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Buying vs. Leasing Residential Solar Panels in Florida: Why Buying is the Better Choice

1. Ownership and Long-Term Savings

Buying: When you purchase solar panels, you take full ownership of the system, which translates into significant long-term savings. Although the upfront cost may seem high, the financial benefits start to accrue almost immediately. On average, the payback period for solar power systems in Florida ranges between 5 to 7 years, after which the energy generated by your panels is essentially free for the remaining lifespan of the system, which is typically 25-30 years. This means you can enjoy 20+ years of free electricity, leading to substantial savings over time.

Moreover, Florida homeowners who buy their solar systems can take advantage of various financial incentives, including the federal solar tax credit, which is currently set at 30%. This credit alone can reduce the net cost of your system by thousands of dollars. In addition to federal incentives, Florida’s net metering policies allow homeowners to sell excess energy back to the grid, further enhancing the financial appeal of purchasing your system.

Leasing: On the surface, leasing may appear to be a more affordable option due to the lower upfront costs. However, this approach comes with hidden financial drawbacks that can diminish its attractiveness over time. One of the most significant drawbacks is the escalation clause often included in solar leases. These clauses typically increase your monthly payments by around 2-3% each year over the lease term, which is usually 20-25 years.

While a 2% increase may seem modest initially, the cumulative effect over two decades can result in significantly higher payments than you originally anticipated. For example, a $100 monthly lease payment that increases by 2% annually will become approximately $149 per month by the end of a 25-year lease term. This escalation can erode any savings you might see on your electricity bills, making leasing a less financially sound decision compared to buying.

In addition to these escalating payments, when you lease, you do not benefit from any federal or state tax incentives or rebates—those go directly to the leasing company. Over the lease's lifetime, you could end up paying far more than the cost of purchasing a system outright while missing out on the substantial long-term savings and financial incentives available to Florida homeowners who buy.

2. Property Value Increase

Buying: Solar panels are known to increase property value, especially in a state like Florida, where sunlight is abundant. Studies have shown that homes with owned solar systems sell for more than those without. The added value is because the buyer is purchasing a home with a built-in energy savings system. Additionally, the lack of ongoing lease payments is attractive to potential buyers, making your home more marketable.

Leasing: With a leased system, the situation is more complicated. Some potential buyers may be hesitant to take over a solar lease, which could limit your pool of buyers. Even if they agree to assume the lease, the added monthly payment might be a deterrent, potentially impacting your home’s marketability and value.

3. Freedom and Control

Buying: As the owner of the solar panels, you have complete control over your system. You can choose the best panels and inverters, decide where and how they are installed, and make any adjustments or upgrades over time. Additionally, you are not bound by a long-term contract, giving you the freedom to sell your home or make changes without worrying about lease transfer conditions.

Leasing: Leasing often comes with strict terms and conditions. You may have limited choices regarding the type and quality of equipment used, and you might not have a say in how the system is installed. Furthermore, leasing agreements typically lock you into a long-term contract, which can be difficult and costly to break if your circumstances change.

4. Financial Incentives and ROI

Buying: The return on investment (ROI) for purchased solar panels is much higher compared to leasing. With the help of tax credits, rebates, and energy savings, most Florida homeowners see a significant ROI over the lifespan of the system. Additionally, the savings on your electricity bills will increase over time as utility rates rise, further enhancing the financial benefits.

Leasing: Leasing offers minimal ROI. While you may see some savings on your electricity bills, the leasing company reaps the majority of the financial benefits, including tax credits and rebates. Over time, the cumulative payments you make on a lease could exceed the cost of purchasing a system outright, making leasing a less financially sound decision.

5. Maintenance and Warranties

Buying: When you buy a solar system, the responsibility for maintenance typically falls on you. However, most reputable solar companies offer warranties that cover the system for 25 years or more, ensuring peace of mind. Additionally, solar panels are low-maintenance, and any required upkeep is usually minimal.

Leasing: One of the perceived advantages of leasing is that the leasing company often handles maintenance and repairs. While this can be convenient, the cost of these services is usually built into your monthly payments, meaning you’re still paying for them indirectly.

6. Energy Independence

Buying: Owning your solar system allows you to achieve greater energy independence. You can potentially add battery storage, allowing you to store excess energy for use during peak times or power outages. This level of control and self-sufficiency is particularly appealing to homeowners looking to reduce their reliance on Florida utility companies.

Leasing: With a leased system, your energy independence is limited. The leasing company owns the panels, and you are dependent on them for system management. Additionally, adding battery storage or other upgrades may not be possible or could incur additional costs.

Conclusion: Why Buying is the Better Choice for Florida Homeowners

While leasing solar panels can provide short-term savings and convenience, the long-term financial and personal benefits of buying Solar Powered System far outweigh the advantages of leasing. By purchasing your solar system, you maximize your return on investment, increase your property value, and gain control over your energy future. For homeowners serious about reaping the full rewards of solar energy in Florida, buying is the clear winner.

