Solar Energy is Affordable!
The cost of solar has come down approximately 70% in the past 5 years. More solar manufacturers and market competition has improved prices dramatically for consumers.
We have reached “Grid Parity” where it costs the same to buy a solar system and own your power than it costs to rent your power each month for the utility company. As utility rates rise, your system becomes more and more valuable.
Solar electric systems are typically sold by the watt. As an example, if you were to purchase a 5000 watt system at $3.00 per watt your cost would be $15,000. If you pay income taxes you can enjoy a 30% tax credit on the total cost of the system. On a $15,000 system the tax credit would be $4,500 making the net cost of your solar electric system $10,500.
The solar modules, inverters, roof type and other factors determine the price you pay per watt. The average cost of a grid tied solar electric system is between $2.60 and $3.50 per watt. Inverters and roof type have the biggest impact on price. Solar electric systems have a 25 year warranty and a 35 year plus lifespan. A few thousand dollars over the life of the system will add up to very few dollars annually.
Since Florida utilities have net metering, you get credit for every KWh (kilo watt hour) you solar electric system produces. For our example, we’ll use true net metering at $.125 per KWh
Total Project Cost $15,000
Federal Tax Credit: $4,500
Total Net Cost: $10,500
Estimated Annual Energy Production: 9,000 KWh
Average Monthly Energy Production: 750 kWh
Estimated monthly savings from solar: $93.75
Estimated monthly payment on solar loan $74.62
NET MONTHLY SAVINGS $19.13
No money out of pocket and save money from day one.
As utility rates increase, you save more and more money each month!
Recently a Florida utility asked for a 24% increase over the next four years. When you power comes from solar, utility increases are irrelevant. With a properly sized solar system and a Solar Loan from First Green Bank, you have “locked in” your utility rates until they system is paid for.
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With the cost of harnessing the power and perpetual energy savings of Solar dropping a whopping 70% in price during the last 5 years, Solar Power for your home or business has never been more affordable!