The Many Benefits of Working With a Panama City Solar Company
As of the latest count, the US has become home to over two million solar panel installations. That’s a massive jump from the 100,000+ systems installed back in 2010.
Granted, almost half of these solar panel systems are in the Golden State. However, Florida is also prime real estate for such green technology. It is, after all, none other than the Sunshine State.
With Panama City being in the heart of Florida, it’s time to consider getting in touch with a solar company ASAP. By choosing a reputable Panama City solar provider, you can reap all the benefits of going solar.
Ready to learn what exactly these benefits are and how the best solar company can help you enjoy them? Then let’s dive right into it!
Federal Solar Tax Credit Makes Going Green Easier for Panama City Homeowners
Solar power now costs less than many other types of fossil fuels. And that’s not because manufacturers are cost-cutting when it comes to materials. It’s due to the drastic improvements in solar PV technology.
As a result, solar panels themselves are now better in terms of quality and durability. They’re also more affordable, making them an even more excellent investment.
What’s more, the federal government extended the deadline for its tax incentive program. Panama City homeowners who switch to solar on or before December 31, 2020, can take advantage of a 26% tax credit. This means that you’d pay over a quarter less for your solar panel system.
As mentioned above, however, this fantastic incentive has a deadline up to the end of this year. If you commence the installation anytime in 2021, the credits will drop to 22%. Any residential installations after 2021 will no longer have any scheduled tax benefits.
With that said, consider scheduling your home solar installation as soon as possible. This way, you can get the highest amount of tax credits rewarded to Panama City homeowners. Besides, the sooner you go solar, the sooner you can start saving on energy costs.
Energy Credits With the Florida Net Metering Scheme
Panama City, being in the Sunshine State, has an annual average of 239 sunny days. If you work with a solar energy company now, you can generate green power throughout most of the year. Every kilowatt-hour of solar power you use is energy that you won’t have to pay for.
As-is, that already saves you quite a lot of money. However, you can save even more if you take advantage of Florida’s net metering scheme.
The net metering program utilizes any surplus energy that your system generates. So long as it connects to your utility grid, then that extra power gets sent to the grid.
Whenever this occurs, you get to receive credits for every kW that your solar panel system sends to the grid. Your utility company then sends these credits to your account. You can use these incentives to reduce your electricity bills further.
As this is a state government scheme, all Panama City electricity providers offer it. These include Gulf Power Company, Gulf Coast Electric Cooperative, and Duke Energy.
Do note that each electricity provider has its own net metering requirements, though. Don’t worry, though, as a reliable solar company will work with your utility provider. This ensures that your solar panel system satisfies their net metering regulations.
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Sales Tax Exemption for Solar Panels in Panama City
As a Panama City resident, you always pay a general sales tax rate of 6% whenever you buy taxable goods or services. It’s the law, except when it comes to solar panel purchases.
That’s right: solar panels have a permanent exemption to Florida’s sales tax law. Meaning, if you buy solar panels, you can pocket that 6% you’d have otherwise paid for sales tax.
Now, 6% may not seem a lot at first, but it’s a massive deal when it comes to solar panels. Consider how a home solar system can typically cost around $10,000. Since you don’t have to pay 6% for sales tax, then you get to save $600.
Availability of Financing Programs for Panama City Homeowners
Even with the tax and net metering credits, it may still be a challenge to pay cash outright for solar panels. The great news is, a reputable Panama City solar company can help you out with a financing program. Solar financing allows you to cover the entire cost of your panels for low monthly payments.
Since your monthly payments will be low, you will still see and feel the energy savings you get every month. Plus, with financing, you can have those panels installed as soon as possible. This, in turn, allows you to start saving right away, not to mention reduce your carbon footprint.
Going Green Can Help Preserve the World's Most Beautiful Beaches
Solar energy doesn’t generate greenhouse gases (GHGs), except for some carbon dioxide (CO2). Neither does it produce pollutants that can contaminate the air, land, or water.
Solar power does have some form of carbon footprint, but it’s at least 80% less compared to fossil fuels. Some of these CO2 emissions come from the manufacturing itself of solar panels. Still, that’s far lower than what burning fossil fuels bring to the environment.
One of the primary hazards associated with CO2 and other GHGs is global warming. This phenomenon has made the Earth’s temperature go up by almost twice compared to 50 years ago. As a result, water levels rise, ocean temperatures change, and more floods occur.
Now, keep in mind that Panama City is home to “the world’s most beautiful beaches.” Continued global warming, however, can cause irreversible damages to the city’s incredible waters. As one of the city’s residents, going solar can help you preserve such natural wonders.
Go Green and Start Saving Some Green With the Help of a Solar Company
As you can see, working with a reliable Panama City solar company does bring a lot of benefits. In fact, the environmental benefits alone of going solar can be enough to make you want to switch now. Of course, it doesn’t hurt that your solar panels can also bring in massive savings in the long run.
If you’re feeling worried about the costs of solar panels, know that Compass Solar Energy can help. Please feel free to get in touch with us now or request your free solar quote. We’ll be happy to guide you with your solar financing options so you can get those panels installed ASAP.