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. Roughly 26,000 installations have been completed while New Jersey, for example, is over 94,000. Legislation was in favor of purchased systems, but it’s now becoming easier for solar leases to be available throughout the state which makes the installation much more affordable for middle-class homeowners.
Over 250,000 of your neighbors to date 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 30% 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 an 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?
Florida’s solar policies have been a bit behind other states. It’s one of 12 US states without a renewable energy standard, and does not allow power purchase agreements. Due to new developments however, projected growth is substantial with a prediction of 5,488 megawatts (MW) over the next 5 years. If you’re not in the position to purchase a system but you own a home in Florida, you’re in luck – Suntuity Solar is one of the only solar installation companies offering solar leasing for $0 out-of-pocket.
Here are some additional states regarding Florida’s solar landscape: