Solar Panel Installation in Tampa: Your Complete Guide
If there is one sure way to reap the benefits of living in the heart of the Sunshine State, it is making all of that beautiful sunlight start working for you. Thanks to the abundance of sunshine we receive in Tampa and surrounding areas, we are able to produce a lot more solar energy when compared to that of similar solar panels in many other states. What makes the prospect of solar panel installation in Tampa even more tempting is the fact that the cost of solar panels has drastically come down in the last couple of years. This means that using solar panels for your home or business has never been easier, or more accessible. Florida averages the lowest cost per energy system installation in the country with an average of about $2.70 per watt for systems purchased with cash, and about $3 per watt for systems provided through solar panel-specific loan systems.
While there is a lot of fluctuation in the world right now, there is an expectation that the solar market within Florida will remain strong throughout 2020, in part thanks to federal tax credits that can be redeemed, as well as other incentives focused on solar power systems.
What Are The Benefits of Solar Panels?
When it comes to installing solar panels in your home or business, there are plenty of advantages, Florida’s amazing amount of sunshine only magnifies these benefits. One of the reasons why the Sunshine State is such an optimal location for solar panels is that there is a system set up here perfect for the process. These include: A high solar production in the area, a fantastic solar tax credit in the state (26 percent), and a 1-to-1 net metering policy. Pair these factors with Florida’s excellent financing options, and it is easy to see why solar panels are such a viable option for you in Tampa, and surrounding areas.
While one of the negatives about running with solar panels in Tampa is the fact that Florida does not allow for third-party ownership power agreements in order to pay for your system. Some other states do allow a third-party to build and own the solar panels on someone else’s property and then sell them the energy generated, but Florida does not. In the Sunshine State, it is only public utilities that are allowed to sell electricity, and it must be made available for the public. However, thanks to all of the governmental incentives, as well as the abundance of sunshine in Tampa, there is a lot of opportunity to more than make up for the extra costs you would not be paying in other states.
Florida Rebates, Tax Credits and Other Incentives
When it comes to solar panel incentives in Florida, the largest and most basic place to start is the federal solar tax credit. Secondly, there is Florida’s net metering law.
Tax credit: This federal incentive is able to be claimed on solar panels, and it allows for a 26 percent deduction on the cost incurred during the installation of your solar panel system.
Net metering: Within Florida, utility companies are mandated to offer a full 1-for-1 metering ratio. This means that you are going to be getting the full retail value for each unit of energy that your solar panels produce.
Exemptions: In Florida, there are multiple tax exemptions that can be used when working with solar panels. Firstly, solar energy systems are included on the exempt list for sales tax and use tax. Secondly, the value of your solar panels are able to be exempt from the assessed value of your property when it comes to property taxes.
If you would like to leverage these advantages for your home or business, contact us today! We can guide you through the solar installation process with expert advice and professional help!