They don’t call Florida the Sunshine State for nothing. The abundance of sun allows home solar in Florida to produce more energy compared to home solar systems in other states.
Solar panel costs have fallen significantly in recent years, making solar systems more accessible to Florida home and business owners. In fact, the average cost charged by solar energy installation companies in Florida is the lowest in the nation for systems purchased through a solar-specific loan, which is arranged through the installer.
The solar market in Florida is expected to stay strong through 2020, as the federal tax credit and other solar incentives (such as sales tax exemptions) make home solar panel systems a very attractive investment – despite low electricity prices charged by utility companies like Duke, Teco & FPL
FL Net Metering is one of the most important regulatory policies for residential solar owners in Florida (and many other states across the country) because it allows you to sell any excess solar energy you may have back to the grid. So while you are out and about during the day and not using much electricity at your house, your solar panels can be hard at work saving you money.
There are a few great solar programs to help Floridians take advantage of all that sun, including:
Normally, when you build an addition or otherwise add value to your house, your property tax bills shoot up. Not so with solar. Thanks to Florida’s Property Tax Exclusion for Residential Renewable Energy Property, your solar system will not result in any additional costs on tax day.
Additionally, you will not even have to pay sales tax when you buy your new solar energy system, thanks to the Solar and CHP Sales Tax Exemption! That’s a 6 percent savings on what you would otherwise pay.
In addition to Florida’s net metering policy and tax exemptions to encourage solar energy, the Federal government gives you another huge incentive, known as the Investment Tax Credit (ITC). This generous rebate effectively knocks off 26 percent of the cost of your new solar energy system, right off the bat, as a credit on your income tax. Keep in mind that that you must have enough income for the tax credit to be relevant, and the Federal ITC applies only to those who buy their PV system outright with a cash purchase or a solar loan.
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