One Reason for Solar Energy is Money

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One Reason for Solar Energy is Money

Solar Energy Protects Against Rising Energy Costs

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 notice the dramatic price increase in power costs.

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 power companies rapidly absorbed the savings created from widespread LED use and customers didn’t notice because they were focused on the total power bill.

One way or another electricity prices increase unless you lock in your power costs for the next 25 years going solar. 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, that 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 of 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 for 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.