Why Florida Homeowners across the Gainesville area are Going Solar
- Own your electricity instead of renting it. You own your home; why do you rent your electricity?
- Protect yourself against rising electricity bills
- Add significant re-sale value to your home
- Earn a safe and solid return on your solar investment with upside potential
- Make an environmental statement to your community and reduce your carbon footprint
- Reduce our country's dependence on foreign fuels
How much does a Residential Solar Energy System Cost?
The example solar electric systems below are based on receiving the federal solar tax credit (Investment Tax Credit). Solar Impact tip: Install in 2020 to receive a 26% solar tax credit before the tax credit reduces again in 2021 and elminated in 2022!
10,000 Watt System*:
- Total system cost: $29,000
- 26% Federal Solar Tax Credit: $7,540
- Out of pocket system cost: $21,460
- Monthly utility bill savings: $167 (on Gainesville Regional Utilities)
- Taxable equivalent annual return: 14.4%
5,000 Watt System*:
- Total system cost: $15,500
- 26% Federal Solar Tax Credit: $4,030
- Net system cost: $11,470
- Monthly utility bill savings: $100 (on Gainesville Regional Utilities)
- Annual return on investment: 13.4%
* These values are for a typical roof mounted solar panel electric system installation performing at 85% site efficiency. Price includes equipment (solar panels, inverters, etc), solar installation, permits, and a web-based solar monitoring system. Electricity prices are based on current rates for Gainesville Regional Utility customers. Return on investment calculations are based on an assumed 26% federal investment tax credit, a 25% federal tax bracket and a 3.4% annual inflation rate for electricity prices and are for illustrative purposes only. We recommend that any financial calculations be reviewed by a qualified accountant or financial adviser.