Solar power in West Palm Beach, Florida
Since Florida Power & Light services West Palm Beach, residents and business owners are eligible for 1 for 1 net metering.
Net metering also comes hand in hand with the federal solar tax credit, covering 26% of total system costs in 2020 (this falls to 22% in 2021).
Utilities and many legislatures are fighting to kill net metering so it's best to act now before it's too late.
Net Metering Broken Down
Net metering allows excess solar generation to be sent to FPL's grid and you receive 1 for 1 value with the retail price. At the end of every 12 month cycle if you export more than you consume FPL will write you a check. With so much sunshine in Florida net metering will save you a lot of money.
The average cost of installing residential solar panels in West Palm Beach,
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 West Palm Beach, 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 West Palm Beach 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 Lake Worth, Florida Power & Light (FPL)
How much can solar panels save you in West Palm Beach
West Palm Beach PACE Program
Florida offers an amazing PACE program for homes and businesses in participating cities interested in solar. This program is basically a lease/PPA however, at lower prices and is paid for through property taxes.
PACE also gets rid of responsibility for the system since if you sell your property the next owner continues paying for the system.
However, to receive the best deal on solar it is still best to pay cash. If cash isn't an option a HELOC (Home Equity Line of Credit) might be. Secured against your home a HELOC loan has very low interest rates of around 4%. This way you can approach a 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 West Palm Beach 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 West Palm Beach 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 West Palm Beach
What does the cost of a real solar system look like?
Facts about installing a 14.67kW solar system in West Palm Beach, FL
This system would offset 100% of your energy usage if your typical monthly bill is $256, however your situation may vary so try our West Palm Beach solar calculator to get a result tailored to you.
$26,597
Net cost of system
7 Years 5 Months
Average payback time
19,692 kWh
Annual power production
5¢/kWh
Levelized cost of solar energy
28¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 14.67kW system
Life-time savings on this system over the next 25 years
$98,255
(Prices shown after repayments of capital)
40
Solar companies in West Palm Beach, FL that provide pricing through the Solar-Estimate marketplace.
Average total cost of solar panel installation in West Palm Beach
| 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.
