Your power company has nothing for you but a higher power bill in any given period because you’re renting power.

Homeowners have a break-even point for home solar because they are using the money they previously paid the power company to offset the cost of solar. At that break-even point your power generated from solar is FREE! Home solar is the equivalent of owning a power company because the system continues to generate power long after a solar system’s cost is offset by what would have been paid to the power company. 

Home solar Calculations for Florida are as follows: Receive a credit from the power company for every kilowatt-hour produced. Apply credits for every kilowatt-hour consumed. That’s how Net Metering works in Florida.

10K Home Solar System cost – $27000 less $8100 Tax Credit – Sub Total $18900

(You Must Seek Expert Advice for the ITC Solar Tax Credit Because No Two Homeowners Income Taxes are the Same. Consult with a Tax Expert to Determine if You Qualify for the ITC Tax Credit and How Much You Qualify for Per Year)

10K Production Annually: $220 Monthly of Power Produced – $2640 Per Year

8 Years of power bills total: $21,120 

Including the ITC Tax Credit in 7.25 years, the Cost of Solar is offset by what you would have paid the power company and had nothing to show for it. 

Without the ITC Tax Credit, it will take 10.25 Years to Offset the $220 a month previously charged by the power company. Solar panels are designed to last 30 to 40 years.

Return on Investment: $2640 Annually = $52,800 for 20 Years of Solar Production $52,800 minus $27,000 = a Profit of $25,800. Without Solar Energy, the power company would have charged $52,800 in twenty years. Disclaimer: Power company price increases are Not Included in the above example.

The only thing the power company has for us after 8 years is a higher power bill! Why does the power company invest in solar farms? Power Companies invest in solar farms because solar energy is profitable. Solar energy is more profitable for homeowners than the power company because the utility has to build a platform for the panels while homeowners use their roofs.