Florida’s Solar Tax Benefits
Exploring Solar Opportunities in Florida
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Introduction
Florida, renowned as the Sunshine State, boasts an average of 237 sunny days annually, making it an ideal location for harnessing solar power. However, the initial costs of installing solar panels in Florida and across the U.S. can be substantial. Fortunately, residents can leverage various incentives to mitigate these upfront expenses. In this guide, we’ll delve into Florida’s solar incentives, the federal tax credit, property tax exemptions, sales tax exemptions, solar loans, local incentives, and net metering.
Featured Solar Partners
SunPower
- BBB Grade: A+
- Financing Options: Flexible financing with zero down payment
- States Covered: 20
Palmetto Solar
- BBB Grade: A+
- Financing Options: Purchase, loan
- States Covered: 10
Momentum Solar
- BBB Grade: A+
- Financing Options: Purchase, loan, PPA
- States Covered: 2
Florida Solar Incentives in 2024
Federal Solar Tax Credit
- Description: A nonrefundable tax credit, 30% of the total investment
- Type: Tax credit
- Occurrence: One-time
- Future Reduction: Set to decrease to 26% (2033) and 22% (2034)
Property Tax Exemption
- Description: No increased property taxes post-solar installation
- Type: Tax exemption
- Occurrence: Ongoing
- Expiration: 2037
Sales Tax Exemption
- Description: No sales tax on solar purchase
- Type: Tax exemption
- Occurrence: One-time
Solar Loans
- Description: Financing options for solar panel installations
- Type: Loan
- Occurrence: One-time
- Programs: PACE, SELF, and localized loans
Local Incentives
- Description: Varies by location
- Type: Varies by location
- Occurrence: Varies by location
- Example: Boynton Beach Energy Edge rebate program
- Description: Credits for excess energy sent to utility companies
- Type: Bill credits and payments
- Occurrence: Ongoing
| System Size | System Cost | Cost with Federal Solar Tax Credit Applied |
|---|---|---|
| 3 kW | $7,800 | $5,460 |
| 4 kW | $10,400 | $7,280 |
| 5 kW | $13,000 | $9,100 |
| 6 kW | $15,600 | $10,920 |
| 7 kW | $18,200 | $12,740 |
| 8 kW | $20,800 | $14,560 |
| 9 kW | $23,400 | $16,380 |
| 10 kW | $26,000 | $18,200 |
Choosing the Right Solar System
Determining the ideal solar system involves considering factors like budget, brand preference, roof type, and sunlight exposure. Trusted local installers can guide system type, size, and brand.
Benefits of Going Solar in Florida
- Financial Savings: Despite the upfront investment, solar power yields long-term savings, with an average annual estimate of $1,500 before net metering earnings.
- Environmental Benefits: By transitioning to solar, homeowners reduce reliance on finite and environmentally harmful fossil fuels, contributing to a greener future.
- Energy Independence: Storing excess energy in solar batteries enables homeowners to power their houses during power outages, crucial in Florida’s frequent tropical storms and hurricanes.
Is It Worth Going Solar in Florida?
For most homeowners, the cost of going solar in Florida proves worthwhile. While free solar panels aren’t available, affordable options, coupled with tax credits, rebates, and net metering, make the investment financially attractive. Additionally, the energy independence offered during storms adds significant value.
Selecting the Best Solar Panel Company
Choosing a solar panel company involves reading reviews, seeking recommendations, and obtaining multiple quotes to ensure the best deal and a high-quality installation.
