Solar incentives aim to motivate residents to switch to solar. Florida does not skimp in this department! With the incentives offered in this state, you’re more likely to start using sustainable energy. Solar power is the future. If you’re not on the bandwagon yet, you’re missing multiple benefits! I’m talking lower utility bills, energy security, and a clean conscious! In this article, you’ll read more about solar incentives you might qualify for if you live in Florida.
What Solar Incentives Are There In Florida?
Florida Net Metering
Net metering is a state-wide incentive offered by solar companies and utilities in Florida. You get to make a little extra money from the solar power you generate if you don’t use everything. The extra electricity gets sent back to the grid, where it’s typically used to power other households. The state will reward you for this contribution. They usually pay credits that act as a discount on your following utility bills. Other states offer cash back. If you decide to store the power in batteries for future use, you save on your utility bill.
Florida Property Tax Abatement for Renewable Energy Property
Property taxes are harsh, and all homeowners must pay them. Unfortunately, these taxes increase when you add anything valuable to your house. If the market value of your house increases, so does the property tax you need to pay.
The Department of Energy in Florida offers you a 100% exemption from additional property taxes when installing solar power. While your home value will increase, your property taxes will stay put. This exemption is permanent until 2037. Hereafter the state will decide if it continues.
Florida Sales Tax Exemption
Florida helps homeowner switch to solar by rewarding them for buying solar panels. The 6% sales tax doesn’t apply when you purchase a brand-new solar panel. This makes buying solar panels a little more accessible.
Florida Federal Tax Credits
The US Department of Energy has put a nationwide incentive in place. Florida residents wanting to go solar qualify for this rewarding tax credit incentive.You can get 30% of your total solar system cost back. While this isn’t a cash payout, you’ll receive the discount on your income taxes.
Other Florida Incentives
Some other incentives in Florida aren’t state-wide. They mainly apply to certain utilities and cities.
Boynton Beach Energy Edge Rebate Program: You can get a maximum of $1,500 for installing anything that makes your house more energy-efficient. Solar panels fall under this category.
Florida Keys Electric Cooperative Solar Loan Program: If solar power seems too far out of reach, you can get a loan. This loan service offers up to $35,000, and you have 10 years to pay it back.
Dunedin Solar Energy Rebate Grant Program: Dunedin offers an incentive of $0.25 per wattage of generated solar power. The maximum that you can get with this rebate is a total of $2,500.
The Cost of Solar Power in Florida
Florida is one of the more affordable US states regarding solar power. The average cost per watt in the US is between $3.00 and $5.00. Florida residents only pay an average of $2.50 per watt. Prices differ from system to system. Many factors influence this cost. Companies have different profit margins, and the brand you choose will also have its own price.
A 3kWh or 3000w solar system will cost around $7,680. A slightly bigger setup, with a capacity of 5kWh, costs $12,800. The most extensive and expensive system, with a 10kWh capacity, could cost you $26,600. The average payback time in Florida is 9,6 years. This means it will take you under ten years to pay back your investment with the money you save on electricity.
Are Florida Solar Incentives Worth It?
Florida is constantly bouncing back and forth between 3rd and 4th place in the US top 10 list of solar states. It is one of the states with the most solar systems installed and running in the country. Florida also ranks 6th for the most residential solar panels installed.
These statistics are impressive! It’s also a tad bit predictable since Florida is so sunny. After all, it is known as The Sunshine State! You’d be missing out if you didn’t tap into the power of the sun. Your solar panels will rarely have trouble finding enough sunrays to fuel them.
The incentives offered by the Florida Department of Energy and other utilities are working. Despite the high number of solar systems already installed, it keeps climbing. Solar installations are rising in Florida, and you should be next to join in!
You know the incentives provide a great outcome, so the only question that remains is if they’re worth it? The short answer is yes!Installing a solar system can knock your budget. These incentives ensure you get something back. If they don’t convince you to switch to solar, I’m not sure what will. You get to enjoy the benefits of generating sustainable energy while being rewarded.
Some solar incentives will make buying your solar system more affordable. Others will ensure you save money now and in the future. Those that give you discounts on your tax credit can take a weight off your shoulders. Not everyone can afford to go solar, and that’s okay. Florida recognizes this and aims to make solar power more accessible to residents with the incentives they offer.
Switching To Solar
Going solar seems more affordable if you keep the savings from solar incentives in mind. You can contact your local Department of Energy to find out which ones you qualify for. Some incentives work on an income scale, while others are available no matter your financial standing.
If switching to solar is too expensive, consider getting a loan. You can use the money you save on your utility bill to pay this back. Many companies offer loans specially designed with payback plans like this. Was this article helpful? Let me know in the comments, and click here if you want to learn more about federal solar incentives, or solar incentives in the lone star state of Texas. If you have more questions about solar incentives, pop them in there too!