Do Solar Panels Increase My Property Taxes in Florida?
If you are interested in taking advantage of all the sun that Florida has to offer, solar panels may be the right solution for you. Home improvements almost always mean increased property value but when it comes to solar panels, could they increase your property taxes too? Solar Bear of Tampa gets to the bottom of this burning question below.
The rising popularity of solar energy has led to amazing financial incentives across Florida. This increase in usage has led to exemptions like not paying sales tax on solar purchases through the Solar and CHP Sales Tax Exemption and providing 100% property tax exemptions for residential solar panels by the Property Tax Exclusion for Residential Renewable Energy Property exemption. This rule allows county tax collectors to overlook a home’s solar system when assessing value. So, even though your home value may increase, you will not pay any additional property taxes. These statewide incentives are chiefly appealing to solar seekers who would be subject to sales and property taxes on any other home improvement investments.
Another exciting tax exemption to take advantage of is the Federal Solar Investment Tax Credit (ITC). Created in 2006, it has created clean energy and saved homeowners thousands of dollars. Currently, the tax credit is 30% of your total project costs (ex: permits, installation, and equipment) and can be claimed as a credit on your federal tax return for the current year. It’s important to note that this incentive is only available if you own the system, not through a lease, so that’s even more reasons to begin your solar journey now and lock in this amazing current rate!
There are also several other programs, like net metering, which can save additional dollars when you add solar energy to your home. Our energy experts can assist with any financial questions while we customize a solar installation that works for you. Call Solar Bear of Tampa at (727) 471-7442 or request a free estimate today.