Is There a Better Reason Than Money for Going Solar?
In 2018 Duke Energy of Florida was charging a base rate of .13 cents per kilowatt hour, in 2024 the base rate is .24 per kilowatt hour. It’s interesting how many homeowners didn’t seem to notice the dramatic price increase.
It’s all about timing, because the power companies know customers don’t look at kilowatt consumption, they look at the total bill. The timing of households evolving to LED Lighting was during the past six years, which lowered power consumption for every household. LED lighting helped reduce consumption by as much as $30 to $100 a month in households throughout Florida. The savings created from widespread LED use was rapidly absorbed by the power companies, and customers didn’t take notice because they were focused on the total power bill.
One way or another electricity prices increase over time unless you lock in your power costs over the next 25 years. Investing in solar energy allows you to lock in today’s electricity rates and protect against future cost hikes.
Solar Energy Increases Property Value
The most common objection to solar energy in Florida is, I am not sure I am staying long-term in my home. Solar panels boost your home’s market value. Buyers appreciate the long-term savings potential and eco-friendly features. Studies show that homes with solar installations sell faster and at higher prices. So, not only do you save money while living there, but you also gain when you decide to sell.
Should you sell your home it’s important to remember you are the beneficiary a 30% ITC tax credit, in essence, it’s like paying wholesale for solar. If you rent your home out, you can charge tenants for power during the next 25 years. Homes with solar panels often attract environmentally conscious buyers. In 2019 Zillow reported homes with solar power sell for an average of 4.1% more than comparable homes without solar.
