Utilizing Florida solar incentives is one way you can offset the high cost of going solar. Though there aren’t many statewide solar panel incentives available in Florida, you can take advantage of the federal solar tax credit and net metering.
Federal Solar Tax Credit
One of the biggest ways to save on the cost of solar panels is through the federal solar tax credit. This nationwide credit allows you to receive a one-time 30% tax credit on the cost of your solar panel system. The credit is good through 2032 when it will decrease to 26%. The credit reduces to 22% in 2034 before ending in 2035.
Net Metering
Currently, Florida has a net metering program that allows you to send solar energy generated from your panels back to the grid for a lower monthly energy bill. However, a Florida net metering bill could eventually eliminate net metering for new solar panel systems in 2029.
Other Florida-Specific Incentives
Despite receiving an average of 237 days of sunshine annually, Florida doesn’t offer many state-specific incentives to encourage homeowners to install solar panels. At the same time, there are two Florida-specific incentives worth considering:
- Florida Solar Property Tax Exemption: This tax exemption prevents property tax increases from any increase in your home’s value due to solar panel installation on your home.
- Florida Sales Tax Exemption: Florida’s Solar and CHP Sales Tax Exemption exempts you from having to pay a 6% sales tax on your solar panels.
Floridians can get assistance with financing their solar panel installation through the Property Assessed Clean Energy (PACE) loan program to finance solar installations and pay it back with your annual property taxes. Floridians may also qualify for more localized loans, such as the:
- Florida Keys Electric Cooperative solar loan program
- Lakeland Electric interest-free solar loan program
- City of Tallahassee energy-efficiency loan program
There are also incentives for Florida solar power to be found at the local level, based on city and utility companies, such as the Boynton Beach Energy Edge rebate program. If you qualify for this program, you get a $1,500 rebate for installing a solar photovoltaic system 5 kW or larger that is greater than or equal to 17.5% efficiency. Utility company rebates are also available when installing solar water heaters or attic fans.