Florida Incentives for Home Solar
They don’t call us the Sunshine State for nothing! On average, Florida enjoys 237 sunny days per year – making it a perfect place to create and store renewable energy by going solar. Not only will you contribute to environmental efforts by reducing your carbon footprint, you will also enjoy several attractive solar incentives that will put some extra money in your pocket.
The solar energy experts at Solar Bear Tampa list the many incentives Florida homeowners can receive by switching to home solar.
Fun Facts about Florida Solar
Before we get into incentives, here are some fun facts about going solar in Florida…
- Florida is ranked the third best state in the United States for solar!
- Florida solar panel prices have dropped an astonishing 45% in the last five years!
- Florida is the third-highest producer of carbon dioxide emissions in the nation!
Florida Tax Rebates and Incentives
Florida energy leaders understand the benefits of using home solar energy which is why so many rebates and incentives are available, some of which include:
Florida Net Metering
Florida Net Metering is one of the most important regulatory policies for residential solar owners in the state of Florida. It works by monitoring the amount of electricity that your home uses by being on the grid. (Even though you go solar, you will continue to “stay on the grid” as a backup power supply). Since are you creating solar energy, any unused energy supplied by your electric company will be sent back to the grid and you will receive a credit.
Federal Solar Investment Tax Credit (ITC)
The federal solar tax credit – Investment Tax Credit (ITC) – gives homeowners a dollar-for-dollar reduction against their federal income taxes and is available for home solar systems that will have been installed by December 31, 2022. With ITC, you can reduce the cost of your solar energy system by a whopping 26 percent! It is important to note that this credit applies only to homeowners who purchase their solar system outright or pay with a solar loan.
Property Tax Exemption
Typically, when you add value to your home (i.e., home additions, renovations, etc.) your property tax bills go up. This is not the case with solar! Thanks to Florida’s Property Tax Exclusion for Residential Renewable Energy Property, your solar system will not be subject to any additional taxes.
Sales Tax Exemption
Thanks to the Solar and CHP Sales Tax Exemption, you will not have to pay sales tax when you purchase your new solar energy system. That is a savings of 6% of what you would have normally spent on state taxes!
Go solar with Solar Bear in Tampa, FL!
Teaming up with a Tampa solar company like Solar Bear is a great way to help our planet while also enjoying the many available financial incentives. Curious to see if our solar solutions are a good fit for your energy needs? Contact our experienced team of solar experts today at 727-471-7442 for a FREE quote!