We're here to help you determine whether a solar power system is worth it in Lake Panasoffkee, Florida. We'll also answer your questions about how it works and which solar providers and installers are available. See the topics below:
Cost of Solar Panels in Lake Panasoffkee, FL
The figures below show the total cost of solar power in Lake Panasoffkee and the estimated payback or break-even period. The numbers below assumes you want to buy the system outright. You can also get a loan, lease the system, or set up a “power purchase agreement” (PPA). Learn more about payment options.
Residential 5 kW system
Estimated system cost: $20,950
(-) Federal tax credit: 30% with no maximum
Final cost after tax credits: $14,665
Est. energy savings per year: $1,071
Time to recover costs: 13 years 8 months
30-year savings: $17,465
Commercial 50 kW system
Estimated system cost: $193,500
(-) Federal tax credit: 30% with no maximum
Final cost after tax credits: $135,450
Est. energy savings per year: $10,707
Time to recover costs: 12 years 8 months
30-year savings: $185,759
- Federal tax credits: Residential Renewable Energy Tax Credit
- System pricing based on $/watt from the most recent NREL quarterly report.
State discounts are not calculated due to complex pricing, frequent change, and individual variations such as the property taxes on your home or business. Overall, financial incentives in most of Florida are good, so expect to pay less vs. the above. All partner solar power companies will help you determine which incentives you qualify for. You may either request a quote by clicking above or try checking for state solar incentives on DSIRE.org's site here.
Solar Power Companies in Lake Panasoffkee, FL
The following companies do solar power installation and financing in Florida.
Description: SolarCity is currently the largest solar provider in the nation. The company was started by two brothers, and is proud of its grassroots beginnings.Features:
- $0 down plans available.
- The Give Power foundation gives a solar system and battery to schools without electricity for every megawatt generated.
- Option to lock-in power rates to avoid rising utility costs.
- Plans available with no up-front costs if qualified.
- Professional consultation, custom design, and installation.
- Monitoring and maintenance from Vivint to ensure maximum performance.
While you can install your own solar panels, it's definitely not easy. We strongly recommend working with a professional solar power installer. If you have professional construction and roofing experience feel free to read more about DIY systems.
Should You Get Solar in Lake Panasoffkee?
Obviously only you can decide, but we've collected the following pros and cons for getting solar at a Lake Panasoffkee home or business:
- 30% federal incentive extended to 2019
- Average grid electricity costs ($0.12 per kilowatt-hour) make solar viable
- Rising electricity costs (+9% in the last 5 years)
- Good state financial incentives (#12 out of 50)
- Higher-than-average electrity usage (1141 kWh per month) means more opportunities for savings
- Fair policy scores: interconnection (D) | net metering (B)
- Higher than average sunshine (12.8% above average)
- None known for Lake Panasoffkee, FL
Is solar worth it in Lake Panasoffkee, FL? Considering all of the above, we think so for most people. Solar is 7.5% more cost effective than the rest of the nation and will pay itself back in around 13 years 8 months for a home buyer. We like to see return times (without state incentives) under 20 years.
- Electricity costs, rates of change, and usage from EIA.gov
- Subsidies analyzed by DecisionData from state websites
- State policy scores come from freeingthegrid.org
- Sun data assumes equal zip code weight based on NREL data
Solar Power Savings by Month in Lake Panasoffkee
A 5kW system will save someone in Lake Panasoffkee up to $89.29 on an average month. That's significant given the average Florida power bill of $132.16 per month. Here’s a monthly breakdown:
|Month||Available kW / m2 / day||Max savings / month|
Data based on 1 zip in Lake Panasoffkee, FL. Data reliability is rated excellent.
We estimate savings with a system that is very efficient at 19% of energy captured with a standard 5% total system loss. System loss comes from both the unavoidable (system age, electrical dissipation in wiring and connections, etc.) and the avoidable (shade from trees, dust, etc.) Do note that the system will b e slightly less efficient as it ages, too.
For example, April is the highest-sun month in Lake Panasoffkee with an average of 6.48 kW per meter per day. An efficient 5 kW system will cover about 25 square meters depending on the roof. So, the following is the savings calculation for April in Lake Panasoffkee:
6.48 kW/m2 * 25m2 = 161.95 kW/day available
161.95 * 19% efficiency = 30.77 kW/day captured
30.77 kW * 95% system retention = 29.23 kW/day usable
29.23 kW * Florida average of $0.12 per kW * 30 days = up to $105.23 in savings in an average April.
These assumptions are very good for the average home in Lake Panasoffkee, but nothing beats the accuracy of getting your own quote.
Solar panel costs and savings: More info on how much solar costs and the factors that can influence your price.
Kilowatts and kilowatt hours: What are kilowatts and how do electric companies charge you?