References

  1. EnergySage - Buying vs. Leasing Solar Panels: Which Option is Best for You?
  2. Solar Reviews - Should You Buy or Lease Solar Panels?
  3. Clean Energy Authority - Why Buying Your Solar Panels is Better Than Leasing
  4. Forbes - Buying Vs Leasing Solar Panels: Weighing The Pros and Cons
  5. NerdWallet - Should You Lease or Buy Solar Panels?

By purchasing your solar system, you not only avoid the pitfalls of escalating lease payments but also position yourself for substantial long-term savings, energy independence, and increased property value in Florida. The financial benefits of buying far outweigh the initial cost, making it the better choice for most homeowners.

Residential Solar Company - 09/03/2024
The Top Benefits of Solar Panels

Why Go Solar? The Top Benefits of Solar Panels You Should be Aware Of!

Why Consider Solar Energy? It's Time to Switch!

Do you frequently consider installing a solar panel system to reduce electricity costs?

Don't give it another thought! The future belongs to Solar Energy.

The environmental and economic savings are the main benefits of switching to solar power. You may reduce your carbon footprint and utility costs and generally lead a more sustainable lifestyle by switching to a greener, cleaner energy source.

Since solar energy doesn't need fuel and doesn't depend on other resources like water or wind, it is widely recognized as an infinitely renewable energy source that doesn't emit CO2 or other gases. It is one feature that, from an environmental standpoint, makes it one of the most intriguing energy production systems.

Why Go Solar?

Solar energy has enormous advantages for businesses, organizations, and property owners. Companies and homeowners across the globe can benefit from a solar energy company. But when deciding whether to go solar, knowing the benefits is helpful.

Remember that a solar installation company's quality greatly influences the durability and effectiveness of a solar panel system. You must use skilled solar panel installers to ensure your system is set up properly.

Financial Benefits of Solar Power

For most individuals, the financial benefits of installing solar power systems are the primary motivation for making the switch. In addition to lowering your carbon footprint and saving money on energy costs, renewable energy solutions offer considerable long-term savings.

1. Avoid Rising Energy Costs

Electricity costs have been steadily rising, impacting households and businesses alike. Installing solar energy systems protects you from these escalating costs, as solar power allows you to generate your own electricity. This shields you from utility rate hikes and ensures long-term savings.

2. Reduce or Eliminate Energy Bills

By installing solar panels, you can significantly reduce, or even eliminate, your monthly electricity bills. A solar panel installation can last for more than 25 years and provide free electricity, helping you avoid unpredictable energy costs.

3. Maximize ROI

Solar energy provides a return on investment (ROI) that can surpass many traditional investments. Over the lifespan of your solar power system, you can expect a significant return, sometimes as high as 20% or more, by cutting down electricity costs and taking advantage of government incentives.

4. Increase Home Value

Homes equipped with solar panels typically have higher market values and sell faster than those without. A professionally installed solar energy system boosts a property's appeal and can enhance its resale value.

Environmental Benefits of Solar Energy

While financial savings are a great incentive, the environmental impact of switching to renewable energy is another major reason to go solar. Solar power helps reduce reliance on fossil fuels and cuts down greenhouse gas emissions.

Offset Carbon Emissions

By switching to solar energy, you reduce the demand for carbon-emitting energy sources like coal or natural gas. Installing solar panels on your property reduces your carbon footprint and contributes to a cleaner environment.

Commitment to Sustainability

By investing in solar power, you signal a strong commitment to sustainability. Solar energy is a reliable and renewable resource, making it a key player in building a sustainable future.

Other Benefits of Going Solar

Boost Local Economy

Installing solar power systems helps create local jobs and boosts the economy. The growth of the solar energy sector has led to job creation in the renewable energy industry, providing economic benefits at both local and national levels.

Power During Outages

Solar power systems with battery backup can provide electricity during power outages, ensuring that your home or business remains operational when the grid goes down.

Why Do You Need a Solar Power Consultant?

(Ask our Solar Power Company for professional advice.)

A knowledgeable solar energy company can help you navigate the process of switching to solar, from designing your system to installation. A qualified consultant will analyze your energy needs, help you understand the benefits of going solar, and ensure you maximize the return on your investment.

Begin Your Solar Journey with Emerald Sun Energy

At Emerald Sun Energy, we are committed to helping people and businesses transition to a cleaner, more sustainable future. Our solar panel experts are ready to assist you with all aspects of solar installation, ensuring you receive the best service and long-term benefits.

References:

  1. https://www.energy.gov/energysaver/planning-home-solar-electric-system
  2. https://www.solarreviews.com/blog/how-much-do-solar-panels-save
  3. https://www.cleanenergyauthority.com/solar-energy-news/solar-panel-savings-092317
  4. https://www.nerdwallet.com/article/finance/solar-power-benefits
  5. https://www.forbes.com/home-improvement/solar/solar-energy-benefits/
Solar Company - 07/01/2022
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How Many Solar Panels Are Required For A Typical American Home?

Solar panels, or what we know as PV panels, are extremely useful in converting accessible solar energy into consumable power using heat-transformation generators. Across the United States of America, many houses have a solar panel sheet installed either on the adjacent walls or their roofs. Even if you consider buying a new home, the real estate dealer will give you access to solar panels in your new home because such properties have many benefits, both for the homeowners and the environment. 

