Known as The Sunshine State, there can’t be any better state in the country for solar panels than Florida, right? In fact, a recent study found Florida to be one of the most solar-friendly states based on megawatts of solar installation, as well as other factors. In terms of megawatt rankings, Florida is actually the 8th highest ranked state in the nation with 9,012 megawatts. Not surprisingly, the solar market has increased nationally by about 30% since 2020. Equally important, installation costs have also decreased by about 70% over the past decade as well. Naturally, this would lead one to believe that solar panels should be considered by all homeowners, right? As with anything, there are pros and cons. We discuss a few to consider below.
Pros of solar panels in Florida
- Abundant sunshine: Florida receives an average of 265 sunny days per year, which means that your solar panels will be generating electricity for most of the year.
- Tax incentives: The federal government offers a 30% solar tax credit, and Florida also offers a variety of state incentives.
- Net metering: Florida has a net metering policy, which means that you can sell excess solar energy back to your utility company.
- Increased home value: Solar panels can increase the value of your home by an average of 4%.
- Environmental benefits: Solar panels are a clean and renewable source of energy, so you can feel good about reducing your carbon footprint.
Cons of solar panels in Florida
- High upfront cost: The panels can be expensive to install, but the cost has been coming down in recent years.
- Weather damage: Florida is prone to hurricanes and other severe weather events, which could damage your solar panels.
- Obstruction/lack of sun exposure: If your roof is shaded by trees or other structures, your solar panels won’t generate as much electricity.
- Long payback period: The payback period can be 10-15 years, depending on the cost of the system and your electricity usage.
Overall, solar panels are a great option for homeowners in Florida who are looking to save money on their electricity bill and reduce their carbon footprint. However, it’s important to weigh the pros and cons carefully before making the decision to switch to solar. Of course. the size of your home and electricity needs will determine what kind of system you will need. Equally important is the orientation of your roof and its sun exposure. Lastly, it is crucial to determine what your buy back period will be. In other words, how long will it take for your electricity savings to pay for the up front costs of installation and materials. These factors will all help determine if installing these panels will be worthwhile or not.
Are you thinking about buying or selling a home in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download our free Florida Home Search app for your mobile device.