Solar power in Lakeland, Florida
Going solar with Lakeland Electric is unique compared to most of Florida since they aren't an IOU (Investor Owned Utility).
The good news is that it's still a great place for solar, offering net metering to homeowners who install solar panels.
There is also the federal tax credit, so solar is still an excellent investment.
Net Metering Broken Down
Lakeland Electric is required to credit you for excess solar generation exported to their grid however they are not required to write you a check at the end of the 12 month cycle if you export more than you receive. At least Lakeland Electric does allow you to wipe out your power bill easily but not far beyond that.
The average cost of installing residential solar panels in Lakeland,
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 Lakeland, FL
(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 cost
There 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 Lakeland 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 Bartow, City of Fort Meade, City of Lakeland, Duke Energy Florida, Peace River Electric Coop Inc, Tampa Electric Co, Withlacoochee River Elec Coop
How much can solar panels save you in Lakeland
Lakeland PACE Program
Florida is very unique in that it has an excellent PACE program which local governments may follow allowing participants to pay off their solar system through their property taxes. This is basically a lease/PPA without the sense of responsibility because if you move house the new owner pays for it through their property taxes.
PACE is excellent for those who don't know how long they will be in their current home. However, for the most savings from going solar we recommend being a cash buyer. If cash is not an option perhaps a HELOC (Home Equity Line of Credit) at home loan interest rates of around 4% P.A. is the next best option. With a HELOC you can approach your solar company as a cash buyer and receive a much better price.
Even if you are not convinced about solar we recommend that at the very least you use the solar panel calculator for Lakeland 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 Lakeland 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 Lakeland
What does the cost of a real solar system look like?
Facts about installing a 11.24kW solar system in Lakeland, FL
This system would offset 100% of your energy usage if your typical monthly bill is $224, however your situation may vary so try our Lakeland solar calculator to get a result tailored to you.
Net cost of system
6 Years 7 Months
Average payback time
Annual power production
Levelized cost of solar energy
If you don't get solar
Cash flow graph based on cash purchase of this 11.24kW system
Life-time savings on this system over the next 25 years
(Prices shown after repayments of capital)
Solar companies in Lakeland, FL that provide pricing through the Solar-Estimate marketplace.
Average total cost of solar panel installation in Lakeland
After 26% solar tax credit
After 26% solar tax credit
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:
|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.