Are you a Florida resident looking to reduce your electricity bills and make a positive impact on the environment? Start investing in solar energy now! Not only will you be saving money on your monthly utility bills, but you can also take advantage of the Florida Solar Tax Credit. This credit allows residents to receive a credit on their state taxes for the installation of solar energy systems on their properties.
With the increasing cost of electricity and the pressing need to reduce our carbon footprint, now is the perfect time to consider solar energy and take advantage of the Solar Tax Credit. Keep reading to learn more about how you can save money and make a difference.
Solar Power in Florida
Florida has an average of 237 sunny days each year. The state is a great place to put solar panels. Additional incentives can help reduce the initial investment. According to the 2021 report by Solar Energy Industries Association, Florida is ranked third in terms of solar energy capacity.
Solar power accounts for less than 5% of the state’s electricity. This is likely to change as utility companies invest more into clean energy and solar panel prices drop.
Florida Solar Panel Costs
A 5kW solar panel system can be installed in Florida for an average cost of $12,950, before rebates or incentives. Installing a smaller system of 3kW may cost less than $8,000, while a larger system of 10kW could cost more than $25,000.
|Standard 5kW Solar Panel System|
The payback time for a Florida 5kW solar panel system is approximately 10 years. This means that you can recoup your initial investment in solar panels in Florida in less than a decade and still be able to pocket the monthly utility bill savings.
Federal Solar Investment Tax Credits
Everybody in the country can benefit from the federal solar investment tax credit (ITC), which was extended through the 2022 calendar year. ITC is available to homeowners for 2022. They can claim 26% of the total cost of solar panels installed within the calendar year on their tax returns. This includes the cost of the system, labor, and energy storage devices.
If a solar system costs $10,000, your tax return could show $2,600. This amount could be either refunded or reduced depending on what your tax return shows.
Florida Solar Rebates and Credits
Florida does not offer statewide rebates for solar panels. Tax credits may make it more affordable.
- Sales tax exemption: Floridians are exempted from the 6% sales taxes on solar panels under Florida’s Solar and CHP Sales Tax Exemption.
- Net metering: Net metering in Florida is legal. This means that customers of utility companies who produce solar energy using solar panels can return Renewable Energy Credits (RECs) to the solar company. These credits can be used to pay your energy bills in the next 12 months or applied to future bills.
Florida Solar Property Tax Exemption
Florida’s Property Tax Abatement for Renewable Energy Property incentive will continue to run until 2037. This incentive allows homeowners to be 100% exempted from property taxes when they install solar panels in their homes.
Local incentives for solar panels can lead to additional savings for residents of certain areas of Florida. For information about rebates on solar panels that may be available, check the local guidelines.
- Boynton Beach Energy Edge Program: To install energy-efficient improvements such as solar panels, the Energy Edge program provides a maximum rebate amount of $1,500.
- Florida Keys Electric Cooperative Solar Loan Program: This program provides loans up to $35,000 for members who are approved to purchase solar panels. There is no prepayment penalty and the loan must be repaid in 10 years.
- Dunedin Solar Energy Rebate Grant Program: Residents in Dunedin are eligible to receive $0.25 per watt of solar energy generated, up to a maximum grant amount of $2,500
Which Solar System Is Right for Your Home
All solar panels are not created equal. When choosing the right solar system for your home, consider the size (kW), the efficiency of solar panels, and durability. These are just a few of the best-rated solar panel systems.
- LG Solar: This mid-priced option is highly rated for its durability and efficiency.
- Sunpower: While more costly than many competitors, Sunpower systems offer the most efficient residential models.
- Panasonic HIT: These solar panels, which are competitively priced, are strong and can withstand extreme temperatures.
Solar Energy Has Many Benefits
Even though the initial cost of installation can be high, there are many advantages to going solar.
- The solar panels are environmentally friendly. They generate electricity using a renewable energy source, the sun.
- Solar panels are low-maintenance. Other than the occasional brushing of debris, they don’t require too much upkeep.
- Long-term savings. In Florida, solar panels typically pay back in 10 years. The monthly savings you make from your utility bills can be transferred directly to the bank.
- Net metering saves even more. Residents with solar panels in states like Florida can make more money by selling their excess solar energy to utilities.
How to Choose the Best Florida Solar Panel Company
Choosing the best Florida solar panel company can be a daunting task, but it is important to do your research to ensure you get the best quality system and service. Here are a few tips to help you make an informed decision:
Look for a company with a good reputation: Check online reviews and ask for references from previous customers. A company with a good reputation will likely provide better service and have a higher quality of work.
Check for certifications and licenses: Make sure the company is licensed and certified to install solar panels in Florida. This will ensure that they have the necessary expertise and qualifications to do the job properly.
Compare quotes and services: Get quotes from several different companies and compare their services to see which one is the best value for your money.
Consider the warranty: Make sure the company offers a warranty on their solar panels and that it covers both the panels and the installation.
Check the company’s experience: It’s better to choose a company that has been in business for several years and has a track record of successful installations.
Look for a local company: It’s always better to choose a local company since they know the local weather conditions and regulations.
By following these tips, you can be sure that you are choosing a reputable, experienced and professional solar panel company in Florida, and getting the best value for your money.
Take Advantage of the Florida Solar Tax Credit With ESD Solar
Don’t miss out on the opportunity to save money and reduce your carbon footprint. Make the switch to solar with ESD Solar today and experience the benefits of clean, renewable energy. With our expert installation, high-quality solar panel systems, and the Florida Solar Tax Credit, there has never been a better time to invest in solar.
Areas We Serve
Don’t wait any longer, request a free consultation and quote from ESD Solar now and start saving on your electricity bills while doing your part for the environment.