For a state that receives about 80% sunshine throughout the year, there is a lot of potential for solar expansion in the great state of Florida with over 53,000 installations already completed. The state anticipates adding nearly 9,000 megawatts over the next 5 years.
Thousands of your neighbors have chosen to utilize the sunshine and generate cleaner energy – but there still so much opportunity.
The ITC is a driving force behind increased solar adoption in the United States. Since its implementation in 2006, solar installation has grown by over 1600% with an average annual growth rate of 76%.
The tax credit is available for purchased solar systems is worth 26% of the cost of the system, which is paid back to the homeowner and determined by the amount of the individual’s taxable income that year.
Net metering is a utility billing system the will credit homeowners for any excess electricity that their solar system produces. The excess power is sent back into the grid for community use through a bidirectional meter. The credits provided are meant to supplement the homeowner’s energy use at night or when it’s cloudy when the system isn’t producing as much.
Florida’s Property Tax Exclusion for Residential Renewable Energy Property eliminates any increase in property taxes after solar installation, even though solar increases your home’s resale value by $3.00-$4.00 per watt. It’s a nice extra perk!
Want to take advantage of these great tax incentives?
Although Florida is one of 12 US states without a renewable energy standard, projected growth is substantial with a prediction of 8,962 megawatts (MW) over the next 5 years. Here are some additional states regarding Florida’s solar landscape: