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May 30 2018
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Brand Battle: Hyundai vs. Panasonic Solar Panels

By Solar Panel Installation Process No Comments

Hyundai and Panasonic are trusted brands and they’ve both expanded into the solar panel industry. Offering quality products for two different price points, each brand has its pros and cons.

They’re also both top solar brands on Solar.com. Let’s explore the differences here, analyzing both brands against the most important industry specs:

  • Efficiency and Nominal Power
  • Degradation
  • Temperature Coefficient
  • Warranties and Bankability
  • Cost

Solar Panel Efficiency and Nominal Power

Efficiency tells you how well your solar panels convert solar energy into electricity. The higher your solar panel efficiency, the more electricity you’ll get from the panel on average.

The more efficient a panel is, the fewer panels you’ll need on your roof. This makes high-efficiency panels especially desirable for smaller rooftops. On the other hand, if roof space isn’t an issue, you could get more low-efficiency (and most likely lower-cost) panels for a similar result.

  • Hyundai’s solar panel efficiency range is between 14.2 percent to 18.4 percent
  • Panasonic’s efficiency ranges from 19 percent to 21.6 percent

Nominal power represents the maximum power output under normal conditions. Your panel’s output capacity is another major factor in determining how many solar panels you’ll need to cover your monthly energy consumption.

  • Hyundai nominal power ranges are between 275 Watts and 300 Watts
  • Panasonic falls between 315 Watts and 330 Watts.

So far, Panasonic offers more efficient and more powerful solar panels than Hyundai.

Degradation

The second law of thermodynamics states that all things go from order to disorder. Or more plainly, stuff wears out over time.

So it goes with solar panels. Over their lifetimes, solar panels don’t produce as much electricity as they used to. Both companies offer a 25-year performance warranty on how much energy these panels will produce over time.

Here, Panasonic is offering a higher percentage of power over the same time period. Both guarantees are good.

Temperature Coefficient of Hyundai vs. Panasonic Solar Panels

Your solar panels operate best in cooler temperatures. The ideal temperature for solar panels is 77 degrees F (25 degrees C).

For every degree above that, your temperature coefficient determines how well your panels produce in warmer weather. The lower a panel temperature coefficient, the better.

  • Hyundai’s temperature coefficient range is between -0.45 and -0.41
  • Panasonic’s is between -0.3 to -0.29

Here again, Panasonic has the slight edge. Panasonic’s HIT panels are especially powerful electricity producers with some of the lowest temperature coefficients in the industry.

Equipment Warranties and Bankability

  • Hyundai offers 5 to 10-year equipment warranties
  • Panasonic offers 25-year equipment warranties

Obviously, Panasonic offers the better warranty here, protecting you against any product defects for longer.

Bankability is the capability of a company to back up those warranties in the future. A promise to replace any faulty equipment is worthless if a company goes out of business in year 18 of your 25-year warranty.

Panasonic has been in business since 1918 and has been producing solar panels for the last 40 years – one of the earliest entrants into the industry. Hyundai was established in 1972 and has been producing solar panels for 13 years.

Both companies are well established and very profitable. Their diverse product offerings make them both stable and bankable. Learn more about evaluating solar companies in this post.

Cost of Hyundai vs. Panasonic Solar Panels

Panasonic offers top-tier solar panels priced between $3.37 and $3.86 per watt.

Hyundai solar panels currently price between $2.83 – $3.10 per watt, which is on the lower end of industry averages. This makes Hyundai a great option for cost-conscious solar projects.

Of course, prices will vary significantly based on where you are located and what providers near you have on supply. If you’re looking to get detailed offers from multiple solar providers near you, check out our online solar marketplace.

Which Solar Panel Is Better?

One solar panel brand might suit your solar project, while the other might be better for your next door neighbor. Panasonic and Hyundai are Fortune 500 companies producing quality products backed by warranties.

Both panels are viable options. Which you choose simply depends on your goal!

