Solar power in Lake Worth, Florida
Florida Power and Light provide a great net metering program for their Lake Worth solar customers.
A large chunk of the total system cost - 26% in 2020, and 22% in 2021 - may be deducted from your federal taxes under the federal solar tax credit. You may use this incentive over as many years as you want eg. 10% the first year, and the remaining amount divided over the next 2 years. The incentive is applicable regardless of system size.
Incentives like these make solar an easy choice, and with utilities and legislators trying to end solar, there's no good that's gonna come from waiting!
Net Metering Broken Down
Net Metering records excess solar generation sent to the grid and offsets your bill at a 1kWh for 1kWh basis with the electrical grid. If your solar system exports more power in a given month credit is applied to your bill the following month, at the end of the 12 month billing cycle each kWh is credited into your bank account at the retail generation rate. With plenty of sunshine in Florida net metering can save or even make you a lot of money.
The average cost of installing residential solar panels in Lake Worth,
Florida in 2024 is
$2.65 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in Lake Worth, FL
is $13,250.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in Florida is only 1081kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The Lake Worth solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our Florida solar savings calculator can do this because it contains a database of the electric rates charged by City of Lake Worth, Florida Power & Light (FPL)
How much can solar panels save you in Lake Worth
What does the cost of a real solar system look like?
Facts about installing a 13.7kW solar system in Lake Worth, FL
This system would offset 100% of your energy usage if your typical monthly bill is $247, however your situation may vary so try our Lake Worth solar calculator to get a result tailored to you.
$24,838
Net cost of system
7 Years 3 Months
Average payback time
19,000 kWh
Annual power production
5¢/kWh
Levelized cost of solar energy
28¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 13.7kW system
Life-time savings on this system over the next 25 years
$96,000
(Prices shown after repayments of capital)
41
Solar companies in Lake Worth, FL that provide pricing through the SolarEstimate marketplace.
Average total cost of solar panel installation in Lake Worth
| System Size |
Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $6,216 | $6,713 |
| 4kw | $8,140 | $8,791 |
| 5kw | $9,990 | $10,789 |
| 6kw | $11,766 | $12,707 |
| 7kw | $13,468 | $14,545 |
| 8kw | $15,096 | $16,304 |
| 9kw | $16,650 | $17,982 |
| 10kw | $18,130 | $19,580 |
Find out what system size you need for your home
Going solar in Florida
Check out all of the ways energy providers of Florida can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Solar and CHP Sales Tax Exemption | State | Sales Tax Incentive |
| Property Tax Abatement for Renewable Energy Property | State | Property Tax Incentive |
| PACE Loans | State | Loan Program |
| SELF Loans | State | Loan Program |
| Net Metering | State | Net Metering |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
