Solar power in Hollywood, Florida
Net metering is available to Florida Power & Light customers in Hollywood, which means its easy to eliminate your electric bolls.
There is also the federal solar tax credit covering part of the system costs (26% in 2020) in the form of a tax deduction. With net metering, excellent solar production and a big tax credit, solar is amazing!
Net Metering Broken Down
FPL offers its customers net metering so that you can receive retail value for the unused power your solar system exports to the grid. Solar production numbers in Hollywood are among the highest in the country so during the day when most people are out of the house your solar system will be making you a lot of money.
The average cost of installing residential solar panels in Hollywood,
Florida in 2020 is
$2.65 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in Hollywood, FL
is $13,250.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in Florida is only 1081kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The Hollywood solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our Florida solar savings calculator can do this because it contains a database of the electric rates charged by Florida Power & Light (FPL), Lee County Electric Coop Inc
How much can solar panels save you in Hollywood
Hollywood PACE Program
Florida is one of the few states to run a solar PACE program where (if your local government participates) you pay for the system through your property taxes.
The PACE program effectively is a much cheaper lease/PPA system that also removes the owner's sense of responsibility to their solar system since if you move house the next owners keep paying for it.
To receive the best savings from solar it is best just to buy with cash, if this isn't an option for you a HELOC (home equity line of credit) loan secured against your house, or a PACE loan, might be.
Even if you are not convinced about solar we recommend that at the very least you use the solar panel calculator for Hollywood to find out:
- How many solar panels you need to cover your power bill;
- How suitable your house is for solar;
- What incentives your house may be eligible for;
- The cost of solar panel installation in Hollywood and whether you are eligible for zero down solar deals; and
- Your likely payback period and return on investment from installing solar
Find out what rebates and incentives you can get in Hollywood
What does the cost of a real solar system look like?
Facts about installing a 15.84kW solar system in Hollywood, FL
This system would offset 100% of your energy usage if your typical monthly bill is $242, however your situation may vary so try our Hollywood solar calculator to get a result tailored to you.
$28,718
Net cost of system
8 Years 4 Months
Average payback time
22,000 kWh
Annual power production
5¢/kWh
Levelized cost of solar energy
24¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 15.84kW system
Life-time savings on this system over the next 25 years
$87,685
(Prices shown after repayments of capital)
58
Solar companies in Hollywood, FL that provide pricing through the Solar-Estimate marketplace.
Average total cost of solar panel installation in Hollywood
| System Size |
Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $6,216 | $6,713 |
| 4kw | $8,140 | $8,791 |
| 5kw | $9,990 | $10,789 |
| 6kw | $11,766 | $12,707 |
| 7kw | $13,468 | $14,545 |
| 8kw | $15,096 | $16,304 |
| 9kw | $16,650 | $17,982 |
| 10kw | $18,130 | $19,580 |
Find out what system size you need for your home
Going solar in Florida
Check out all of the ways energy providers of Florida can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Solar and CHP Sales Tax Exemption | State | Sales Tax Incentive |
| Property Tax Abatement for Renewable Energy Property | State | Property Tax Incentive |
| PACE Loans | State | Loan Program |
| SELF Loans | State | Loan Program |
| Net Metering | State | Net Metering |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
