How to Take Advantage of Florida Solar Incentives
On average, Florida has 237 days of sun so it is easy to see why it is called the Sunshine State. But this is just one of the reasons why Floridians choose to go solar. Florida also offers attractive solar incentives that could help homeowners make the switch to solar power for less!
Solar Bear is a leading residential solar contractor in Florida, and we work to help you gain energy independence, reduce your carbon footprint, and enjoy Florida’s solar incentives.
Let’s take a look at the solar incentives Florida currently has to offer.
Federal Solar Investment Tax Credit (ITC)
With the Federal Solar Tax Investment Credit, you can buy and install new Florida solar panels throughout 2021, with or without battery storage, and qualify for the 26% federal solar tax credit. The residential tax credit drops to 22% in 2023 and ends in 2024.
An average-sized 5-kilowatt system costs $17,885 in Florida but after the 26% ITC in 2021, the system could cost $13, 235.
You may be eligible for this tax credit if you meet the following criteria:
- Your PV solar system was installed between Jan 1, 2006-Dec 31, 2023.
- The solar system is located at your primary or secondary residence in the U.S.
- You own the PV system (you purchased it with cash or through financing but are not leasing)
- The PV solar system is new or being used for the first time. The credit can only be claimed for the original installation of the solar equipment.
Solar System Property Tax Exemption
With the Solar System Property Tax Exemption, when you add a photovoltaic (PV) system to your Florida home, your property taxes will not go up thanks to Florida’s Property Tax Abatement for Renewable Energy Property incentives.
Installing a solar panel system could help you increase the value of your Florida home by 4%.
Home Solar System Sales Tax Exemption
When you buy a new rooftop solar panel system in Florida, you will not have to pay any sales tax with the Home Solar System Sales Tax Exemption. This exemption is for 100% of the sales tax of a new home solar panel installation and can save you 6% right away.
Under Florida law, some cities offer loans to homeowners to help them finance their solar power projects and other energy-efficient upgrades. These are paid for through a property tax increase for the city’s government.
The PACE program can help homeowners get solar panels installed, passing the balance of their loan to the next owner if they sell their home down the road. From there, the new owner can either choose to continue paying on the loan or remove the solar equipment.
PACE financing is not available in all areas, so check with your local county officials to see if it is available in your town.
Create and Store Solar Energy in Florida
Choosing to go solar means that you may qualify for Florida’s state and federal incentives. Thanks to Duke Energy, Florida Power & Light (FPL), and Tampa Electric Company’s (TECO) net energy metering programs, you can earn bill credits for any excess power that you create with your solar system.
Enrolling in a Net Metering program can dramatically speed up the payback of your solar panels. Not only are you saving money by going solar, but you are also essentially “monetizing” the sunshine that hits your roof every day which equals further savings!
Say Yes to Solar
Team up with Florida’s solar authorities from Solar Bear to harness the power of the sun and gain energy independence for your Tampa, Orlando, or Sarasota home!
Go solar today! Contact Solar Bear today for a solar installation quote and to discuss what incentives you may qualify for— 407-904-7585!