his year, Miami residents will notice their electricity bills increase again. Given that electricity costs in the United States are constantly going up, shifting towards using solar energy can be a brilliant solution, especially in a place like Miami, Florida, which has ample amounts of sun all year round.
Solar power in Florida
With an average of about 230 sunny days per year, Florida is among only a few states within the United States experiencing above-average sunshine. The Sunshine State truly lives up to its name.
According to the Solar Energy Industries Association (SEIA) data, Florida has 9,791 MW of solar installed, ranked 3rd nationwide in 20211. Solar accounts for 5.3% of the state's electricity, and it is enough to power 1,157,337 homes. The growth of photovoltaics in Florida is largely due to the decrease in solar prices over the last 10 years, which has dropped by 52%.
Florida is home to numerous large-scale photovoltaic projects. One of the most recent is the $300 million solar battery at the Manatee Energy Storage Center, which boasts an impressive capacity of 409 megawatts – this is equivalent to 100 million iPhone batteries. Another large PV installation is Wildflower Solar Energy Center; this photovoltaic project has enough capacity to provide more than 13,876 homes with electricity. Furthermore, some leading retailers such as Walmart, Target, and IKEA have all gone solar in Florida.
While Florida's sunny climate is perfect for solar power Miami is even sunnier than the state average with its 249 sunny days a year, making it an excellent spot for photovoltaics. This means PV panels can help Miami residents greatly reduce their electricity bills and even earn money. Plus, a solar installation can significantly lower a home's carbon footprint. Finally, a photovoltaic system paired with a battery bank can also serve as protection during outages.
Incentives offered for investing in a solar panel in Miami
The major incentive for those willing to benefit from solar is definitely the Federal Tax Credit (ITC), which now allows you to reduce your PV installation price by 30%.
Another appealing incentive for tapping into solar energy Miami can offer is the Florida Power and Light net metering program. By participating in this program, you will receive credits for the energy generated by your PV panels, meaning that you’ll be able to sell the unused electricity your installation will produce.
To have a full picture of incentives available in Miami right now, we highly recommend you consult the continuously updated Database of State Incentives for Renewables and Efficiency2.
Government grants for solar panels provide financial assistance to homeowners and businesses, encouraging the adoption of renewable energy and reducing carbon emissions.
What is the cost of a solar panel in Miami?
Today, the average solar panel in Miami costs around $3 per watt. To meet a typical house's energy needs, most Miami residents require a 5-kilowatt photovoltaic system. The price for this PV setup will be about $9,500 before or $6,650 after the Federal Tax Credit, which is less than the U.S. average. As for the payback period, a 5-kilowatt photovoltaic system in Miami will pay off after around 10 years.
Now, let’s look closely at the prices of differently sized solar setups in Miami, their payback time, and the 25-year savings you will enjoy if you install a PV energy system in this sunny Southern city3.
Top solar installers in Florida
Since Florida is one of the sunniest states in the United States, its photovoltaic market has a wide range of dealers to choose from. As the SEIA reports, Florida has 452 solar companies, including 62 manufacturers and 195 installers. If you are looking for assistance with selecting the ideal solar panel in Miami and want to ensure your PV system is installed effectively, here is a list of some popular companies you can consider:
- ADT Solar;
- Sunshine Saves Inc.
Wrap-up: is it worth it to purchase a solar panel in Miami?
Thanks to a huge amount of sunshine throughout the year, Miami is an ideal location for making use of solar energy. With the decline in material costs and a variety of initiatives reducing the upfront price, there has never been a better time to go solar. Still, take your time to weigh all the pros and cons and choose a reputable brand offering a great warranty as well as a reliable installer.