Solar power not only provides a clean and sustainable source of renewable energy but it also contributes to our nation’s energy independence. In order to encourage the expansion of solar energy and to make it more affordable for the average property owner to make the switch, government bodies, utility companies, and other organizations offer solar tax breaks and financial Florida solar incentives. As a result, homeowners and business owners in states like Florida have been able to reduce the net cost of their solar panel system by anywhere from 30 to 50 percent. Not to mention, solar panel installation costs are also decreasing across the country.
Florida Solar Incentives
There are several Florida solar incentives available to both residential and commercial property owners like investment tax credits, state tax credits, cash rebates, solar renewable energy certificates (SRECs) and performance-based incentives (PBIs).
Investment Tax Credits
The investment tax credit (ITC) is a solar tax credit provided by the federal government that allows homeowners and businesses to deduct a portion of their solar costs from their taxes. Both residential and commercial property owners qualify for a federal tax credit equal to 30% of the cost of their solar panel system minus any cash rebates. It’s important for property owners to keep in mind that the investment tax credit will end in 2022.
State Tax Credits
In the state of Florida, homeowners who buy and install a solar energy system are eligible for a property tax exemption called the Property Tax Abatement for Renewable Energy Property. With this property tax exemption, installing a solar system will not result in any additional costs on tax day. Florida also offers the Solar and CHP Sales Tax Exemption for homeowners who own their solar system. With this sales tax exemption, homeowners will not have to pay sales tax when they buy their new solar energy system.
Another Florida solar incentive available to both homeowners and businesses is net metering. With net metering, you are only billed for the “net” energy you use each month, which is the difference between the energy produced by your solar power system and the energy consumed by your home or business, over the monthly billing period. Any excess solar energy that you may have is sent back to the power grid and the utility company will issue you a credit that can be used on next month’s bill.
Solar Company Near Me
If you are looking for a reputable solar company in the South Florida area, then Urban Solar is your number one choice. As the most trusted solar companies in South Florida, Urban Solar has been providing renewable energy solutions to homeowners and businesses for over 40 years. Our team of energy experts is extremely knowledgable and well-versed when it comes to Florida solar incentives and we will work with homeowners and businesses to get obtain tax credits for their solar energy system. For more information about our solar energy solutions, give us a call at 1-888-387-6527.