The world is slowly being depleted of its finite sources which is why many are beginning to consider alternative sources for electricity – particularly renewable sources. Most of the electricity produced in the world still comes from fossil fuels such as coal-fired power plants.
Today, advancements in renewable power have made solar power an affordable and interesting option. Obtaining power from the sun through the use of solar panels, solar power helps the environment while also reducing electricity bills. You might have heard of more people turning to solar companies in Florida and are wondering if you should do the switch yourself.
Is it Worth Switching to Solar Power in Florida?
Even if solar power seems ideal, it is still wise to do your research to see if solar power is worth it in your area. In the case of Florida, it certainly proves to be a worthy choice.
It is a common understanding that the price of entry for solar power might be high but here are the benefits that make the investment worthwhile.
Even though you have a solar power system in place, your home is most likely still connected to the main power grid. Net metering is when your solar power system produces excess power for your home and while you cannot use the excess power, that excess power can be exported to the main grid.
This is essentially you selling electricity back to the utility facility. This means that if you happen to provide 1 kilowatt hour (kWh) back to the grid, you will get 1 kWh off of your electricity bill.
Through this system alone, solar power becomes very worth it – especially in a state that enjoys large amounts of sunlight.
Federal Solar Tax Credit (26%)
Formally known as the Investment Tax Credit (ITC), the 26% solar tax credit allows homeowners to claim 26% of their solar system’s cost as a deduction on their income taxes. This significantly lowers the barrier of entry to solar power. This tax credit also reflects the government’s encouragement to switch to solar power.
If your tax liability happens to be less than 26% of the cost of your solar power system, you can roll the remaining balance over to the next period for up to 10 years.
Added Home Value
There are some states where solar power systems do not add value to homes. However, Florida is not one of them. In fact, Florida is one of only six states where solar power systems actually increase the value of homes. According to a survey, residents in Orlando have enjoyed adding an average of 4.6% to the value of their homes, thanks to the inclusion of solar power systems.
Furthermore, the value added by the solar power system doesn’t even add to your property tax, since the cost for it is exempt from property tax.
Overall, it is worth switching to solar power in Florida. Solar power is not only an environmental decision but it can also be an economically beneficial decision. Not only can value be added to your home but the reduction in electricity bills will eventually pay for the solar power system. Given the recent rise in solar power installations in the state, it seems many people have already made their decision.