Florida electricity prices average $0.12/kWh, below the national average of $0.14/kWh.
Despite being the second-largest electricity producer in the US (after Texas) Florida consumes almost eight times as much energy as it produces. In 2018 renewables accounted for roughly 3% of Florida's net power generation, with roughly one third of that coming from Solar.
The average cost of a 10kW (equivalent to saving almost 200 trees a year) solar power system starts around $29,000. Before any incentives, in the first year you’d save about $1,600, compared to if you had been paying the normal rates for the energy you used. These savings can continue for well over 25 years, improving with inflation.
This depends on may factors such as your system size, power output, and financing. Here are the main ways you can finance your home solar power system, and the kinds of returns you may expect to see:
From our example above, the homeowner purchased a 10kW system to offset their energy bill. Overhead cost was $29,000, with a significant proportion returned in the first year through incentives, rebates, and savings, then paying itself in full over 11 years.
Most solar power systems have a warranty lifetime of 25 years.In that time, between incentives and paying lower rates you could make a profit of around $40,000. Even with occasional maintenance or part replacement, that is a massive savings. Solar panel power output falls on average 0.8% per year, so with a little TLC and load management you can extend the life of your system well beyond the warranty’s expiration date, continuing to save indefinitely.
Whether or not you can afford the up-front cost of the install, you may want to consider a Home Equity Line of Credit (HELOC). With equity in your home, or good credit, you may qualify for a 15-year solar HELOC with fixed rate of 4% or lower.
Starting with that same 10kW system costing $29,000 but with zero up-front cost, accounting for incentives, credits, rebates, and annual energy savings starting around $1,700, you could see a revenue surplus of about $6,500 at the end of the first year. Save that money though. Your loan payments will likely exceed your power savings by about $80/month for the 15-year term
Once the loan is paid off, you can expect to save about $1,700 a year. Over 25 years you could expect to make about $29,000.
Data from DSIRE. For more info visit: https://www.dsireusa.org/
|Name||Implementing Sector||Program Type||Administrator||DSIRE ID|
|Renewable Energy Easements & Rights Laws||State||Solar/Wind Access Policy||28|
|Solar and CHP Sales Tax Exemption||State||Sales Tax Incentive||Florida Department of Revenue||243|
|City of Gainesville - Public Facilities Siting||Local||Solar/Wind Access Policy||289|
|New Smyrna Beach Utilities - Net Metering||Utility||Net Metering||324|
|DSM Programs Incorporating Renewables||State||Other Policy||340|
|Fuel Mix Disclosure||State||Generation Disclosure||533|
|Sales Tax Exemption Week for Energy Efficient Products||State||Sales Tax Incentive||Florida Department of Revenue||1609|
|Lakeland Electric - Net Metering||Utility||Net Metering||2431|
|Net Metering||State||Net Metering||2880|
|Renewable Energy Property Tax Exemption||State||Property Tax Incentive||Florida Department of Revenue||2985|
|Capital Investment Tax Credit for Clean Energy||State||Industry Recruitment/Support||Executive Office of the Governor||2986|
|Local Option - Special Districts||State||PACE Financing||Programs administered locally||3869|
|Energy Efficiency Goals||State||Energy Efficiency Resource Standard||4505|
|Miami-Dade County - Sustainable Buildings Program||Local||Energy Standards for Public Buildings||Office of Miami Sustainable Initiatives||4927|
|Innovation Incentive Program||State||Other Incentive||4931|
|Miami-Dade County - Green Corridor Property Assessed Clean Energy District||Local||PACE Financing||Miami-Dade County||4932|
|Renewable Energy Property Tax Exemption||State||Property Tax Incentive||5296|
|Orlando Utilities Commission - Commercial Energy Efficiency Rebate Program||Utility||Rebate Program||OU Customer Connection||5412|
|Property Tax Abatement for Renewable Energy Property||State||Property Tax Incentive||5426|
|Florida Public Utilities (Gas) - Commercial Energy Efficiency Rebates||Utility||Rebate Program||5817|
|City of Miami - Green Building Energy Code||State||Energy Standards for Public Buildings||5896|
|Broward County - Rooftop Solar System Permit Standard||Local||Solar/Wind Permitting Standards||5924|
|Hillsborough County - Solar and Wind Standards||Local||Solar/Wind Permitting Standards||5926|
|Miami-Dade County - Solar System Permitting||Local||Solar/Wind Permitting Standards||5927|
|Miami-Dade County - Green Power Policy||Local||Green Power Purchasing||5930|
|Tampa Electric - Commercial Energy Audit||Utility||Energy Analysis||Tampa Electric||14934|
|Gulf Power - EnergyDirect Usage Management Tool||Utility||Energy Analysis||Gulf Power||14938|
|Lakeland Electric - Commercial Energy Audits||Utility||Energy Analysis||Lakeland Electric||14944|
|Clay Electric Cooperative, Inc - Energy Surveys||Utility||Energy Analysis||Clay Electric Cooperative, Inc. (FL)||14947|
|JEA - Small Business Energy Upgrades||Utility||Energy Analysis||JEA (Jacksonville Electric Authority||14953|
|Orlando Utilities Commission - Commercial Energy Surveys||Other||Energy Analysis||Orlando Utilities Commission||14957|
|Gulf Power - Energy Checkup||Utility||Energy Analysis||Gulf Power Company||15979|
|Florida Public Utilities - Energy Saving Tools||Utility||Energy Analysis||Florida Public Utilities||16594|
|Gainesville Regional Utilities (GRU) - Energy & Water Surveys||Utility||Energy Analysis||Gainesville Regional Utilities (GRU)||16604|
|Florida Solar Energy Center - Industry Training||Other||Training and Information||Florida Solar Energy Center||16606|
|U.S. Department of Energy - Industrial Assessment Center (IAC): University of Miami||Federal||Energy Analysis||U.S. Department of Energy||17604|
|Florida Keys Electric Cooperative - Solar Power Interconnectivity||Utility||Other||Florida Keys Electric Cooperative Association||17681|
|Tampa Electric - Commercial Duct Repair||Utility||Energy Analysis||Tampa Electric||17690|
|Choctawhatchee Electric Coop, Inc. - Commercial Energy Calculator||Other||Energy Analysis||Choctawhatchee Electric Coop, Inc.||17833|
|Gulf Coast Electric Coop, Inc. - Commercial Energy Audit Analysis||Other||Energy Analysis||Gulf Coast Electric Coop, Inc.||17842|
|Gulf Power - Incentives for Business||Utility||Energy Analysis||Gulf Power||19232|
|Gainesville Regional Utilities - Business eSolutions||Utility||Training and Information||Gainesville Regional Utilities||20720|
|Gulf Coast Electric Coop, Inc. - Manual N Calculations||Other||Energy Analysis||Gulf Coast Electric Coop, Inc.||20826|
|Beaches Energy Services - Commercial Energy Efficiency Rebate Program||Utility||Rebate Program||Beaches Energy Services||22062|
|JEA Battery Incentive Program||Utility||Rebate Program||JEA||22078|