11 Florida energy facts
The Sunshine State has some great potential for energy conservation, renewable energy development, and other innovative methods of reducing energy usage. With high electricity use, yet great potential for renewable energy generation, Florida residents are in a great position to start saving energy and costs. Renew Financial’s RenewPACE clean energy financing is here to help make that goal as affordable and streamlined as possible!
Here are a few facts about current electricity use in Florida:
- Due to frequent and consistent AC use in the summers and the widespread use of heating units in the winter, Florida’s residential electricity sales in 2014 were surpassed only by Texas (source).
- 90% of all energy consumed in Florida households is electricity (source).
- Annual electricity costs -- which are approximately $1,900 -- for Florida homeowners are 40% higher than the U.S. average (source).
- Out of Florida’s net electricity generation in 2015, only 2.3% came from renewable energy (source).
In spite of high energy use in the state, homeowners have a great advantage: Solar!
This exceptional source of renewable energy offers a multitude of benefits to homeowners who are looking to cut down on electricity costs and carbon output. Here are some key facts about the current status and the potential of solar photovoltaic (PV) energy in Florida:
Solar energy facts
- Florida installed 41 MW of solar electric capacity last year, ranking 17th in the US (source).
- There are more than 450 solar companies at work in Florida (source).
- A 2015 national consensus conducted by the Solar Foundation found that the solar industry employs more than 6,500 Floridians (source).
- Approximately $105 million was invested in solar in Florida in 2015 (source).
- If Florida installed 1,500 MW of solar capacity, as many as 45,000 direct jobs would be created in the industry. That’s on top of the 50,000 indirect jobs that would be generated for construction and installation (source).
- Between 2016 and 2020, Florida is expected to install nearly 2,100 MW of solar electric capacity, which would make it the 9th most solar state in the US (source).
- Existing rooftop systems in Florida have the potential to produce 7.2 kilowatt-hours per day, the highest solar power potential in the US. This figure is close to the maximum capacity of current PV technology (source).
RenewPACE: Save electricity, energy, & water!
With 100% upfront financing for renewable energy, water efficiency, resiliency, and energy efficiency upgrades, RenewPACE financing is designed to help Florida homeowners conserve. Eligible energy efficiency projects will help you reduce your home’s electricity needs, while renewable upgrades can help you take advantage of the superior solar potential the state offers. Additional program benefits include:
Borrowing potential based on home equity
Flexible repayment terms of 5-25 years
Borrow up to 20% of your home’s value
Repay the cost of the upgrade on your property tax bills