Take Advantage of Solar Incentives in Florida
Florida is one of the states with the greatest solar energy potential in the United States, yet it is only 14th in terms of the installation of residential solar panels. One of the main reasons for the low utilization of the sun is the high investment costs. Currently, a standard residential installation is around $15K and for many homeowners, this seems like an excessive cost.
However, several incentives can be taken advantage of to go for residential solar energy. Before looking for an Orlando solar panel installer, you should know the pros and cons of these solar incentives in Florida, so that you can make an informed and wise decision.
What Are the Pros of Solar Incentives in Florida?
- Property Tax Exemption
Generally, when property improvements or additions are made, property taxes tend to increase significantly. In Florida, a property tax exclusion is in effect for residential renewable energy properties. This means that regardless of the cost of your solar investment, it will not affect your taxes.
- Sales Tax Exemption
Florida also has a sales tax exemption for solar and cogeneration. When you purchase your power system from one of the top solar companies in Orlando or the rest of the state, you will pay no sales tax. That's a savings of 6% of the cost of your solar energy system.
- Federal Solar Tax Credit
Like the other states, Florida enjoys a federal investment tax credit (ITC) that can reduce the cost of your solar system by 26%. If the amount of the tax credit exceeds your taxes in one year, you can carry the remainder of the tax credit over to the next year, for up to 10 consecutive years.
- Solar PACE Financing
Localities in Florida may offer credits for the purchase of renewable energy systems (including solar, of course) which are paid for through a local government property tax increment.
- Florida Net Metering
Net Metering allows owners of solar energy systems to sell any excess energy they may have back to the utility grid. As long as you don't use the energy, it can generate money for you.
Cons of Solar Energy Incentives in Florida
- Few Incentives
One of the disadvantages of solar incentives in Florida is that they are few compared to other states. In other locations, more rebates and incentives make going solar more attractive.
- No PPAs Allowed
A common alternative in other states for solar owners is third-party ownership power purchase agreements. These private agreements allow you to sell the surplus power to third parties. In Florida, by contrast, only public utilities can sell power. So the only way to profit from your surplus is through net metering.
So What is the Best Alternative?
While there are some disadvantages, it is clear that there are more positive aspects that encourage you to opt for solar energy and take advantage of solar incentives in Florida. The wisest thing to do is to count on the support of top expert solar contractors like Joe Does Solar.
We are the go-to company because we are not salesmen. At Joe Does Solar you will find expert advice to help you evaluate the best solar alternatives for your energy needs. We can help you evaluate your options and help you choose the best option that will allow you to take full advantage of the incentives, and enjoy clean, renewable energy for years to come. Contact us to discuss your solar interests and needs.