Solar Panels Rebates and Incentives
Solar Panels Rebates, Incentives and Tax Credits
Cash in on solar savings when you purchase a solar system for your home. Below is a list of the major incentives for both residential Solar Panel installations available in Florida.
Federal Solar Tax Credit
Solar panels system owners are eligible for the Federal Investment Tax Credit (ITC). The tax credit amounts to 30% of the cost of purchasing your solar panels system. However, the tax credit will begin stepping down from 30% at the end of 2019. In 2020, it will drop to 26%. In 2021, it will drop to 22%. By 2022, the residential tax credit will drop to zero. That’s why the time to go solar is today.
Renewable Energy Property Tax Exemption
Under Florida Law, property upon which a renewable energy source (Solar Panels) is installed and operated is entitled to an exemption in the amount of the original cost of the device, including the installation cost. This is great news for homeowners, considering that customer-owned solar systems can increase the value of your home on average by $15,000. So not only will you not have to pay extra in taxes, you are increasing the value of your home if you decide to move.
Sales Tax Exemption
Florida also offers the Solar and CHP Sales Tax Exemption. It’s a welcome addition to the other incentives available to homeowners looking to maximize their savings and increase their energy independence.
A growing number of utilities in Florida are offering a variety of incentives for energy efficiency and solar power. Be sure to check with your utility and the national incentive database referenced above.