Florida, aptly named the Sunshine State, is a prime location for solar energy. With its abundant sunlight and favorable policies, many homeowners are considering the switch to solar.
Here's an overview of the solar incentives available in Florida in 2023.
Florida is known for its sunny disposition, averaging 237 sunny days per year. This makes it an ideal state for harnessing solar energy. Not only is solar energy environmentally friendly, but it also offers a way to offset utility costs. With the increasing interest in renewable energy, Florida has seen a surge in solar installations.
There are state-wide incentives that make installation more affordable:
Sales Tax Exemption: Under Florida’s Solar and CHP Sales Tax Exemption, residents don't have to pay the 6% sales tax on solar panels.
Net Metering: This allows utility customers generating solar energy to sell Renewable Energy Credits (RECs) back to the solar company. These credits can be applied to energy bills within the next 12 months or cashed out. However, it's worth noting that there's a potential phase-out of net metering incentives by 2029.
Property Tax Abatement: Florida’s Property Tax Abatement for Renewable Energy Property incentive ensures homeowners are exempt from paying property taxes on the added value from solar installations until 2037.
Several local incentives can lead to additional savings:
Boynton Beach Energy Edge Rebate Program: Offers a maximum rebate of $1,500 per property for energy-efficient improvements, including solar panels.
Florida Keys Electric Cooperative Solar Loan Program: Provides loans of up to $35,000 for solar installations, repayable within 10 years.
Dunedin Solar Energy Rebate Grant Program: Residents can receive $0.25 per watt of solar power generated, up to a maximum grant of $2,500.
The Federal Solar Investment Tax Credit (ITC) is a significant incentive for homeowners across the U.S., including Florida.
This tax credit allows homeowners to deduct 30% of the cost of installing a solar energy system from their federal taxes. However, to qualify, homeowners must purchase their photovoltaic (PV) system directly and not lease or finance it. The financial benefits of the tax credit can vary based on individual income levels.
Solar panels offer numerous benefits:
Savings: After the average payback period of about 10 years, homeowners can enjoy significant savings on their utility bills.
Net Metering: In areas that allow net metering, homeowners can earn money back by selling unused solar energy.
Low Maintenance: Solar panels require minimal upkeep.
Environmental Impact: Solar panels generate clean, renewable energy.
These incentives for solar are great and everything, but do you know what would make solar even better?
Getting solar for an actually affordable price!
Solar sales bros, middlemen, and installation companies around the country are lining their pockets with your hard-earned money. But you don’t have to let them.
At DIY Solar, we cut out all of that crap. We provide you a customized solar system and let you install it yourself (if you’d like), making it much more affordable (about 40% less than the national average)!
Interested in learning more? Fill out our quoting form and we will text you soon!