The sheer functionality of solar panels is to shift our society’s reliability from fossil fuels to renewable power resources that are important for going green and saving overall power expenses. They also are a solution to reduce carbon footprint and greenhouse gas emissions that have been continuously deteriorating our environment. Most homeowners prefer using solar panels for their routine power requirements because of two factors:

  • It helps them save on their power consumption units and the following expenses, making it an economic workaround.
  • It improves the overall value of the property, especially during a resale. 

How To Calculate How Many Solar Panels Do You Need

The number of solar panels that a household needs depend on numerous factors; let’s have a look at what all you need to ponder upon before investing in solar panels and how one must exactly move ahead - 

  • Average energy requirements - If you consider seeking suggestions from solar power companies, you will get to know the nitty-gritty of having solar panels in a household. First and foremost, you should evaluate the power consumption needs of your family and how you manage every sort of energy requirement in and around your premise. Based on that information, you can estimate the number of solar panels necessary for you. To arrive at that number, homeowners can look at the monthly power bills and notice the units consumed on average.
  • Current energy use in Watts - While accessing the past power bills, you can get an accumulated number of energy watts consumed per month. These readings are essential in calculating the required number of solar panels for your home. Though the numbers would vary from month to month, it is feasible that you take out the daily usage figures and sum them up for a precise number for calculating your solar panel needs. In addition, counting the current energy watts for a household can also be done with the assistance of the municipal electricity board, as they have clear and precise deets.
  • Climate you have in your city/area - The amount of solar energy that a panel can produce is directly related to the amount of sunlight they receive. Therefore, you must consider the climate factor of your region before installing numerous PV panels. For instance, if your residence is in a place that receives peak sunlight for most of the day, installing a maximum number of solar panels will be a great opportunity. You can then work on an approximate number of solar hours and how many energy units you require daily or monthly.
  • The efficiency of solar panels you are considering - Not every solar panel is of the same efficiency, especially if you consider residential solar panels vs. industrial solar panels. Their efficiency relies on their ability to convert sunlight into solar power, which matters the most. Additionally, homeowners generally go with those solar panels that do not get rusted easily and are highly durable. Thus, the more your solar panels can produce, the more efficient they possess.
  • The physical size of solar panels - Last but not least, you must know the panel's physical measurements to calculate the number of solar panels that your home requires. For an oddly shaped roof that has less surface area and receives sunlight, one should purchase smaller solar panels. You must install less extensive solar panels on bigger roofs to convert optimum solar power. A couple of highly-efficient solar panels could also help you effectively create the potential solar energy, so make your decision wisely after considering such factors. 

Number Of Solar Panels Required For A Typical American Home

For an average American household, the number of solar panels usually lies between 20-and 25. This number could vary depending upon your family's power consumption and the region where you stay. Although most American homes get enough sunlight exposure to produce solar energy, you can also install a couple of grounded solar panels on plain surfaces where sunlight is adequate. 

Do You Want To Install High-efficiency Solar Panels?

Technically, one should survey the efficiency parameters of a solar panel before investing in it. Installing highly-powered solar panels is great only when you require maximum power output and high consumption. Not that it matters the most for some homeowners, but it does involve a huge investment cost in the initial stage. High-efficiency solar panels have an implied installation cost that is generally more than the standard installation cost; thus, it becomes a lesser preferred choice for those who do not love to spend recklessly.

Takeaway…

Are you interested in investing in renewable solar power? Emerald Sun Energy is your top solar contractor in Orlando. Our solar power company in Orlando takes pride in assisting our clients with efficient, durable, and quality-driven solar power panels designed to produce maximum power. You can also request our experts to take an on-site tour for inspection before getting the panels installed. Our team of professionals has adequate expertise in drawing consumption analysis of your household. We can then provide you with reasonable quotes. To book your service, call Emerald Sun Energy today!

Solar Contractor - 05/10/2022
what-is-solar-inverter

What Is a Solar Inverter and You Do You Need?

If you're considering solar power, you might find yourself asking yourself "what is a solar inverter?". Well, you're in the right place to find the answer.

In essence, a solar inverter is a device that helps alter your electricity current for mainstream use. But that's not all it does. 

In this article, we will cover everything you need to know about solar inverters. So that you can decide if you would like for your own solar system.

Whenever you're ready to acquaint yourself with the power of a solar inverter, keep reading.

What Is Solar Inverter?

A solar inverter is defined as a type of electrical device that modulates the dysregulated direct current output of a solar panel into alternating current. This type of currency can be subject to use for various applications, such as an off-grid network for electricity.

In PV systems, a solar inverter is a balance of a system that allows the use of normal alternating current devices. These inverters very variable functions, starting with the prevention of anti-islanding and power point tracking.

If you're using a solar system as part of your home, the installation and selection of the device are very important. The principle by which a solar panel inverter works was already mentioned. 

The power generated will range anywhere from 240V to 600V. This conversion is done via insulated gate bipolar transistors in most cases. When the solid-state entry of these devices is in H-bridge form, it oscillates the current from DC to AC.

A step-up transformer is usually used so that AC power feeds to the grid after the acquisition. A few entities have started to employ inverters without a transformer, which can prove to be more efficient when compared against transformer-equipped inverters.

