Solar Panel Subsidies Florida

In addition to florida s state solar programs you ll be eligible for the federal solar tax credit if you buy your own home solar system outright.

Solar panel subsidies florida.

The total net savings from solar in florida bill savings and incentives minus up front cost is 39 960. First you earn a 7 484 federal solar tax credit. In addition to florida s net metering policy and tax exemptions to encourage solar energy the federal government gives you another huge incentive known as the investment tax credit itc. Over 25 years your florida solar panels will save you an estimated 61 261 on your electric bills.

A couple of years ago we had a thriving florida state incentive program that paid 4 per watt to buyers of solar electric systems in the form of a rebate. That means the policies in florida against third party ownership of solar panels aren t contributing to industry growth in florida. Then the savings begin. At the time that covered between 40 and 50 of the cost to install solar electric for your home or business.

No sales tax on solar. Florida power and light offers a solar rebate and all of the utilities governed by the state utilities commission offer net metering. That is a 6 savings for florida home and business owners. In may 2005 the exemption was made permanent upon the enactment of h b.

However florida does offer some solar power financial incentives. Florida offers sales tax exemptions. This exemption applies to solar hot water solar space heaters photovoltaic systems solar pool heating and all associated components. Under the law they must credit customers for net excess generation in a month.

This generous rebate effectively knocks off 26 percent of the cost of your new solar energy system right off the bat as a credit on your income tax. A sales tax exemption means that homeowners and businesses would not have to pay any state sales tax on their solar panel system. You may be eligible to finance your solar panel system purchase using a subsidized solar loan with a reduced interest rate. Since july 1997 solar energy systems have been exempt from florida s sales and use tax.

8 that means if you purchase a 6 kilowatt system for 18 300 you ll pay 12 810 after you receive your tax credit. Qualified solar energy equipment is eligible for a cost recovery period of five years.