FLORIDA’S NET ENERGY
Net metering allows you send power to the grid when you overproduce energy with solar in exchange for credits. In Florida, you accumulate credits at the full kilowatt per hour (kWr) retail rate.
You then spend those credits when you draw power back from the grid – usually at night when the sun is down. These credits are tracked by your utility through a bi-directional meter that essentially spins backwards when you give power to the grid.
Any excess power you produced but didn’t use after 12 months is paid out as cash. Your electricity works the same as before, but you’ll be savings hundreds or thousands each year thanks to generous program.
Also, net energy metering is legislated in Florida which helps to secure your investment long-term. This incentive is for homeowners and commercial solar systems.
CASH BACK THROUGH THE FEDERAL SOLAR TAX CREDIT
This incentive allows you to deduct up to 26% in 2020 of your solar panel and installation expense!
This is a massive incentive that works for both homeowners and commercial solar systems.
To explain, say you invested $20,000 into a solar panel system. Your tax credit would be up to $5,200.
You can now deduct the full $5,200 from your federal tax bill or get a rebate from tax you already paid.
For most, employers will deduct federal taxes from your pay cheque. So you've likely already paid thousands in tax. But you can get a rebate cheque of up to $5,200 back with this incentive. If you haven't paid $5,200 or more in taxes that year, you can carry over unused portions to future years.
In 2021, this incentive will be 22%. After 2021, the residential portion of this tax credit is set to expire with a smaller 10% credit available for commercial solar systems.
PROPERTY TAX EXEMPTION FOR RESIDENTIAL SOLAR SYSTEMS
Solar panels can increase the value of your home by $15,000 or much more according to several studies. That’s great news if you decided to sell.
However, since you added value to your home, you may face an increase in property taxes. But not in Florida. Thanks to Florida’s Property Tax Exclusion for Residential Renewable Energy Property, your home value still increases, but you won’t face any more taxes.
SOLAR SALES TAX EXEMPTION
Florida’s Solar and CHP Sales Tax Exemption means you won’t pay any state sales tax on your residential solar panels or batteries. A 6% savings is just another great incentive in the Sunshine State.
FLORIDA IS THE
IDEAL PLACE FOR SOLAR
- One of the sunniest spots on earth holding world records for
continuous sunlight hours.
- Legislated net energy metering to protect your investment long-term.
- Outstanding financing options.
- A rising cost of power.
- A residential property tax exemption so when the value of your home increases with solar there’s no additional taxes.
- No state tax on solar panels or batteries (a 6% savings).