In all solar edge inverters, a programmable microcontroller is used to push various function algorithms with precise predictability. The controller improves the output power from teh panel via maximum power point tracking.

A step-up transformer is employed so that the AC power can be subject to acquisition and feeding to the grid. A few designers have started designing inverters without a transformer which has high efficiency as compared with the inverters which have a transformer.

Now that you know what is a solar inverter, let's examine the various existing types of technologies used in them.

The Solar Inverter Types

Solar inverters fit into classifications of various kinds. There's no preset standardized type of solar inverter that is a one-size-fits-all solution to all solar setups.

String Inverter

A string inverter is subject to form as a string, where many other strings are jointed to a single inverter. Each string has DC power and modulates into AC power.

Based on the size of the setup, you might have several string inverters with each string getting DC from other strings. These inverters are great for setups in which panels are installed on the same plane facing the same direction.

String inverters are also used with power optimizers, as well as each solar panel. Manufacturers of panels use these technologies and sell them as a single solution, known as a smart module. 

Power optimizers are beneficial just like microinverters, but they don't cost as much. 

Central Inverters

Central inverters are relevant to string inverters, but they are larger and support a greater number of strings. Rather than having the string open, the strings are joined in a single box so the DC power runs into the inverter where it is transformed.

The inverters needles of the component connections will need a combiner box and pad that is suitable for large installations on production arrays. The range of central inverters goes from MWs to many KWs. They can handle up to 500kW in the area.

These inverters are not used for homes, but they are more common in utility-scale solar farms and commercial projects.

Microinverters

Microinverters are great for residential and commercial projects alike. Just like power optimizers, these are module-level technologies. Hence, each inverter is installed on each panel.

Microinverters transmute DC to AC at the panel, so there is no need for a string inverter. Due to panel-level conversion, if the panel performance is shaded, the residual panels are not exposed.

The inverters will monitor the single panel function. This is unlike a string inverter in which the act of each string is necessary for good panel installation. By using microinverters, lots of benefits come from solar optimization. 

Battery Inverters

Battery inverters are getting quite common now. These have a battery charger and inverter, they are unidirectional. The operation of these inverters is subject to assistance with a battery. 

The inverters are grid-interactive, grid-tied, and off-grid. The primary benefit of such inverters is that they give a continual function for critical power loads of the grid. 

In all cases, the inverters handle the power between the array and grid while simultaneously charging the batteries. They also monitor the battery status and regulate how the battery charges.

Hybrid Inverter

The hybrid inverter is a multi-mode inverter, it allows the use of batteries as part of the solar power system. It provides an interface for the battery via DC coupling. 

Electronics in this inverter manage the discharge and charge of the battery.

Pros & Cons Of A Solar Inverter

There are many benefits to having a solar inverter as part of your solar power system. Some people would beg to say it's an essential part of any solar system. But there are also some drawbacks to using a solar inverter.

Advantages

With the use of a solar inverter, the energy depletes the greenhouse effect. With solar products, you also save money on utility bills. 

The solar inverter helps your solar system be reliable for electronic use via DC to AC transmutation. The inverters are great for businesses that want to reduce their energy needs. 

Inverters are multifunctional with many functions for large energy consumers who want to optimize costs. Inverters are easily maintained and they work very well with regular maintenance.

Disadvantages of Solar Inverter
The primary disadvantage to using a solar inverter is that it can be expensive for many people. Sunlight is a necessary part of electricity efficiency, without it the inverters are useless.

Inverters often require lots of free space for safe installation. Some inverters also require a battery for night-time functionality, which can be problematic for some people.

Solar Solutions for You

Now that you know what is a solar inverter, you are that much closer to deciding if you would like to have one as part of your system. However, some of you might not even have a solar setup yet. 

If that's the case and you're interested in installing solar for your business or home, get in touch with us and we will happily accommodate your needs.

Solar Energy Orlando - 03/19/2021

How to get the best deal on Solar Financing

These Tips will Make your Solar Experience Even more profitable

Understanding your Solar Financing Options:

Understanding you solar financing options is usually one of the biggest indices that will give you the biggest return on investment.

A beautiful thing going on in the Solar Industry right now is that you can get solar for – No Money Down & No Money Out of Pocket!  It is true but it often creates confusion in the buyer’s mind so it is important to understand it.  The confusion is that sometimes people believe that the solar energy system is free, it is not.  What is being implied in the above statement is that you will be able to use the money you are already spending to fund the purchase because the financing options do not require any money down.  So the money you will save on your power bill will be more than the money you will have to pay to finance the system.  I go into much more details in my article “Can I really get Solar for $0 Down and $0 out of pocket”.

The next thing to understand when it comes to your solar financing is what your monthly payments will be vs the duration of the loan.  What this means the more your monthly payment for the solar panel system will be the shorter the duration that you will have to pay on the loan.  In most cases you can have a monthly payment lower than the amount of money that you will save on your power bill with a 12 financing option or 144 payments.  Since your solar panel system hence a performance guarantee of 25 years you will be getting 13 years of energy offset on your power bill which will accumulate to huge savings.  That does not factor in the savings you will receive from being insulated from the power companies rate increases which averages 4% per year.  That means you will make an additional 4% compounded every year even while you are paying for the system.

