Florida Solar Power Rebates

If over a 12 month period they generate more power than they use the utility must pay them.

Florida solar power rebates.

An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group. Solar renewable energy certificates srecs legislation in some states requires utilities to generate a certain percentage of their electricity from solar power. Florida s solar and chp sales tax exemption 5 is a welcome addition to the other incentives available in the sunshine state. Rebates can help to further reduce your system costs by 10 to 20 percent.

Florida s sales tax exemption lets property owners enjoy a saving of 6 percent on the purchase of a new solar energy system. Under the law they must credit customers for net excess generation in a month. To give you an idea let s say that you buy a system worth 15 000 in 2020. 6 federal solar tax credit.

The purchase of photovoltaic systems covered under the florida renewable energy technologies and energy efficiency act qualifies the consumer to receive a substantial rebate. The rebate is based on the manufacturer s power output rating of the modules. In florida a solar loan is a smart decision because even though the initial loan payment is a bit more than you ve been paying for your electric bill you can install solar for 0 down and take the federal solar tax credit based on the full cost of the system. That means you can pocket the extra 6 state sales tax you would normally pay when you buy a home solar system and battery.

While that s a lot of money this is rarely the amount you ll actually pay after all incentives are factored in. Rebates are generally available for a limited time and end once a certain amount of solar has been installed. Florida power and light offers a solar rebate and all of the utilities governed by the state utilities commission offer net metering. This puts an average 6 kw solar system at 16 200 before claiming any incentives.

This generous rebate effectively knocks off 26 percent of the cost of your new solar energy system right off the bat as a credit on your income tax. As part of the 2006 florida energy act the solar energy systems incentives program offers rebates for individuals or businesses to purchase solar photovoltaic solar thermal and solar thermal pool heating systems. Solar photovoltaic systems are eligible for a 4 watt rebate capped at 20 000 for homes and 100 000 for businesses. The tax break reduces.