According to the Environment Florida Research & Policy Center, Tampa has been recognized as a leading city for solar energy capacity in the United States, coming in 29th among 70 major U.S. cities1.
For the city of Tampa, solar energy is nothing new. In fact, nearly 14 percent of the city’s energy can come from the sun thanks to a wave of Tampa Electric solar plants2. But what about homeowners looking to gain grid independence? Read on for more on solar panel costs in Tampa and local, state, and federal incentives to help offset them.
Cost of Home Solar Panels in Tampa
The ultimate cost will be determined by varying factors such as size, system capacity, and solar panel type. As of January 2024, MarketWatch reports that the typical cost of solar panels in Florida, including installation, is approximately $3.31 per watt, which is just above the national average of $2.85 per watt.
What does this look like for an average home solar photovoltaic (PV) system? An 8 kW installation will cost approximately $26,480 before incentives3 and includes:
- Solar panels
- Mounting equipment
- Inverters
- Conduit and other components
- Installation labor
- Project management, including HOA approvals, permitting, and inspections
On average, Freedom Solar customers spend only $138 per month when they finance an 8 kilowatt (kW) residential SunPower system — this is before local rebates and tax incentives come into effect based on your city and state. And some customers pay as little as $83 per month.
You can use our solar panel estimate module to give yourself a general idea. Below, we’ll also cover the federal tax credit, which brings the average cost down by 30%.
How Much Will Solar Save You?
A solar system provides numerous intangible benefits, like ensuring safety during power outages, knowing you’re supporting a sustainable planet, increasing your home’s value, and achieving grid independence.
There are also significant long term savings that come with going solar that will vary depending on factors such as your electricity consumption, the size of your solar system, whether you choose to buy or lease it, and its generation capacity based on your roof’s orientation and shading.
Your savings will also be influenced by your utility’s electricity rates and their compensation policy for any surplus solar energy you export to the grid. On average, homeowners can expect to save anywhere from $20,000 to $96,000 over the system’s lifespan, which typically spans around 30 to 35 years if regularly maintained4.
Tampa Solar Incentives & Rebates
Tampa does not offer any direct incentives or rebates for residential rooftop solar panels for your home, but homeowners are eligible for state and federal incentives and rebates.
Florida State Incentives
Florida Net Metering
Florida’s net metering program helps residents offset their energy consumption with the excess solar energy they generate. The program allows customers to receive credit on their utility bills for any excess electricity they generate. Florida has no capacity limit on how much surplus solar electricity you can sell back to the electric grid.
Tampa Electric will connect your system to the grid and install a two-way net meter to measure any surplus kilowatt-hours of electricity generated by your system. Any additional electricity produced by your system will be fed into Tampa Electric’s grid, and in exchange, you will receive a credit based on your existing retail energy rate.
CHP Sales Tax Exemption
Residents of the state can benefit from the Solar and CHP Sales Tax Exemption5, which exempts them from paying the 6% sales tax on solar panels.
Federal
The federal government currently provides a 30% solar tax credit to offset the expenses associated with residential and commercial solar installations across the United States.
While the solar tax credit (a part of the Inflation Reduction Act) was initially set to expire in 2023, the recent extension until 2033 through the Inflation Reduction Act ensures that homeowners can continue to leverage it against the upfront costs of solar photovoltaic (PV) panel installation.
Affordability Options: Leasing & Financing Solar in Tampa
Solar Power Leasing in Tampa
Leasing solar can be a great option to make the leap to energy independence without bearing the full weight of upfront costs. While you might not be eligible for all incentives or rebates with this option, you won’t be on the hook for maintenance or repairs. This can be done in Tampa can be done through a solar lease.
Conversely, financing allows you to own your system and be eligible for rebates and incentives.
Solar Power Loans in Tampa
Financing options for solar systems include solar loans and the PACE program mentioned above. Similar to a home improvement loan, solar loans can be secured or unsecured and are used to cover the cost of your solar panel system. You pay back the loan over time with interest. This option allows you to own your system outright and benefit from federal and state tax credits and incentives.
Solar Installers In Tampa to Help You Save
Take control of rising energy costs and make your own power with affordable, clean
solar power! As a solar power installer, Freedom Solar offers a free initial solar energy quote and consultation based on your particular solar energy needs.
Resources
- https://www.baynews9.com/fl/tampa/news/2020/07/01/tampa-ranks-in-top-30-in-national-study-of-solar-energy-capacity
- https://www.tampaelectric.com/mediacenter/2023/Tampa-Electric-Hits-New-Solar-Milestone/
- https://www.energysage.com/local-data/solar-panel-cost/fl/hillsborough-county/tampa
- https://www.energy.gov/eere/solar/end-life-management-solar-photovoltaics