Solar Direct’s Panama City solar installers are certified and licensed with over 30 years of experience and is a top rated solar power company. Established in 1986, Solar Direct has completed thousands of residential and commercial solar installations worldwide ranging from US Embassies, high schools, community centers, medical facilities, hotels, factories, agriculture, aquatic centers, and more. Since 1986, we have displayed a commitment to providing clean, sustainable energy for homeowners and businesses in the state of Florida. Call us today at 850-338-9179.
How Solar Works: When sunlight strikes the cells of a solar panel, it causes the electrons to flow, creating an electrical current. This energy is channeled into an inverter where it is converted from direct current (DC) power to alternating current (AC) power to provide energy to your home. As part of the Sunshine State, Panama City FL residents are ideal candidates for optimal solar energy absorption. When you choose to have a grid-tied system installed, you’ll receive a credit for the excess energy you produce, effectively reducing or eliminating your utility bill.
There are the three primary types of solar systems:
Solar panels are installed and the energy generated is used to power your home or business. When no energy is generated, you get power from the grid. Excess energy produced by your solar panels is sent back to the grid and you get a credit.
Solar panels are installed and the energy generated is used to power your home or business. When no energy is generated, you get power from your battery first, then if necessary, from the grid. Once your battery is full, you still send energy back to the grid and you get a credit.
Solar panels are installed and the energy generated is used to power your home or business. When no energy is generated, you get power from your battery. You are not tied to the grid and have complete energy independence.
Although 2019 was the last year the full 30% tax credit was available, homeowners and businesses in Panama City FL can still receive a 26% credit through 2022. Beginning in 2023, it will go down to 22%, then ONLY commercial units in Panama City will permanently receive a 10% credit thereafter.
Keep in mind that a tax credit works differently than a tax deduction. A credit means you’ll be directly refunded on your taxes for the qualified amount. For example, if you pay $15,000 for a 6kW solar system in 2020, you’ll be credited $3,900 on your 2020 tax returns, bringing the cost of your unit down to $11,100.
In addition to paying cash, there are several financing options for solar in Panama City FL. The most popular options are home improvement loans or home equity loans. Many of these are available for little to no money down and still allow you to take advantage of the federal tax credit. And, unlike other home improvements, not only is the solar purchase itself tax exempt, the value added to your home is also exempt from any increase in property taxes in Panama City.
Solar panel installation provides Panama City residents and business owners with a relatively quick ROI by immediately reducing or eliminating your electric bill and adding tax-exempt value to your home or property. This is true even if you have a loan, as your monthly loan payment is typically less than your monthly electric bill. On average, the value added to your home is approximately 4.1%, according to a Zillow analysis conducted in 2019.
How much money can you save with solar in Panama City? Typically your solar system will generate more power than you need. With a grid-tied solar system, whatever power isn’t used by you is sent back to the grid. You receive a “credit” from your utility company for providing them with power, essentially causing your meter – and your power bill – to run backwards, in a process known as “net metering.” This makes it possible to save money on your electric bill with solar or even to entirely eliminate it; and, as an added bonus, if you send out more power than you use, at the end of the year, residents of Panama City FL receive a check for the difference!
Panama City requires permits and inspections for solar panel installation. Your solar project manager will arrange all required permitting and inspections so you don’t have to. In most cases, you won’t even need to be home for this to take place. We’ll also oversee engineering, design, and installation, making the process as simple as possible for you. In short, we love making it easy for Panama City homeowners and businesses to go solar!