While abundant sun is one of the best reasons to go solar in the Sunshine State,1 it’s also a good idea to learn about the other Florida solar programs available to you. Thanks net energy metering, tax exemptions and the federal solar tax credit, owning a solar system and battery storage can help you gain energy independence and peace of mind.
|Solar Savings Types||Value of Savings|
|Property Tax Exemption||Average savings $15,000|
|Sales Tax Exemption||Solar system sales tax exemption|
|Federal Solar Tax Credit||
26% of the final cost of the solar system
**Customer’s ability to monetize rebates, incentives and tax credits depends on several factors, including, without limitation, continued state subsidization of these policies, the applicable Sunrun product type, and whether a customer purchases or leases a solar system from Sunrun.
Net energy metering is one of Florida’s best solar programs.2 Not only does it offer electric companies a more sustainable source of power, it gives you even more chances to save on your electricity bill.
Here’s how it works: if your home solar system produces more energy than you need, your utility will buy that surplus energy from you and pay you in the form of energy credits. That way, you can put those credits towards your electricity bill for times when you’ve needed to use energy from the grid. You can expect this to happen at nighttime or on particularly cloudy days. Basically, you can bank your solar energy for when you need it most. Learn more about net metering.
Homeowners understand the value of property tax exemptions, so it’s good news that Florida is offering a tax exemption for residential solar systems.3 And since purchased solar systems may increase the value of your home by up to $15,000 on average,4 you’ll get even more bang for your buck if you decide to move.
Florida’s Solar and CHP Sales Tax Exemption5 is a welcome addition to the other incentives available in the Sunshine State. That means you can pocket the extra 6% state sales tax you would normally pay when you buy a home solar system and battery.6
In addition to Florida’s state solar programs, you’ll be eligible for the federal solar tax credit if you buy your own home solar system outright. In 2019, the tax credit can reduce the cost of a solar installation by 30%,7including a solar battery purchase.8 That means if you purchase a 6-kilowatt system for $18,300, you’ll pay $12,810 after you receive your tax credit.
The federal solar tax credit is scheduled to drop to 26% in 2020, then 22% in 2021. After 2021, the tax credit is slated to be phased out. Learn more about federal solar programs.
Here at Sunrun, we understand that everyone's financial situation is different. Whether you want to apply for a hassle-free loan, we offer a range of flexible financing options or buy your system outright —all of which help you claim your slice of Florida sun.
Join over a quarter million American households who have gone solar with Sunrun. Whenever you’re ready, our solar advisors are here for you. To get started, get your free quote today.
*We recommend contacting a tax professional to most accurately determine the impact of the federal solar tax credit on your federal taxes.