Going Solar in the Sunshine State: A Look at Florida Solar Incentives
By Space Coast Daily // October 30, 2020
Florida went from generating 429,000-megawatt hours of solar power in 2016 to 2.9 million in 2018. This is still only one-third of the renewably-sourced electricity generated in the state.
There is so much potential for solar power in Florida, the Sunshine State, but the number of homes using solar energy does not match the potential.
Are there solar incentives in Florida to help correct this? You bet.
If you’re thinking about installing solar panels on your Florida home, keep reading to learn all about the Florida solar incentives to make this idea more appealing.
Net Metering
Your solar panels in Florida can earn you money. When your solar energy system exceeds your electricity needs, the utility company purchases the excess power that is sent to the power grid.
It’s referred to as a net metering credit that shows up on your electric bill. The credit is not a discounted rate. It is the full retail price of electricity.
Depending on the size of your roof and how your house is situated, you could potentially wipe out your entire electric bill. This happens when the system makes enough solar power to cover all of your electricity needs. You may have to upgrade your electric meter to properly measure usage, if you’re using an outdated system.
During the day, when the system is producing the most electricity, you are using the least amount of power. The excess power generated goes to the grid and earns you a credit.
Later in the evening, when your system is not generating electricity, you draw on the excess power that the system generated during the day.
Property Assessed Clean Energy (PACE) Program
PACE is a financing program. It offers to finance anyone who is upgrading their property to make it more energy-efficient, water-efficient and more conducive to renewable energy sources.
What do the loans cover? The PACE program covers solar panels, heating and cooling systems, insulation, energy-efficient windows, and “green” landscaping, to name a few.
What are the advantages of this type of loan? It’s a long-term loan, 100% financing with relaxed eligibility requirements.
Repayment of the loan is through the property tax bill as the loan is attached to the property, not the borrower. Repayment goes to the new owner if the home or building changes hands.
Property and Sales Tax Exemption
Florida’s Property Tax Exclusion for Residential Renewable Energy Property excludes your solar panels from adding value to your home for the purpose of your tax bill.
Additionally, when you purchase your solar energy system, you are exempt from paying sales tax according to the Solar and CHP Sales Tax Exemption.
Learn more about the advantages and cost savings of solar power from these solar panel installers.
Have the Florida Solar Incentives Convinced You?
Now that you’ve had a look at the Florida solar incentives, are you convinced that going solar is worth it for you? There really is no downside to tapping into the solar potential the state possesses. What’s the downside of clean energy, less dependence on “the grid”, and saving money?
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