You can save money immediately if you choose a 20 year payment plan instead.  In this option you will save anywhere from $40 – $80 per month depending on the size of the Solar Panel System you install.  You would still see an increased saving of 4% a year as well while making money from day 1.  If it is $50 per month that is a cash savings of $600 in year one and in year 2 that would jump to $624.  However, you will have to make payments for an additional 8 years but the payments will represent a larger portion of your power bill.  The additional 8 years will cost you more in interest because of the additional 96 payments and most of the 20 year options are also at a slightly higher interest rate.

It really comes down to what your main financial goal in regards to going solar.  If you are looking for the most return on investment then the 12 year option will give you that because you will be making higher payments (still less than you pay the power company) with a lower interest rate hence lowering your overall actual cost of the system when compared to the 20 year option.  The 20 year option often makes sense for people who are on a fixed income and want to lower their overall monthly expenses.  So you make less overall but you make more now.

There are many great financing options available today to purchase a solar power system for your home.  There are some sub-prime rates available, what that means is if prime is 5%(like it is now) and we are able to offer you a rate of 2.99 then that would be a subprime rate.  Our current 12 year option available is at a 2.99 subprime rate.  It is great but it does come with a 17% financing charge that is added to the initial cost of the solar panel system.  At first look you would say NO WAY!  However it winds up being the cheapest solution in the long run and will generate the greatest return on investment other than paying for the system in cash.  We have a 20 year available with no financing charges at a 6.95%.  So you do not pay more for the system but you will pay a 6.95% interest rate for 20 years.

Now we need to understand what the true cost of the solar panel system is vs the retail cost of the system.  The retail cost of the system would be the price of the system with any added in financing charges.  The true cost of the system is what you will actually pay for the system.  To figure that out you will take your monthly payment at multiply it by the number of payments required to fulfil the loan.  If we look at an example of a 12 year 2.99% system that generates $225 a month of electricity.  Your monthly payment would start at $220 per month and when you multiply it by 144 (12 years) your true system cost is $31,680.  Keep in mind that this option also included the 17% financing charge.  Let’s take a look at the 20 year 6.95% (with NO Financing Charges added in) system that generates $225 a month of electricity.  Your monthly payments would be $168 per month and when you multiply it by 240 (20 years) your true system cost is $40,320.  So the system that had 17% added to the cost saved the customer a total of $8,640.  What that means is the subprime rate is a more important variable then the cost of the system.  That is an additional $8,640 you can calculate into your return on investment.

You are also able to secure your own financing through a home equity loan.  The benefit of that is you can write off the interest that you pay on the loan.  You might have a hard time getting a subprime rate but you may be able to get prime (5% in the above example).  That combination may save you similar about of money as the subprime rate.

Checking to see if PACE is available in your area may be another option to consider.  PACE (property assessed clean energy)  allows you to use your property tax to pay for the Solar Panel system.  You can spread the cost out over 25 years and pay it through your property tax.  This option is only available in certain communities in the Orlando and Florida area.  If it is available it will look at the equity that you have in the property as the main qualifier.  Hence if you have poor credit this is a great option because it is not dependent on your credit score but it has limited availability.  It is also transferable to the new homeowner which means you can get the additional value in your home and not have any other financing options to pay for it.

Retirees have an additional option available, they can look at a hecm loan or reverse mortgage.  I like this option for seniors who are looking to free up as much money as they can off of their monthly budgets.  With a Hecm loan they can use the equity in the home to purchase the system and then use the equity in the home to make the payments on the system.  Essentially freeing up the entire amount of money that they will be saving on the power bill into new dispensable income.

Solar Orlando - 10/01/2020

Federal Solar Tax Credit Beyond 2019?…

Won’t be completely gone until 2022 but will be reduced!

2019 is the last year for the 30% Federal Tax Credit!  The tax credit allows you to write off 30% of the cost of your solar panel system from your annual Federal Income tax return.  An important distinction to understand is that tax credit if better than a tax deduction. A deduction lowers your annual income that is going to be taxed.  A Tax Credit goes against the amount of tax responsibility you have for the given year. It is dollar for dollar against what you owed or paid on your w2. Where a tax deduction you really only recognize a percentage of the reduction in actual dollars usually to the percentage of your tax bracket.  So if you are in a 25% tax bracket and you have a $4,000 deduction that will translate into a $1,000 of actual tax responsibility. Where with a tax credit, if it is $4,000 tax credit it will translate into a deduction $4,000 of your actual tax responsibility.

That makes this the absolute best year to incorporate solar into your energy portfolio.  However, if you have a circumstance that will preclude you from taking advantage of the Solar Tax Credit you will not be left out in the rain.  The Solar Tax Credit will have a two year deceleration period. In 2020 the Solar Federal Tax Credit will be lowered from 30% down to 26%. So it will still be a good deal but you will be leaving money on the table.  For example, If you purchased a solar panel system in 2019 for $28,000 your 30% tax credit will be $8,400 and your net system price will be $19,600. However, If you purchase the same system in 2020 for $28,000 your tax credit will be $7,280 and your net system cost will be $20,720.  So if you are able to make your purchase in 2019 you will save an additional $1,120.

