Governor DeSantis Vetoed HB 741, Here’s Why That Matters
The recent talk about nixing net metering caused a lot of static between solar power users and Big Electric. Luckily for solar devotees, Governor DeSantis vetoed a recent piece of legislation, HB 741, that would have otherwise disrupted the growth of Florida’s solar industry. Solar Bear Tampa takes a look below at why that matters.
Currently, net metering programs allow Floridian solar power users to lower or eliminate their utility bills. If your rooftop solar panels produce more electricity than needed, any excess would be sent through the meter and into the utility electrical grid. As it flows into the meter, you earn credit for each kilowatt (kW) of energy produced on a future utility bill. Presently, Tampa Electric Company (TECO), Duke Energy, and Florida Power & Light (FPL) offer utility net metering programs in Florida. As one of Florida’s main solar financial incentives, this program was hanging in the balance under the recent introduction of HB 741 legislation.
Citing “the worst inflation in 40 years” and “steep increases in the price of gas and groceries,” Governor DeSantis vetoed the bill so as not to “contribute to the financial crunch that our citizens are experiencing.” However, if HB 741 or a similar bill was passed, it would have made a huge impact on the solar industry’s growth. As it was written, the bill was scheduled to go into effect on July 1, 2022, with all current solar businesses and residences grandfathered in for twenty years. Those that were interested in installing solar would have to do so by 2024 before utility companies replaced credits with fixed-rate charges. Overall, this would have slashed payment rates to solar customers by 50% in just four years.
Although HB 741 is no longer a concern to Floridians, the federal tax credit or Investment Tax Credit (ITC) for new solar installations is scheduled to drop from 26% to 22% on January 1, 2023. If you are interested in adding a new solar system to your home or business, speak with our team of experts at Solar Bear Tampa. Call us at (727) 741-7442 or schedule your free estimate online today!