Upgrading your home with green technology is a smart way to build home equity, lower your home energy bills and transportation costs, and reduce your carbon footprint. MySunCar serves our community by providing solar panel and EV charging installations in the Orlando Area. Learn more about the basics of home solar and EV charging technology. For further questions, please contact us.
How much can I lower my monthly energy bill with a solar panel system?
Your cost savings will depend on the size and specifications of your project, your home’s current energy usage, and environmental factors like weather, topography, and available sunlight. However, the many of our customers report seeing energy bill savings of 30% – 60%.
Some projects can even turn a profit by selling power back to your local energy company. Many power companies have “Net Metering” price policies that credit back your energy bill with excess solar energy that your panels provide to the power grid!
Are tax credits still available for my solar project?
Absolutely, but time is running out! The Federal Solar Tax Credit for 2020 reimburses you for 26% of your total project cost. This credit drops for the 2021 tax year to 22% and expires in 2022. This credit is applied to your current federal tax liability and can be carried forward into future tax years if the credit exceeds your current federal tax liability.
The state of Florida also offers incentives which include a sales tax exemption on the purchase of equipment and a property tax exclusion on the value of the total capital improvement. This means you’ll save money when buying your solar equipment and you’ll save money on your property taxes by not paying taxes on a higher assessed property value every year!
Can I finance my solar project?
MySunCar can help you with more than just solar panel and EV charging installations. You’ll have much to consider when it comes to financing and we can help you understand your options! Some options include more familiar means such as a home equity credit line or personal credit line.
Other options include:
- Direct financing with a solar contracting firm: You make regular payments to a contractor after project completion. You are also the owner of your own solar panel system and are eligible for all available tax incentives.
- Solar Leases: You agree to a solar project built on your property by a company that specializes in installation, maintenance, and operation. The company owns the solar panel system and handles all project costs and aspects; you simply pay a fixed monthly fee to use the panels to power your home and offset your electrical bill through net metering. Leases are typically better for areas with increasing electricity rates. Solar leases do not allow you to take advantage of some tax incentives.
- Power Purchase Agreements (PPAs): These agreements work similarly to a lease. A third-party company plans, builds, and owns the solar system on your property but instead of a regular lease payment you agree to buy electricity from the solar company at a lower cost than your regular power company. These agreements are particularly beneficial for part-time residents whose energy costs are lower than average; you only pay for the electricity you use! These agreements do not allow you to take advantage of some tax incentives.
- Florida’s PACE Program: A special state program that finances your project construction with a property tax assessment. Interest rates range from 6%-9% and require no down payment. Closing fees of 6.4% apply. This program allows you ownership of your own solar panel system and helps you take advantage of all available tax incentives!