The Federal Solar Tax Credit for 2021 will 22% which is an additional 4% reduction in the tax credit.  As for our above example, if you paid $28,000 your 30% Federal Tax Credit will be $6,160 and your net system cost will be $21,840.  Which means it will cost you $2,240 more than it would in 2019 and $1,120 more than it would in 2021. That is still a great deal when you consider if you wait until 2022 there will be no Residential Solar tax credit which means your $28,000 system will cost you $28,000 or $6,160 more than if you purchased the system in 2021.

Not to worry even without the tax credit solar is a tremendous value for long term energy savings over what you would have paid the power company without it.  As the Power Company as an industry raises there rates between 3-4% on average per year. Once you have solar you will have isolated yourself from those increases and essentially creating an annual return on investment that increases its yield be 3-4% a year.  However, taking advantage of the tax credit will allow you to make the most return on investment as you will not be leaving any money on the table.

For Commercial Businesses the Federal Tax Credit is a little different.  Like the residential tax credit in 2019, there will be a 30% Federal Tax Credit.  In 2020 just like the residential tax credit the commercial tax credit will be 26% and in 2021 it will be 22%.  However, in 2022 when the residential tax credit goes away the commercial tax credit will be 10%. There is no current expiration date for the 10% tax credit but that doesn’t mean it won’t go away on short notice.

The future for solar energy is bright!  Even as the sun begins to set on the 30% Federal Tax Credit the growth of solar is predicted to continue to be one of the fastest growing industries.  If you are considering solar energy then now will be the most profitable it will be so the time to act is now.

Solar Companies - 02/12/2019

End of Year Super Solar Smart Home Upgrade

End Of Year Super Solar Special

Get Solar For No Money Down & No Money Out of Pocket

W/ Smart Home Upgrade Included

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This is a limited time offer! Ends on Cyber Monday!

Act Now and Recieve these Smart Home Upgrades

To receive this offer simply mention it to your solar consultant

Included:

Nest Thermostat – Ring Central Door Bell – Alexa Echo – IPad

Over $1000 of Free Upgrades

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Emerald Sun Energy is a Solar Company located in Orlando Florida serving all of Central Florida from coast to coast. We are the most complete service in the market offering reliable solar energy solutions that take your unique needs into account. We look out for your interest as if they were our own. This is highlighted by our Production Guarantee, Subprime rate financing options, and 5 stars rated on Google. You will be happy that you chose Emerald Sun Energy as your solar power company.

Solar Company - 10/23/2018

Can I Really Get Solar Energy for $0 Down & $0 Out of Pocket

You Can Get Solar Energy For No Money Down and No Money Out of Pocket, but it’s not free.

In this article, we are going to dive into what exactly $0 Down $0 Out of Pocket means in regards to adding solar panels to your home.  If you are shopping for solar panels in Orlando or Florida then you have inevitably have heard the Phrase “Get Solar Energy for $0 Down and $0 Out of Pocket”.  This claim is designed to get you excited about adding an energy efficient product without any money involved. That might be where there begin to be some confusions. Here are some simple explanations to this statement as well as some guidelines to follow to get your best deal on solar panels.

Check out other great videos to help you understand more about solar energy and Solar Companies Youtube – Emerald Sun Energy Channel

What does $0 Down (NO Money Down) mean? First off it is NOT FREE.  You are buying something. However, if you are able to qualify for available financing then there is No Money Down as the entire purchase can be funded because many of the financing options available for solar companies do not require any money down.  Hence the entire solar project will be funded by the financing company.

What does $0 Out oF Pocket (No Money Out of Pocket) mean? This statement may be the one that causes the most confusion because it often leads people to believe that it is free.  Again it is NOT FREE, you are buying something. However, if you qualify for available funding it is true that you will have $0 Out of Pocket. The easiest way to understand this is to look at the example below.  What it points out is purchasing a solar panel system for your home will not affect your budget. Meaning you can use the money you already are paying the power company to instead pay for your solar power system that will improve your home’s value and convert a variable expense (power bill) into a profitable asset (solar panel system).  In most cases, you will actually be cash positive depending on which financing option you choose. So you can purchase your system with the money you already spend because your solar panel financing payment will be less than the amount of money you save on your power bill by switching to solar.

What do I need to do to qualify for this solar program?  Simply call Emerald Sun Energy a local Florida Solar Company located in Orlando and serving all of Central Florida, We will first do a customized energy consumption analysis to determine the size of the solar panels system you need.  We will then draw out a solar panel spec drawing so you can see how the panels will look on your roof. Then you can choose the financing option that best meets your needs and fill out the online instant approval application, we will have a decision within minutes of application.  The basic qualifiers are you will need a 680 credit score or greater to qualify. The financing company will also be looking at your debt to income ratio to determine if you are a good candidate for a solar energy system. Usually, a debt to income below 45% with a household income of $50,000 is able to be approved.

