As a Florida resident, you’ve probably heard a lot of buzz lately about switching to solar energy. Maybe you’ve done some research, yet feel like making the transition might not be all that it’s cracked up to be. There’s no doubt that the effects on the environment are immediate; you instantly reduce your carbon footprint when you convert to solar power. But what about the cost? Here are some of the financial incentives available for you when you change over to this renewable energy source.
- In the sunshine state, the purchase of solar panels are tax free, meaning you save about 6% of the cost right off the top. This makes the impact of purchasing an entire system a little easier to handle.
- Your home instantly rises in value when you install solar panels, and Florida recognizes that increase. Thankfully, when assessing your property tax, they deduct that appreciation from your total bill. It’s nice to not be punished for doing something good!
- Typically there are tax credits handed out to those who have installed this form of renewable energy; in Florida, no state income tax equals no tax credits. However, the federal government does allow for tax credits that are redeemable in any state.
- You can take advantage of net metering, and Florida has a pretty good policy in place. Essentially, as you collect and store excess energy throughout the year, you receive credits on your electric bill. If there is residual overage at the end of the year, they’ll cut you a check.
All in all, there are a lot of good reasons to switch over to solar power. The state of Florida is doing a fine job trying to incentivize the process, and we can only hope to see better policies and rebates put into place in the coming years.