Current cost of solar panels in Homestead

Solar prices near you

Cost range of local prices

$12,453-$15,220

Net profit (savings less system cost)

$17,521-$21,414

Payback period

11.9-14.5 years

Recommended size for the selected utility bill

6.8kW

Chart 1: Distribution curve of FL residential solar cost 2020
$14K
SolarReviews average

Note: Prices after 26% Federal Solar Tax Credit

Guide to solar power in Homestead in 2020

Homestead is a great place to go solar. You’re probably using Homestead Public Services (HPS) as your utility. Homes in Florida use more electricity than homes in other states, which helps make solar a great investment, especially with net metering. 

The most significant incentive to install solar panels in Homestead is the 26% federal tax credit. However, the tax credit is set to step down to 22% at the end of 2020. This means in order to maximize your savings potential, the best time to go solar in Homestead is now. 

Another key incentive for going solar in Homestead is HPS's net metering policy. Plus, Homestead resdients can take out a PACE loan to pay for their solar panel system, which allows you to pay back their loan through additional payments on your property taxes. 

By entering your address into our solar panel calculator, you can see what other solar incentives are available in your area.

Homestead solar panel cost calculator

10 best known solar energy companies

Solar companies in Homestead, FL that will provide a cost estimate for your home through SolarReviews.

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Current solar incentives and tax credits available in Homestead

Net metering

HPS is not an investor-owned utility, which means they do not have to offer full-retail net metering to their customers. They do, however, offer a net metering program. For more information on HPS's net metering program click here

The 26% federal solar tax credit explained

The federal solar tax credit is equal to 26% of the total cost of installing solar panels on your home. The amount of the tax credit is then deducted from your federal taxes. You can claim the credit over several years if the amount you owe in taxes is less than the amount of your tax credit. You can only take advantage of the federal tax credit if you pay federal income taxes.

Keep in mind that the federal solar tax credit is set to step down at the end of 2021, falling from 26% of costs to just 22%. So, the best time to go solar is now, so you can maximize your solar savings.

How much will solar panels on my home save me?

The answer to this question depends on your electricity usage. Generally speaking, the higher your power usage, the greater your potential savings are from installing solar.

The average monthly electricity usage in Florida is about 1,123 kWh per month. However, you are most likely using a lot more than this since this average includes small apartments and condos.

The Homestead solar panel savings calculator uses our database of electric rates from local utilities to convert your monthly power bill into how much electricity your home uses. From there, the calculator can work out how many solar panels you need to offset your power usage, how much a solar system will cost based on prices of local solar companies, and the amount of money you will save on your electric bill.

Cost and savings for a 10.9 kW average-sized solar system in Homestead

Cost per watt range

$2.54 - $3.1

Net cost of system

$21,715

Average payback

8.6 - 10.6 years

Annual power production

14,706 kWh

Levelized cost of solar energy

6¢ /kWh

If you don't get solar

22¢ /kWh

(forecast avg Florida electric rates over the next 25 years)

Average solar savings on this system over the next 25 years

$48,768

(Savings shown after repayments of capital)

Related topics:

Are solar panels worth it in Homestead

Solar panels have fallen in price by more than 80% in the last ten years. In 2020 they also remain subsidized by the 26% federal tax credit and the net metering law making them an excellent investment. They offer a return well above the long term average return from both the share market and also property investment.

Another way to look at this question is the levelized amount you will pay for each kWh of power you will use over the next 25 years with and without solar panels. As you can see below the savings are significant.

Going solar in FL

Check out all of the ways energy providers of can help you be more energy efficient and save money.

Table 2: Available incentive programs
Eligibility: Federal incentive
Type: Personal Tax Credit
Eligibility: State incentive
Type: Loan Program

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Note: Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.

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