Solar Tax Incentives and Benefits
There has never been a better time to produce and store your own solar energy in Florida than right now. In terms of solar potential, did you know that the state of Florida comes in third, yet it only ranks 14th in terms of rooftop solar installations? There is a pressing need for us to take action in this regard. Coconut Creek is happy to provide you with further information about Florida's solar policies and the assurance that you have the best solar system servicing staff in Florida by your side at every step of the journey.
Net Metering for Florida Residents
There are several excellent solar programs available to all residents in Florida, and we are proud to share this valued information with all our customers for net metering. Because it permits you to sell any extra solar energy you may have back to the grid in Florida, including many other states around the country permitting net metering, Florida Net Metering is a critical regulatory policy for Florida's home solar owners. Because of this, even if you leave the house during the day and do not make significant use of the electricity there, your solar panels can still be producing energy and save you money.
Exemption from Property Taxes in Florida
You did read that correctly, we assure you. In most cases, your property tax obligations will increase if you make improvements to the value of your home such as adding more rooms or landscaping or basically any additions that affect your property value bottom line. However, this is not the case with any residential solar system installation. Your solar energy system will not result in any additional expenditures when it comes time to file your taxes in Florida because of the state's Property Tax Exclusion for Residential Renewable Energy Property. Just one more value add in favor of you making the switch to solar energy as soon as possible.
Solar System Sales Exemption Tax
I've never met a local who didn't appreciate the opportunity to save money on taxes. According to the Solar and CHP Sales Tax Exemption, you won't even have to pay sales tax on your new solar energy system! Just the cut in sales tax brings the savings to 6%. Since July 1, 1997, solar energy systems in Florida have been free from state sales and use taxes. This exemption was initially scheduled to expire on July 1, 2002, but it was extended for three extra three years beyond that date. It wasn't until May of 2005 that the exemption was made permanent. That is indeed wonderful and exciting news for residential property owners in our sunshine state.
Federal Tax Credits for Comprehensive Solar Systems
Keep in mind that there are federal tax credits available for solar installations! A reduction in the cost of up to 26 percent is possible for your photovoltaic solar energy system if you qualify for the Investment Tax Credit (ITC). It is crucial to remember that the ITC is only applicable to each of these customers who purchase their PV system completely, either with a cash purchase or a solar loan, and that you need to have sufficient income for the tax credit to be of any use to you. Get in contact with one of our customer sales consultants to find out more about the qualifying criteria.