Tax Incentives for Florida Residents Who Use Solar
There’s no better way to go solar in Florida than with having the expectation of receiving great tax incentives and rebates. The state of Florida ranks number 3 in the United States for solar potential, but only number 14 when it comes to the number of rooftop installs. Why is this case? The reason is none other than people are hesitant to go solar because it is such a big financial commitment. However, what many do not know is the incentives and rebates the state of Florida has to offer for solar users.
So today, we’re here to tell you what the sunshine state has to offer, and why you should consider going solar.
Tax Incentives: The Federal Solar Tax Credit
This is the biggest incentive on top of every other incentive and rebates the sunshine state offers. When you purchase a solar energy system, you’ll be eligible for the federal solar tax credit if you buy your own home solar system outright. In 2019, the tax credit reduced the cost of a solar installation by 30%, including a solar battery.However, in 2020 the federal solar tax credit is expected to drop to 26%, and 22% in 2021. In 2021 the federal solar tax credit is expected to no longer exist. So the time to purchase your solar power system is now!
Florida Net Metering
Florida net energy metering is one of the best Florida solar programs. The program offers electricity companies a more sustainable source of power, it gives you even more chances to save on your electricity bill.How it works: If your solar system is producing more energy than what your home needs, your utility company will buy that extra energy from you and pay you in the form of energy credits. This is a great incentive because you can put those credits towards your electricity bill when you really need it (typically during nighttime or on cloudy days). When you really need it, these credits are there for you to use.
Property Tax Exemption
Typically when you build an addition to your home, your property tax bills shoot up exponentially. However, this doesn’t happen so much with solar. Basically, your solar system will not result in any additional costs on tax day. If anything purchased solar systems may increase the value of your home by up to $15,000 on average. So you will definitely be getting more bang for your buck if you decide to move.Sales Tax Exemption
When you purchase your solar energy system for your home, you will not have to pay any sales tax on your investment. Thanks to Florida’s Solar and CHP Sales Tax Exemption, you can pocket the extra 6% state sales tax you would normally pay when you buy a home solar system, which can be quite a bit of change!At Fun in the Sun, we encourage you to invest in solar power energy now if you have been thinking about it. Save big with the tax incentives and rebates that Florida offers right now.