Florida Solar tax credits
While there are no specific Florida Solar Tax credits, there are other incentives offered from multiple utility companies for Floridians who want to go solar.
Federal, state and local governments offer tax incentives to encourage homeowners and businesses switch to solar. Solar Energy World stays on top of the latest local solar incentives for you, so that you don’t have to worry about missing out. We also apply for all of these incentives on your behalf so you get the benefit without the hassle.
Long a leader in renewable energy, Florida now ranks #8 in the nation for total generation from solar panels. Solar really makes sense in Florida because 67% of the days are sunny which makes for optimal power generation.
Federal Solar Incentives
The Federal Residential Renewable Energy Tax Credit allows you to claim a credit of 30% of qualified expenses for a solar panel or solar energy system installed at your home. This federal rebate is ensured through the end of 2019, after which it will begin to decrease incrementally. In 2021, the rebate will be locked at 10%. Florida does not offer any additional tax credits at the state level at this time.
Earn and Sell “SRECs”
For every megawatt-hour your solar system generates, you earn an SREC (Solar Renewable Energy Certificate). You can sell these on an exchange for hundreds of dollars. The average home solar installation will earn you 5 or 6 SRECs a year. At an average value of $200-230, for an SREC, this means you can sell your SRECS for over $1,000 annually. Click here to see the latest market rates for SRECS on the exchange.
Home Value Increase
Your home value will increase with the installation of a solar system. The amount is roughly equal to the electricity savings you will recognize over the life of the system (conservatively estimated at 20 years). On average this adds about $22,000 to a home’s value.
Property Tax Exemption
This exemption means that when the tax assessor values your home, they are not allowed to charge you any more property tax for the valuable solar system on your roof. So, while it increases your home value, it will not increase your property tax.
Florida also has lenient “net-metering” regulations, allowing most homeowners to generate up to 115% of what their own home uses. That extra 15% typically results in a refund from the utility company.