Grab the opportunity of all the sunshine that Florida has to offer! Known to be the "Sunshine State," according to world data, Florida is one of the warmest states in the United States of America, and Florida is one of the best states to go solar.
Investing in solar for your home can allow you the opportunity for Florida state and government solar incentives and rebates. Utility companies such as Tampa Electric Company (TECO) and Duke Energy, Florida Power & Light (FPL) provide opportunities to gain bill credits on the extra solar power you generate and transmit to the power grid.
Find out how you can save up and cut energy consumption costs with Florida solar incentives and rebates.
Eligible property owners may qualify for a 30% tax credit versus the system cost.
Even after installing a home solar system, you’ll continue paying the exact property tax. In Florida, homeowners are exempted from property tax on their solar panels, and the property's value will not be re-evaluated due to the solar installation.
Pay no sales tax in Florida when purchasing and installing a solar energy system. This means a 6% savings.
Most property owners in Florida that invest in solar panels are qualified for net metering. The net metering program in Florida enables the integration of solar panels or other forms of renewable energy generators with the utility grid. This permits consumers to offset their utility bills by earning credits on the excess electricity they generate and supply to the grid. It works when your solar system produces more energy than you need, and the grid captures the extra electricity. In return, it will benefit you as utility companies will reward you by crediting it to your electric bill. The best thing about Florida net metering is that every home in a neighborhood can connect to the grid if they want to, as it sets no limits on net metering capacity.
Most property owners seek an open, streamlined, reasonable, and easy way to connect to the grid. Interconnection standards pertain to regulations governing connecting solar and other electrical generation systems to the grid, allowing them to be seamlessly integrated. In Florida, the interconnection standards are well-designed, simplifying the installation process and reducing associated costs, thus increasing the dependability of net metering.
Luckily, Florida is one of many states that offer PBIs. It’s a monetary reward for the solar incentives that compensate a property owner based on the actual power that their solar system generates. Florida calls it Solar Power Performance Payments. Compensation is determined by the number of kilowatt-hours (kWh) or BTUs your system generates, measured through the metering process. The energy produced is recognized as Solar Renewable Energy Credits (SRECs), whose value is influenced by the principles of supply and demand. Investing in SRECs is a commendable strategy for financially sustaining your solar energy system.
Along with the great programs and solar incentives discussed above, Floridians can qualify for a sizable tax credit from the Federal government. The Investment Tax Credit (ITC) currently amounts to 26% of the solar system's total cost and is subtracted from your Federal income tax. However, the tax credit is exclusively reserved for those who purchase their solar system in cash or through a loan, while it doesn’t apply to those who lease a solar system. In the latter case, incentives are typically awarded to the owner of the solar system. That's why buying is better than leasing. By next year, 2023, property owners may be qualified to obtain a 22% credit until the end of 2024.
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