Florida Solar Rebates You’ll Want to Know About
New year, new you…new solar panels? If you’re considering installing a solar system in your home or business, you may be wondering how much you can earn in financial incentives. The truth is a lot! When combined, local, state, and federal incentives can add up and solidify what a lucrative purchase of a solar system can be for Florida homeowners and businesses. Solar Bear of Tampa has compiled a list of financial incentives you can expect when going solar.
Most people don’t know that installing solar panels can instantly increase your home’s value by over 4% and help you save up to $30,000 across their lifespan. With stats like these, it’s no wonder why the rising popularity of solar energy has led to incredible financial incentives for Florida residents. Currently, all solar system users are exempt from paying sales tax on solar, which significantly reduces the final cost of your system through the Solar and CHP Sales Tax Exemption. Solar is also exempt from property taxes for residential solar panels by the Property Tax Exclusion for Residential Renewable Energy Property exemption. This means that county tax collectors can overlook a home’s solar system when assessing value. These statewide incentives are especially appealing to those who would be subject to sales and property taxes on any other home improvement investments.
Pair these perks with the ever-popular net metering program and you are off to a great start! Depending on your solar system and any incentives you opted into, a bi-directional meter can be installed with your system. If your solar panels produce more electricity than necessary, any excess will be sent back to the utility grid. As it flows into the meter, you earn equal credit on a future utility bill. Currently, Tampa Electric Company (TECO), Duke Energy, and Florida Power & Light (FPL) all offer utility net metering programs in Florida
Our team of energy experts at Solar Bear of Tampa can assist with any financial questions while we customize a solar installation that works for you. Call us at (727) 471-7442 or request a free estimate today.