Example of how $0 Down $0 Out of pocket looks like:

With the advanced additions of Solar Energy Financing Florida Homeowners can get solar for No Money Down and No Money Out of Pocket

With the advanced additions of Solar Energy Financing Florida Homeowners can get solar for No Money Down and No Money Out of Pocket

First, we must figure out the amount of money you will be saving on your power bill every month to find out how much money you have available on a monthly basis to pay for the system.  In the above example of an actual solar customer, before they started using solar there power bill was $231 per month and after they switched to solar energy their power bill dropped to $29 per month.  Which is a monthly savings of $202 per month? So that means so long as we have a financing option that requires less than a $202 a month payment then we will be able to provide solar for $0 Out of Pocket because we are just redistributing money you are already spending to convert an expense into an asset.

Next, we will examine the financing options offered by the above Orlando Solar Company.

In the above example, you can see the available financing options for the customer where a 12 Year or 144 payments of $199 which is $3 less then they would pay the power company.  Or a 20 year (240 payment) option would be $162 per month essentially saving customer on average $40 over what they would have paid the power company. That is a yearly positive cash flow of nearly $500 plus they improved the value of their home and reduced their carbon footprint.  WOW!!

Please keep in mind in the above example we are using Net Sales Price which is the price of the Solar Panel System after you received your 30% Federal Tax Credit.  If you somehow do not qualify for the tax credit you will still be able to get the system for no money out of pocket but it would be only on the 20-year option that would accomplish this.  Either way, you are purchasing an asset using someone else’s money to pay for it. This is one of the biggest ways wealthy people keep and grow their wealth. You can see more about that is this video “Solar Energy is a Better Investment Than The Stock Market”

As you can see from the explanation and example provided $0 Down $0 Out of Pocket isn’t free but it is a tremendous opportunity for homeowners to be able to add Solar Energy to there home without affecting their monthly budget.  Please keep in mind that the 30% Federal Tax Credit expires at the end of 2019 so your window for taking advantage of such a great opportunity is closing. There will be a couple of years of reduced tax credits but you will have missed out on the biggest one, while you can do it without affecting your budget.

Solar Companies - 09/20/2018

Picking The Right Solar Company is More Important Than Price!

Picking The Right Solar Company is More Important Than Price!

As we are entering the great gold rush of Solar Energy it is important to pick the right company to do the job.  Right now Solar Energy is such an amazing opportunity when you factor in great low financing rates with the Federal 30% tax credit (due to expire in 2019) and rising energy costs (power companies raise their rate by an average of 4% a year), there has never been a better time to switch to solar.  It is so good right now that you can literally convert a variable expense into a profitable asset all the while using the money you are already spending on your power bill to do it. If you qualify you will be able to incorporate solar power for $0 Down and $0 out of pocket. I didn’t even mention the environmental green energy benefits that solar can provide our environment over the current energy sources.

The biggest problem I find is that the general homeowner doesn’t have a strategic plan for what solar company they should use to install their solar panel system.  As a good consumer, their default position is to get the best price possible. This is the first huge mistake. Don’t get me wrong I am a savvy consumer and choose to do my due diligence as to not overpay for the products and services I desire.  It is a mistake because you often open yourself up to less reliable companies that usually use less than desirable equipment and take cost-cutting installation strategies to reduce their cost.

I believe the proper process for choosing a solar company should be multifaceted with the price just being one of the variables to consider.  I believe the most important variable should be the reputation of the Orlando Solar contractor that is going to install your solar panel system. I can’t tell you how many phone calls I get from solar owners who need service or an uninstall/reinstall for a roof change that can’t get in touch with the solar company that installed there system.  Sometimes it’s because the company just doesn’t get back to them but most often it is because they have gone out of business.

Solar is booming so why are so many installers going out of business?  Mainly they are underbidding the projects and not providing any resourceful customer service.  This then generates poor reviews and reputation which is a death sentence for any business. These people are then just left flapping in the breeze and needing a new solar company that is going to charge them retail rate on any work that needs to be done as they did not profit from the original installation.  So customers who are in this situation end up paying more than someone who chooses the right company from the start even though they may pay a little more today it will save them a ton tomorrow. Especially when you factor in the headaches that are caused when you can’t get in touch with your original solar installer.  That is not to mention that many of them will cut costs on there installation process meaning you may have significant maintenance, for example, if they do not take the time to tie the solar panel racking system into your home’s Truss frame, you will be exposed to the potential for your system to leak.

The beautiful thing about the solar industry today is that you can get a great system from a great company and reduce your energy cost while improving the value of your home all with $0 out of pocket.  What I am getting at is getting the right company and the right solar equipment is more important than getting the best price. Because paying the power company in the current model is the worst deal out there and that is why these bottom feeders are able to prey on inconspicuous homeowners.  The use the homeowners desire to get the best price all the while setting them up for a higher long-term expense on their solar panel system. Don’t get me wrong this is still a better deal than paying the power company but why not just simply get the best deal by factoring in all of the important variables.

First is to make sure that you are getting the right equipment for the system you need.  Many companies that are trying to sell you a system are doing so by not including important equipment that will make your Solar panel system more efficient, effective and will save you a lot more money down the road.  You must make sure you get a system with power optimizers or microinverters. These devices will help your system to perform at the highest levels. I prefer Power optimizers over microinverters for a few reasons that I will not get into here.  I cover all of that in my “Secret Guide to Buying Solar” where you can get all of that information plus plenty of information on how to spot a dishonest contractor.

