; after that, every year, they pocket the savings (and are insulated against the inevitable rise in utility costs!)

Most people also have a vague idea of solar power's environmental benefits, but let's spell them out here. Powering one small house using a 5.8 kW residential solar system prevents 13,000 lbs of carbon from being emitted into the atmosphere in just the first year; over the lifetime of the system, the CO2 emissions avoided would total 330,000 lbs. In other terms, you would help reduce as many environmental pollutants as you would by not driving 290,000 miles or by planting 21 acres of trees!

Awareness of this efficiency big picture — both savings for the household and improved environmental health for the wider community — has given Florida homeowners confidence that moving forward with renewable energy is the most sensible thing to do.

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Created on Feb 1st 2021 00:26. Viewed 62 times.


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