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Solar Panel Rebates, Savings, and Tax Incentives For Homeowners In Florida

November 12, 2021by floridasolarroofers0

Solar panels are beneficial, but various states introduced different tax incentives, offered rebates, and savings to make them more widely acceptable. Florida was not far behind. But people needed inspiration in terms of money and savings because what they see is the initial cost. Thus, Florida Government has offered various tax rebates, savings and solar tax credit which have been a major push in making people adopt solar energy.

The various financial benefits of solar panel installation that Florida citizens can enjoy are discussed in this article.

Florida Solar Incentives

Some of the effective and active policies in Florida are-

  • Florida Solar Tax Credit
  • Property Tax Savings
  • Exemption From Sales And Use Tax
  • Local Solar Incentives
  • Florida Net Metering

Florida Solar Tax Credit

This is probably the best time for Floridians to go solar. If you install and operate your solar system till 2022, you will get a solar tax credit in your income tax. The scope of the ITC is limited to 26% of the total cost of installation of solar panels. If your income tax is less than the tax credit, it can also be carried forward. The tax credit rate will be reduced to 22% after 2022.

Property Tax Savings

If you add a solar system to your property, you will get property tax savings. Generally, when you improve your home, such as adding any shed or attached property, it increases your property taxes. But the cost of installing solar panels, which increases your property value, is excluded while calculating property tax. As a result, your tax amount remains the same, thus offering 100% property tax savings on residential renewable energy property. Again, this tax saving is available pan Florida.

Exemption From Sales And Use tax

This exemption applies to the solar energy system equipment and exempts them from sales and use tax. The legislation for the same was passed in 1997, which became permanent in 2005. It covers photovoltaic solar panels, solar pool heating components, and other related components of the solar installation system.

Local Solar Incentives

To reach the citizens at every level, the local jurisdiction has introduced various tax incentives and offered rebates at the town, county, and city levels. The local solar incentives are diverse. You can learn about them from your local government offices and websites. These tax rebates, savings and incentives are in addition to those provided at the federal level.

Florida Net Metering

Net metering is prevalent in several US states, including Florida. Under the net metering policy, if your solar system generates more power than you require, it gets transmitted to the local grid. You receive credits for it in your electricity bill. You can use these credits to pay for the electricity charges for using power from the local grid during the night when your panels don’t work.

It is a great incentive for homeowners to reduce their electricity bills. In addition, this credit is transferred to next month if left unused, making it a profitable program.

Final Thoughts

It is the right time to invest in solar panels when you can benefit from the tax incentives. The solar incentives are changing every year. Thus, make the most of it when you can. Hire a local Florida Professional today and learn more about going solar.

 

Give us a call anytime at 305-356-1027 or contact us HERE.

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