The cost of solar has come down approximately 70% in the past 5 years. More solar manufacturers and market competition have 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-trek-residential-pv-roofSolar 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
Recently a Florida utility asked for a 24% increase over the next four years. When your 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 the system is paid for.