What Incentives Are Available for Solar in Tampa, FL?

Transiting from traditional electricity to solar energy comes with many perks, like controlling your power and reducing energy costs. Despite the reason behind this significant move, you need to take advantage of the many government-sponsored incentives. If you need solar panel in Tampa, you should know that a home solar panel system is a considerable investment; it is capital intensive, but there are several ways you can save money if you live in Tampa, Florida. Florida has numerous tax credits, incentives, and solar rebates that can make it easy for you to go solar whenever you’re ready. 

A Simple Breakdown Of The Figures

Florida is one of the three top states that support solar energy and technology in the country. If you have lived in Florida for the past five years, you may have noticed a steady drop in the price of solar systems. More specifically, the state has incentivized the industry, helping solar prices drop by an average of 11%. 

In addition, residents now enjoy the 22% federal tax credit (ITC) whenever they purchase home solar systems and have them installed by the end of 2022. If you’re looking to install solar panels in the future, you will be glad to know that the annual federal tax credit is available each year, though the percentage may vary. The state implements the Florida Solar System Tax Exemption on added home value, and there is a 6% Home Solar System Sales Tax Exemption in place to further subsidize the cost of going solar. 

Exclusive of all solar rebates and incentives available, the average cost of a solar panel in Tampa is $2.66/W. You may incur an average fee of $11,305 to $15,295 for the average-sized solar system of 5 kilowatts (KW). If you factor in rebates and reliefs, your net price will decrease by thousands. A 3kW solar panel may cost about $7,980 before ITC and $5,905 after ITC. 

You should note that different companies offer varied prices for their products and services, which could lead to a price difference of up to 20%, depending on the solar company you choose. The average market price of a solar panel system in Tampa is about $13,300, with a low price of $11,500 and a high price of & 15,295.

Financing Options For Solar Panels In Tampa, Fl

You can finance your solar panels through a cash purchase, solar loan, or solar lease/ power purchase agreement. Without a doubt, cash purchases come with zero interest and are the most affordable way to pay for your solar panel. However, paying the total amount upfront may prove challenging. 

In such cases, a solar loan with flexible payments and low interest is the next best option. Some solar companies link their clients with third-party financiers who offer them loans at low-interest rates. But, if your selected solar provider does not have such links, you can get a solar loan through a  home loan or other uncured lending options.  Florida allows its residents to get solar loans through PACE, similar to a loan, but you repay it through a property tax increase to your local government. The average interest on a solar loan is between 3.99% and 16%.  

Some providers offer solar leasing financing, allowing you to pay for your investment for up to 25 years. You will pay a predetermined monthly rate for your electricity bill. Some providers have no extra costs and a $0 down payment. Solar energy is a worthy investment that can save up to $22,900 for a household in 20 years. 

Tips To Getting The Best Possible Price On Your Solar Panel System In Tampa Fl

The best way to reduce your solar costs is to request quotes from all the solar companies you identify and compare their prices. This action saves you money by allowing you to assess through the two main pillars of; competition and transparency. The competition pillar ensures that for each quote you receive, you get closer to identifying the right solar system for you at the right price. In transparency, you will enquire about the solar system and installation process after getting each quote. The information will help you understand the quality of service, products, and equipment used and compare it to what is quoted by every competitor.

Take advantage of the federal tax incentive and numerous solar rebates and relief in Florida when transiting to solar energy. Make sure you compare the prices of different solar companies and get the most affordable financing option possible. These actions could save you thousands of dollars.