Florida Solar Power Rebates

In florida a solar loan is a smart decision because even though the initial loan payment is a bit more than you ve been paying for your electric bill you can install solar for 0 down and take the federal solar tax credit based on the full cost of the system.

Florida solar power rebates.

6 federal solar tax credit. Under the law they must credit customers for net excess generation in a month. Rebates are generally available for a limited time and end once a certain amount of solar has been installed. The purchase of photovoltaic systems covered under the florida renewable energy technologies and energy efficiency act qualifies the consumer to receive a substantial rebate.

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. Solar photovoltaic systems are eligible for a 4 watt rebate capped at 20 000 for homes and 100 000 for businesses. The average cost of solar power in florida is 2 70 watt as of january the lowest cost in the entire country. 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.

As part of the 2006 florida energy act the solar energy systems incentives program offers rebates for individuals or businesses to purchase solar photovoltaic solar thermal and solar thermal pool heating systems. Florida s solar and chp sales tax exemption 5 is a welcome addition to the other incentives available in the sunshine state. By using this exemption you can reduce the total cost by 900 and maximize your savings on the upfront cost of solar panels. The rebate is based on the manufacturer s power output rating of the modules.

If over a 12 month period they generate more power than they use the utility must pay them. Florida s sales tax exemption lets property owners enjoy a saving of 6 percent on the purchase of a new solar energy system. An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group. To give you an idea let s say that you buy a system worth 15 000 in 2020.

The tax break reduces. While that s a lot of money this is rarely the amount you ll actually pay after all incentives are factored in. Solar renewable energy certificates srecs legislation in some states requires utilities to generate a certain percentage of their electricity from solar power. Florida power and light offers a solar rebate and all of the utilities governed by the state utilities commission offer net metering.