Florida Solar Incentives

The sun’s abundance in Florida allows home solar to produce more energy in Florida compared with home solar systems in other states.

In recent years, solar panel costs have dropped significantly, rendering solar systems more available to both consumers and business owners in Florida. The average price paid by Florida solar energy construction providers is the lowest in the nation at just $2.70 per watt for cash-bought systems and $3.01 per watt for solar-specific loans obtained through the contractor.

Florida’s 2020 solar market is expected to remain healthy, as the federal tax credit and other renewable benefits (such as sales tax exemptions) make home solar panel systems an attractive investment-despite low electricity prices paid by utilities such as Florida Power & Light.

Solar incentives, solar tax credits, and other solar rebates

Net Metering

Florida power companies are required to provide their customers maximum 1-to-1 net metering by the Florida Public Service Commission, also known as the FPSC. What does this signify? Florida law requires utilities to provide you with the full retail value for every unit of solar power you generate.

Tax Exemptions

Florida offers two tax exemptions for solar systems: a sales tax exemption and a property tax abatement. Under the Solar and CHP Sales Tax Exemption, solar energy systems are exempt from Florida’s sales tax and use tax. The Property Tax Abatement for Renewable Energy Property exempts the assessed value of a solar system from your property tax.

Solar Tax Credit

The solar tax credit is a federal incentive that can be applied to solar systems. The credit allows for a 26% deduction of the costs of installing a solar panel system from your taxes. The tax credit is nonrefundable, meaning you can only get a refund up to the amount you owe in federal taxes.

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Finance option offerings for solar systems

Florida is one of just a few US states with an established and approved PACE loan program. Such investments are different from a traditional loan, as they are being paid back by raising the property tax.

And what makes loans from PACE even more special is that they are linked to the land, not the proprietors. So if you decide to move, you avoid paying the debt, and the next owner of the property can continue paying by the increased cost of property tax.

This is a perfect option for people who want to go solar but don’t know how long they’re going to be living in their house.

Renew Financial and YGRENE Works now have PACE solar loans available for residential and commercial use.

SELF is an accredited, non-profit Community Development Financial Institution offering unsecured personal loans for affordable home improvements to those in underserved communities. SELF’s Clean Energy Loan, typically provided for residential solar projects, is a 3-to7-year unsecured loan of 5% to 9.75%.

PACE grants for St. Lucie County are also handled by SELF.

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