Cost of Solar Energy in Your Home
Of course, the cost of solar energy pales in comparison to the long-term savings. Installing solar energy in your home is easier and more affordable than ever before thanks to the prominence of solar power throughout the country. That means you have several options you can pursue that will greatly reduce the cost of solar energy. No matter what selection you make, achieving energy independence is worth the investment.
Federal tax credits
The IRS allows homeowners to receive a tax credit equal to 30% of your solar power costs. A tax credit is better than a deduction, because if the amount is large, it can be carried forward to apply to future tax years.
Financing a solar energy system can often create a positive cash flow from the first day as the system is paid off. And Florida offers several financing options. See below for more details.
The OUC offers generous solar power production incentives to help save you hundreds of dollars each year even as you pay off the system. Of course once the system is paid off—typically halfway through the PV panel’s 30-year warranty—you will save even more. See the OUC website for current incentives and more information on qualifying.
Property Assessed Clean Energy (PACE) is an efficient and no-money-down way to get homeowners into solar power by financing the power system like a tax through the county or city office. PACE is not yet a state-wide program and is strictly based on counties and cities throughout Florida. Visit their websites for more information and to see if you live in an area that has accepted PACE.
Several Florida banks offer loans for solar energy systems. What follows are banks we have worked with and recommend.
Admiral’s Bank offers several green energy loan options. See their website for more details.
Offering a residential solar loan program, First Green Bank is motivated to help save the environment and keep money in your pocket.
Service Finance Company, LLC
Serving all of Florida, Service Finance has no-money-down, no-interest programs for short-term financing and long-term installment loans up to 20 years in length. We’re a registered dealer with Service Finance, and you can fill out an application here.