On the Solar.com platform, we saw more people choose Hyundai than Panasonic in 2017. This may be because Hyundai offers a quality product at a more affordable price, even if the efficiencies and warranties don’t match up with Panasonic.

An energy advisor can help you figure out which panels might be a better choice for your solar project. Give them a call at 888.454.9979 or explore instant estimates for solar for your home here.

May 29 2018
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2018 Solar Incentives, Rebates, and Pricing in Florida

By Solar Incentives by State No Comments

 

With the nickname “The Sunshine State,” you would think that Florida would be one of the best states in the country for going solar.

In reality, it has been trickier to switch to solar than one would hope.

There are several reasons why it has not been easy to install solar panels in Florida in the past, but as solar continues to drop in price year by year, lawmakers and consumers alike are putting their attention on this initiative.

There is no better time to look into a solar panel system in Florida than in 2018.

New laws are being passed, more incentives and rebates are being offered and prices are steadily dropping. This post will give you all of the details you need for going solar in Florida.

Buying a Solar Panel System in Florida

Not everyone wants to purchase a solar panel system all at once in cash, but for those that do, here are the details for doing so in Florida.

No matter what state you are in, you can always take advantage of the 30% federal tax credit. Otherwise known as the Investment Tax Credit (ITC), this incentive allows solar customers to receive a tax credit equal to 30% of the cost of their solar panel system. A typical sized solar panel system of 5 kW would cost you about $16,250 in Florida. With the 30% tax credit, that drops all the way down to $11,375.

Check this video for more details on the federal solar tax credit.

There are also a couple of state incentives that will help you maximize your solar ROI such as Florida’s property tax exemption for residential renewable energy property and Florida’s solar and CHP sales tax exemption.

Florida’s Solar Property Tax Exemption

In some states, when you install a solar panel system the value of your property assessment rises and therefore, the amount you pay in property taxes goes up as well. (The Property Assessed Clean Energy (PACE) financing programs even allow consumers to pay solar loans back through these additional property taxes.)

In Florida, however, a 100% property tax exemption is provided for residential renewable energy property as well as an 80% property tax abatement for non-residential property.

This means that when you purchase and install a solar panel system at your home, your property assessment will not change and you will not be paying any additional taxes. Overall, this leads to more savings than if that same consumer was located in a different state that included the taxes.

Solar and CHP Sales Tax Exemption

The second state incentive for solar consumers in Florida is an exemption from paying use and the sales tax on their solar panel systems.

The state’s 6% sales tax rate would make a $16,250 solar panel system cost an additional $975, making it cost a total of $17,225. On top of this, there are no additional taxes associated with any use of the solar energy system.

As you can see, these exemptions help save hundreds and even thousands of dollars for the consumer.

Solar Loans in Florida

Until recently, it was not possible to take a loan out for a solar project in Florida. In 2018 however, it is different, and for those who do want to go down this path, it is now possible.

The benefits of taking a solar loan is that there is no down-payment, and you still can make use of the 30% federal tax credit. In addition, the loan payments are often lower than your original, non-solar electricity bill.

As long as you continue to pay off your loan over the next several years, you will still end up saving thousands of dollars in the long-run.

Solar Leasing in Florida

Solar leasing is done differently in Florida than anywhere else in the country.

The laws do not make it impossible to lease a solar panel system, but they make it more difficult by not allowing the power-purchase agreement (PPA). This agreement is used across the country to allow a utility company or solar company to own a home’s solar panel system and simply sell that home their electricity cheaper than the normal rate.

Florida doesn’t like this model, which ultimately led to local utility companies to petition for a new model to still allow them to lease these systems.

In the current model, the customers pay a monthly lease fee to be able to use the panel system and all of the electricity it produces. They also pay their monthly (significantly reduced) electric bill on top of the lease payment. The total savings amount to the electric bill savings minus the lease payment.

Solar in the Sunshine State

2018 is a great year to go solar in Florida. Whether you want to buy your system in cash, take out a loan, or lease your solar panels, there are great options for anyone. You are guaranteed to save money in the long-term by installing a solar panel system on your home, so get started today!