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Reasons to go solar in the “Sunshine State”: Florida tax rebates and solar programs
There are a few great solar programs to help Floridians take advantage of all that sun, including:
FLORIDA NET METERING
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). 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. Keep in mind that that you must have enough income for the tax credit to be relevant, and the Federal ITC applies only to those who buy their PV system outright with a cash purchase or a solar loan.
PROPERTY TAX EXEMPTION
Normally, when you build an addition or otherwise add value to your house, your property tax bills shoot up. Not so with solar. Thanks to Florida’s Property Tax Exclusion for Residential Renewable Energy Property, your solar system will not result in any additional costs on tax day.
SALES TAX EXEMPTION
Additionally, you will not even have to pay sales tax when you buy your new solar energy system, thanks to the Solar and CHP Sales Tax Exemption! That’s a 6 percent savings on what you would otherwise pay.
The Cherry on Top:
The 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). 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. Keep in mind that that you must have enough income for the tax credit to be relevant, and the Federal ITC applies only to those who buy their PV system outright with a cash purchase or a solar loan.
Five Reasons You Should Go Solar
- Protect yourself from rising energy rates
- Increase your property value
- Contribute to the health of the environment
- Support your local economy
- Become energy independent
"Florida’s dependence on natural gas to produce electricity is one of the highest in the country, even though there are now more affordable alternatives like solar energy. The state’s lack of energy diversification puts us in a precarious position, especially as fuel prices increase."
Katie Chiles Ottenweller, Southeast Director of Vote Solar
Florida Could See Natural Gas Prices Double Over the Next 10 Years
With 70 percent of Florida’s electricity generation coming from natural gas, which is around twice the national average, the U.S. Energy Information Administration (USEIA) insists the Sunshine State could see natural gas prices doubling over the next ten years–which could result in an extra $360 a year on every customer’s electric bill!
According to the USEIA, solar is now the most affordable energy source in Florida, By expanding solar use, Florida has the potential to stabilize energy costs and save residents significant amounts on their utility bills. But despite solar power’s reliability and affordability, Florida currently gets less than 2 percent of its electricity from it. In contrast, 70 percent of Florida’s power comes from burning gas.
Vote Solar recently released a report detailing Florida’s reliance on natural gas, stressing that the state loses around $5 billion annually to pay to import it. The report also notes that for every $4 Floridians pay their electric utilities, at least one of those dollars immediately departs the state to pay for out-of-state gas. If Florida invested in homegrown solar energy instead, those dollars could remain in the state and grow its local economy.
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