Today, more and more residents in Florida are opting for photovoltaic (PV) systems to power their homes and appliances. Nearly one million households in the Sunshine State have solar on their homes. Much of this enthusiasm is rooted in plummeting solar panel prices and government incentives. It is natural for you to wish to join this elite league and harness the sun to green up your home a bit. The state’s solar incentives will benefit you financially, as you embrace sustainability. So, before you start shopping for your solar solutions, let us tell you about a few incentives available in Florida.
When you invest in a PV system, a pool heater, or a solar attic fan, you become eligible for a sales tax exemption under Florida’s solar and CHP sales tax exemption. In operation since 1997, this tax-benefit can give you up to six percent savings on your total purchase cost. What is more? The government will not make you pay increased property taxes because of this new home-investment. Upgrades always add to your property value, in turn, shooting up your building taxes. However, an investment in solar panels will not increase your property taxes, thanks to Florida’s Property Tax Exclusion for Residential Renewable Energy Property.
Federal Tax Credit
The Federal government’s Investment Tax Credit (ITC) is a major incentive for homeowners planning to purchase solar panels. As per this policy, 30 percent of the total cost of installation is deducted from your tax amount.
Another great incentive comes in the form of Florida’s net metering system under which, you can sell any surplus power generated to the utility grid. Your electricity company sets up an additional meter to monitor the amount of solar energy your PV system is sending back to the network. Therefore, if you add more power to the grid, you get a credit for your subsequent electricity bill from the utility company.
The government – both at the state and the federal levels – offer incentives, rebates and tax credits that can help you literally save thousands of dollars on solar purchases and installations. But how do you know whether you qualify for these incentives or not? Besides, government policies change frequently. How do you get the most up to date information? At Coast to Coast Solar, we can provide you the correct and up-to-the-minue information on solar incentives. For more details contact us now.