Solar power in Homestead, Florida
The City of Homestead offers a net metering program to their solar customers.
There is also the federal solar tax credit, which in 2020 allows you to deduct 26% of the total system cost from your taxes, over however many years. This tax credit also imposes no size restrictions, it'll always cover the percentage that applies that's set for that year. .
Net Metering Broken Down
Under net metering, each unused kWh produced by your solar system is sent to the grid and that offsets the cost of another kWh drawn from the grid such as at night for example.
If your solar system exports more energy than what your home pulls from the grid the excess is credited at the retail rate for power and can be used to offset the cost of future bills up to 1 year later. At the end of the 12 month billing cycle excess credit can be deposited into your account.
The average cost of installing residential solar panels in Homestead,
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 Homestead, 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 Homestead 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 City of Homestead, Florida Power & Light (FPL)
How much can solar panels save you in Homestead
What does the cost of a real solar system look like?
Facts about installing a 14.65kW solar system in Homestead, FL
This system would offset 100% of your energy usage if your typical monthly bill is $237, however your situation may vary so try our Homestead solar calculator to get a result tailored to you.
$26,560
Net cost of system
7 Years 11 Months
Average payback time
19,750 kWh
Annual power production
5¢/kWh
Levelized cost of solar energy
26¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 14.65kW system
Life-time savings on this system over the next 25 years
$88,148
(Prices shown after repayments of capital)
42
Solar companies in Homestead, FL that provide pricing through the Solar-Estimate marketplace.
Average total cost of solar panel installation in Homestead
| 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.