Picking the right solar company will make all of the difference in your solar energy experience.  With all of the money that you will save over the life of the system, it is worth paying a little more for the right company.

Here are 3 things you can do to vet your solar energy company.  First is check out their Solar Google reviews. If they have bad reviews you can simply disqualify them from your process.  To be fair if they have only 1 bad review you can read the review and determine if it was a situation the solar company tried to resolve or not, but if they have a pattern of bad reviews then simply disqualifying them is the wisest solution.  Second, call them and see how long it takes for them to get back to you. If they do not get back to you right away while you are in the purchasing phase then you know they will likely be slow at getting back to you after you have purchased a solar panel system.  I would recommend trying this a few times to make sure they give you consistent quality customer service. Finally, have them give you 2 or 3 former customers who you can contact and ask them how their buying experience was as well as the follow up after the system was purchased,  has the system performed as promised and how is their ongoing customer service.

If all else is equal in terms of quality of solar products and the reputation of the solar company then I think the price can be a very strong determinant for which solar dealer to choose. I know at Emerald Sun Energy we take your Solar journey and customer satisfaction very seriously.  Our motto is “We look out for your interests as if they were our own”. Competitive pricing combined with exceptional service is our secret sauce for success and hope we gain the opportunity to add you to our growing list of completely satisfied customers.

Solar Company - 09/12/2018

Questions you should ask your solar company – part 5

Questions you should ask your solar contractor – part 4

29. What happens during the solar power installation process?

The Solar power installation process consists of engineered drawing that is submitted for permit approval.  After permit approval and installation, a date is scheduled. Most installations for homes will take 1-2 days. After installation, it will be submitted for a final inspection.  After the inspection is completed your local power company is notified with an interconnection agreement which they will come out and swap out your meter for a bidirectional meter that will be able to monitor the power your solar power system will produce for the power company.  The total installation process takes 4-8 weeks depending on permitting, interconnection agreement and weather.

30. Should I ask for a solar monitoring system for my solar panels?

Yes.  Most solar contractors will not include the monitoring.  You would be advised to ask for it. You can always get your energy output readings from the inverter if it is a string inverter system.   However, you will have to go to the inverter and familiarize yourself with its report settings in order to get your solar energy production readings. It is a microinverter system you will need monitoring or you will just have to rely on the power companies tracking numbers.  If you have a string inverter system by SolarEdge w/ power optimizers you need to have the cellular chip upgrade to your system. Then you will be able to track the energy production from your solar panel system through an app you can download onto your phone. You will be able to see the day to day energy production, weekly, monthly and yearly solar energy output.

31. Do I need to install solar batteries with my solar power system?

In Orlando Florida, you are able to tie the system into the power companies grid nullifying the need for the solar batteries.  You might want to consider a Tesla Powerwall as a backup generator system. Keep in mind when you use a Tesla Powerwall it will not back up your entire system but rather provide power to critical energy sources during a power outage.  Mainly your main loads are what you are backing up. Refrigerator and stove with an outlet for a light and fan. If you wanted to back up for the entire house you would probably need 3 Tesla Powerwalls. I typically do not recommend battery backups where grid access is available.  There are a few reasons for this. First, off I feel a traditional generator is a better power outage backup then solar batteries, because when the power goes out it is usually accompanied by bad weather that will reduce the systems overall production and leave you with intermittent power outages.  Secondly, Solar battery solutions only last 7-10 years, meaning you will have to replace the batteries 3 times during the life of your solar panel systems life, more than doubling the cost of the system. Finally, solar batteries put off a strong magnetic field that I do not like putting near the home.  If you had a shed that was 100 feet from the home then I might put the batteries there. There are some great whole home generators that you can install for the same price that will actually give you enough power to power your entire home for a week.

32. Can the local Homeowners Association (HOA) stop me from installing a solar power system on my building?

It is illegal for an HOA to prevent you from installing solar panels on your home.  Some will have requirements such as they need to face the back of the house but even those are speculative.  Meaning if the performance of the system mandates that the solar panels need to face the front of the house for peak performance then they can not stop you from placing them there.  I do recommend checking with the HOA for any guidelines they request and whenever possible adhere to those requests. In cases when you cannot adhere to their guidelines then your solar company can send them a letter explaining why we must break there suggested guidelines.

34. How will Solar Panels be mounted?

Solar panels will be mounted to a racking system and it is that racking system that will be mounted to the roof.  More specifically to your homes truss system when available. That means no solar panels will be mounted directly to your roof.  This method reduces and potential leaking factors that may arise if the panels were installed directly to the roof.  Ironridge solar mounts are the most durable mounts on the market and graded to withstand 140 mph winds.

For more Questions you should ask your solar company check out our ongoing series:

Questions You Should Ask Your Solar Company – Part 1

Questions You Should Ask Your Solar Company – Part 2

Questions You Should Ask Your Solar Company – Part 3

Questions You Should Ask Your Solar Contractor – Part 4

Solar Companies / Solar Installation Orlando - 09/04/2018

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