Adding solar panels and switching rate plans can lower your Withlacoochee River Electric Cooperative electric bill
Updated: October 22, 2020Installing solar panels can help reduce your WREC bill, thanks to Florida’s sunshine and the company’s net metering program! Combined with the 30% solar tax credit, KUA customers can see great savings when they switch to solar!
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Solar panel cost calculator
Are solar panels worth it for Withlacoochee River Electric Cooperative customers?
Yes. With the 26% Federal solar tax credit, and available sales and property tax exemptions available in Florida, home solar panels deserve your attention as a worthy investment as a Withlacoochee River Electric Cooperative customer. WREC’s excess solar generation rate rider also allows you to at least get full credit on your power bill for the excess solar electricity your panels produce which you can’t use onsite. Your credits accrue at the same rate you pay for electricity, and roll over to the next month’s bill.
Does Withlacoochee River Electric Cooperative offer net metering credits for exported solar power?
Yes, Withlacoochee River Electric Cooperative offers net metering credits.
Under the Withlacoochee River Electric Cooperative net metering program, solar panels will first send energy to your home. Any excess solar energy is sent to the grid and purchased in the form of a bill credit. The credit value is determined by the Tri-Party Net Metering Power Purchase Agreement. KUA customers are billed for all of the electric energy delivered to them by the company.
What incentives, tax credits, and rebates are available to WREC customers for installing solar?
The biggest financial incentive for solar homeowners is the 30% federal solar tax credit. The tax credit equals 30% of the solar installation costs and directly reduces your federal income tax liability.
Some states and local governments offer additional solar incentives. These incentives include state tax credits, rebates, or performance-based incentives like Solar Renewable Energy Credits (SRECs). The best part is that these local incentives can be used in addition to the federal tax credit!
Here is every incentive you may be eligible for as a WREC customer:
Table 1: Incentives
| Upfront Incentives | Value* |
|---|---|
| Residential Clean Energy Tax Credit (Federal) | -$7,872 |
|
PACE Loans
(State)
Loans that are paid back through an increase in property taxes. Loans are attached to the property so if the homeowner moves, the next property owner pays back the loan. |
Varies |
|
Property Tax Abatement for Renewable Energy Property
(State)
100% of the value of a solar energy systems is exempt from property taxes. |
Varies |
|
Florida Keys Electric Cooperative - Solar Loan Program
(State)
Competitive interest loans of up to $35,000 for solar and energy storage. On-bill repayment and 10-year term with no penalty for prepayment. |
Varies |
|
Net Metering
(State)
Investor-owned utilities are required to offer their customers the full retail rate for each excess kWh they export to the grid. |
Varies |
|
Orlando Utilities Commission - Residential Energy Efficiency Rebate Program
(State)
$2,000 for installing solar+battery systems. Battery must have capacity of 8 kWh or greater. |
Varies |
|
Jacksonville Electric Authority - Solar Battery Incentive Program
(State)
$4,000 rebate per home/business on the purchase of a qualified battery storage system. |
Varies |
|
Lakeland Electric - Residential Energy Efficiency Loan Program
(State)
0% interest loan up to $5,000, must be resident and homeowner, On-bill repayment |
Varies |
|
Solar and CHP Sales Tax Exemption
(State)
Solar energy systems are exempt from state sales and use tax |
Varies |
|
SELF Loans
(State)
Unsecured personal loans for those in underserved communities for sustainable home improvements. |
Varies |
| TOTAL | -$7,872 |
*Based on 10.77 kW system, average installation cost $26,241
How much does installing solar panels save the average Withlacoochee River Electric Cooperative residential customer?
If you input the details for a WREC customer with a power bill of $170 per month into the best online solar panels calculator, it tells you that you need a 10.77 kW solar system that will produce 16,391 kWh per year and that this system will return the owner a $29,827 profit after repaying the cost of the system.
The solar savings possible for you as a WREC customer will depend on the amount of electricity you use and the cost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof that affects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typical WREC customer with a $170 per month electric bill prior to solar and who installs a 10.77 kW solar system.
How much do residential solar panels cost for WREC customers?
Showing data for:
Prices based on a 10.8kW system, after 30% federal tax credit
Solar prices near you
Net profit (savings less system cost)
$29,172-$35,654
Payback period
9.5-11.6 years
Recommended size for the selected utility bill
10.8kW
Solar panel cost calculator
Detailed information about your estimate
Table 2: Estimate details
|
System Size (for 100% usage offset) 10.77 kW |
|
Annual Power Generation 16,391 kWh |
|
Pay-back time (assuming Cash purchase) 12.2 Years |
|
Internal Rate of Return (IRR) on Investment 1.3% |
|
Gross cost $26,241 |
|
Total Upfront Incentives and Rebates -$6,822 |
|
Net Cost of System after rebates and incentives $19,416 |
|
Total Cost of Utility Power Avoided over 25 years $49,243 |
Please note that the investment return figures do not include the possible increase in property value.
What are the environmental impacts of Withlacoochee River Electric Cooperative customers installing solar panels?
While most homeowners decide to install solar panels because of financial savings over time, the environmental impacts of this choice are the primary motive for others. Here is a breakdown of the environmental benefits from a Withlacoochee River Electric Cooperative customer installing a 10.77 kW solar system on their property:
A solar system generating 16,391 kWh per year will save you money AND make the world a nicer place
Saves you
$1,193
on average per year
Reduces CO2 emissions
8.11
tons per year
Equivalent to planting
57 trees
per year
Equivalent to driving
17,949 mi
less per year
CO2 emissions calculation based on the electricity generation and emissions data for your state in 2015 as published by the US Government Energy Information Administration.
What factors affect the price of solar panels for Withlacoochee River Electric Cooperative customers?
The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also the installation company you choose to install them.
It is common to see really good systems, using quality brands of equipment, being sold for around $2.44 per watt or $19,416 for a standard 10.77 kW solar system after the customer claims the 30% federal solar tax credit.