Are you wondering how much it will cost to implement a solar panel system into your home or business? You may be worried about the cost and how that will affect you in the future. Here at SEM Power, our team of professionals is here to inform you of everything you need to know when it comes to solar financing. We are here to make sure you get the information you need to keep you in the loop. When it comes to the best solar companies in Florida, we are the ones to trust.
How Much Does it Cost?
The easiest way to calculate how much solar panel installation costs is to look at the price in dollars per watts. The average price per watt for solar panels ranges anywhere from $2.67 to $3.43, and the average solar panel installation cost usually ranges from $11,000 to $15,000, after solar tax credits are applied. Solar panel installation costs also depend on how much electricity you want to generate. A bigger system will have a higher installation cost because you’ll need to buy more equipment, and more labor will be needed, as well. Installation costs can also vary significantly depending on where you live. In 2019, the average solar panel installation cost in Florida was between $9,198-$11,970, one of the lowest in the nation.
What Are Your Options for Solar Financing
- Solar loans
- Solar loans are the perfect financing option for individuals who want to buy their system. With a solar loan, property owners can finance the entire cost of their system. It is important to remember that these types of loans are usually secured using your property as collateral. Some solar loan options also come unsecured. One of the main advantages of buying your solar energy system outright is that you are eligible for federal incentives like the federal investment credit (ITC). Interest on secured solar loans may also be tax-deductible, which means additional savings on your income taxes, as well.
- Solar leases
- Solar leases and Power Purchasing Agreements (PPAs) essentially allow you to rent your solar PV system, giving you many of the financial benefits of installing a solar power system without actually having to pay for it. With a solar lease or PPA, a third party owner (TPO) will install the solar panels at the property and, in exchange, the property owners will agree to pay them a below-market rate to use the solar electricity from the term of the agreement. The TPO will be responsible for maintaining the solar panels, and, at the end of the lease or agreement, they will either remove them or sell the system to you at their fair market value. As the property owner, you do not own the solar panel system and, therefore, you are not eligible for any rebates, tax credits, or other incentives offered by the government or your utility company.
Call Our Solar Companies in Florida
Do you want to implement a solar panel system into your home but are not sure how to pay for it? It is time to take advantage of solar financing. SEM Power is a top Florida solar installer and features the best solar battery system. We are leading the charge when it comes to harnessing the power of battery technology, and we have made significant investments already. Call our professionals today for Florida solar panels and installation. We are specialized in solar battery storage and are ready to get you started for the future with one of the best solar companies in Florida!