We at the MarketWatch Guides team recommend installing solar panels in Florida since the state offers multiple benefits for photovoltaic (PV) systems. These include:
- A state sales tax exemption offers upfront savings on your solar purchase.
- A property tax exemption helps to reduce system ownership costs over time.
- You can also claim the 30% federal solar tax credit to lower your upfront system cost.
- The state’s abundant sunshine can result in higher solar energy outputs and more power bill savings.
- The state’s available net metering programs compensate you in electricity bill credits for excess solar energy generation.
With the solar resources available in the Sunshine State, a 6 kW solar panel system can generate between 9,000 and 10,000 kWh of energy per year. Considering Florida residents pay an average electric tariff of 14.98 cents per kWh, annual power bill savings can range from $1,348 to $1,498.
Based on our research, a 6 kW solar system has a typical price of $19,860 in Florida, which drops to $13,902 after subtracting the 30% federal tax credit. Considering annual electricity bill savings of $1,348 to $1,498, your payback period in Florida would be 9.3 to 10.3 years.
The best solar panels come with a 25- to 40-year warranty, which is much longer than our estimated payback period. You would still get a decade or more of guaranteed electricity production after recovering your initial investment.
Reputable solar companies offer a free consultation to analyze your roof conditions and estimate your potential savings. This way, you can decide if going solar makes sense financially before accepting any offers.
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