By: Natalie Brooks

Thanks to the federal solar tax credit, which allows homeowners to recoup up to 30% of installation costs through tax deductions, the United States now boasts over 5 million homes equipped with solar panels. This is a significant increase compared to just 1 million homes in 2020.

Iuliia Merezhko, founder and CEO of the Florida-based solar panel installation company Energy Ray LLC, attributes this growth to embracing sustainability and environmental responsibility in the United States. She also emphasizes another key driver: the desire of both homeowners and businesses to minimize energy bills without compromising their quality of life.

Why Iuliia Merezhko’s Expertise Matters

Originally from Ukraine, Iuliia Merezhko holds a Master’s degree in economics and has been awarded the Order of Ivan Mazepa for her professional contributions to renewable energy. In Ukraine, she founded a solar energy production company that quickly became one of the leading players in the country’s renewable energy sector.

Now based in Florida, Merezhko established and led Energy Ray LLC, a company specializing in solar panel installation. Due to its abundant sunshine, she views Florida as an ideal state for this industry.

“Florida enjoys an average of 237 sunny days annually,” says Merezhko. “This level of solar activity enables monocrystalline silicon panels to operate efficiently, generating more energy and reducing the payback period on the investment.” She notes that the average installation cost for solar panels in Florida is approximately $2.53 per watt. For a typical 6-kilowatt residential system, the total cost – after applying federal tax credits – averages just $15,000.

How Solar Panels Perform in New York

As of 2024, 202,406 of the 5 million solar panel systems installed across key U.S. regions are located in New York. Despite harsh winters, New York experiences about 2,400 hours of sunshine annually, only slightly less than Florida’s 3,000 hours.

“New York winters can be severe, and snow cover can temporarily block solar panels, reducing efficiency during colder months,” explains Merezhko. “However, summer solar activity is sufficient to produce substantial energy.”

Where is it More Beneficial to Install Solar Panels?

Florida and New York offer financial incentives for solar panel installations, including tax credits, subsidies, and federal benefits.

“New York has one of the comprehensive renewable energy programs, offering rebates and grants for private homeowners. Additionally, state tax credits can cover up to 25% of installation costs,” says Merezhko. “In Florida, the primary incentive is the federal tax credit, which significantly reduces monthly energy bills.”

Faster Payback Periods for Solar Panels

The payback period for solar panels depends on initial costs, regional electricity prices, and available financial programs. On average, solar systems in New York achieve payback within 7-10 years, while in Florida, the period is shorter, averaging 5-8 years, due to higher solar activity.

“In New York, higher electricity rates help offset solar installation costs more quickly,” Merezhko explains. “Meanwhile, Florida’s lower installation costs and fewer overcast days accelerate the return on investment.”

Published by Charlie N.