Incentives
Federal Residential Renewable Energy Tax Credit
An
income tax credit of 30% of the system’s installation cost, including labor, for systems installed by the end of 2032, or 26% if installed in 2033.
Sales Tax Exemption
No Florida sales tax is due on your purchase of solar. That’s a 7% savings!
Property Tax Exemption
Normally, when you build an addition or otherwise add value to your home, your property tax bill goes up. Not so with solar. Thanks to Florida’s Property Tax Exclusion for Residential Renewable Energy Property, your solar system will not result in any tax hikes.
Net Metering
FPL’s Net Metering program allows you to sell any excess solar energy you generate back to the grid. FPL solar customers receive a monthly credit on their electricity bill for unused solar electricity. Once a year, FPL pays homeowners for their net electricity credits, but at a lower rate than it charges for electricity, and credits cannot be carried over year to year. Be sure to read the fine print of their
policy.
Increased Property Value
A recent analysis by Zillow found that homes with solar voltaic panels
sold for an average of 4% more than comparable homes without solar panels.
Financing
Financing solar can make it more accessible for many homeowners but adds additional costs and risks that affect return on investment and are important to weigh. Just as with contractors, you should research multiple options for financing and make an informed choice. Considerations include interest rates, fees, years of financing, and risks in the event of late payment or default.
Property Assessed Clean Energy (PACE)
Property Assessed Clean Energy (PACE) is a tool for property owners to finance energy and hurricane improvements through assessments levied on their property tax bill. Like any financing, PACE is complicated and comes with risks, including the potential to lose a home due to lack of payment. Be sure to do your research to fully understand the terms, ensure you will be able to pay the full costs, and compare other financing options.
PACE FAQ
PACE FAQ Download
This pre-recorded webinar contains key information about PACE and other financing tools, and can help you make informed decisions about energy financing options.
PACE Webinar – Financing Energy and Hurricane Improvements in Your Home
Solar and Energy Loan Fund (SELF)
SELF is a nonprofit Community Development Financial Institution that offers solar system loans.
Fannie Mae HomeStyle Energy Program
The
HomeStyle Energy Program is a mortgage option available when you purchase or refinance your home that allows borrowers to include clean energy upgrades up to 15% of the appraised property value of the home.
Banks and Lenders Offering Solar Loans
Some banks offer
solar financing as part of a mortgage or refinancing loan, while others specialize in PACE or equipment loans.
