Solar power in Palm Bay, Florida
Florida Power and Light offer a net metering program to their solar customers in Palm Bay, which makes going solar a smart, easy choice.
Part of the total system cost may also be claimed as a deduction to federal taxes. The federal solar tax credit can be spread in parts over several years or used all in one year. There is no size limit to the federal solar tax credit, the set percentage is always covered regardless of size.
Power production and incentives in Palm Bay make solar the obvious home investment choice. Enter your address into our solar calculator to see how many panels you need, your costs, payback time and local incentives!
Net Metering Broken Down
Net metering credits each kWh of unused solar generation sent to the grid at the retail power rate. Each kWh sent to the grid cancels out the cost of another drawn at night for example.
If in a given month more energy is sent to the grid than received credit is still given at the retail power rate to bills within the same 12 month billing cycle. Any remaining credit at the end of the 12 months is deposited into your account.
The average cost of installing residential solar panels in Palm Bay,
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 Palm Bay, 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 Palm Bay 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 Florida Power & Light (FPL), Duke Energy Florida, Peace River Electric Coop Inc
How much can solar panels save you in Palm Bay
What does the cost of a real solar system look like?
Facts about installing a 13.41kW solar system in Palm Bay, FL
This system would offset 100% of your energy usage if your typical monthly bill is $194, however your situation may vary so try our Palm Bay solar calculator to get a result tailored to you.
$24,312
Net cost of system
8 Years 8 Months
Average payback time
17,636 kWh
Annual power production
6¢/kWh
Levelized cost of solar energy
24¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 13.41kW system
Life-time savings on this system over the next 25 years
$68,416
(Prices shown after repayments of capital)
26
Solar companies in Palm Bay, FL that provide pricing through the SolarEstimate marketplace.
Average total cost of solar panel installation in Palm Bay
| 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.
