Florida is called the sunshine state for a reason. The almost constant presence of sunshine during the day means the question for Florida homeowners isn’t if solar panels make sense, but what incentives they can receive from the state when they get them.
Like with many other states in the U.S., Florida offers some lucrative incentives for homeowners who go solar. Here are some of the Florida solar perks for 2021 that can help jumpstart your move to sustainable energy.
Federal Solar Investment Tax Credit
One of Florida’s best solar incentives this year is the investment tax credit (ITC). It allows homeowners in Florida to buy and install new solar panels (with or without battery storage) and qualify for a 26% federal solar tax credit during 2021 and 2022.
However, time is running out to take advantage of this important perk. In 2023, the residential ITC will drop to 22%, and by 2024 it will be over. This Florida solar incentive means an entire solar system will be more affordable this year because of the tax break.
Net Metering
Another solar incentive unique to Florida is the state’s net metering program. As the name suggests, this regulatory policy means that homeowners in certain areas can sell their excess solar energy back to the grid for credits.
There are a handful of these programs in Florida, but it’s widely accepted that Duke Energy and Florida Power & Light are the most commonly used. Net metering is great for Florida homeowners who want to save money on their utility bills by receiving credits from the grid (and some may even receive monetary compensation depending on how much energy their system creates).
If you want to know if this incentive would work for you, reach out to your utility provider to find out if they offer net metering.
Solar System Property Tax Exemption
Adding solar panels to your home typically falls under a home improvement project that would increase your property tax bill. But not in Florida. Because of Florida’s Property Tax Exclusion for Residential Renewable Energy Property, a residential solar system will not increase property taxes.
This is an especially important incentive when you also realize that solar panels can increase a home’s value in the long run. It’s a win for homeowners all around!
Home Solar System Sales Tax Exemption
Last but not least, we can’t end this list without mentioning the sales tax exemption. Homeowners who purchase a new rooftop solar system in Florida don’t have to pay any sales tax! Yes, this really covers 100% of the sales tax and there’s no catch.
The solar system sales tax exemption means more of your hard-earned income can stay in the bank and it makes solar energy that much more affordable right off the bat.
Are you a resident of Florida wanting to take advantage of solar systems? Contact the team at Boundless today for more information and a personalized quote.
