Florida Solar Panels
Florida Solar Panels
Additional Information
- The ITC increased in amount and its timeline has been extended. Those who install a PV system between 2022 and 2032 will receive a 30% tax credit. That will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. If you’ve already installed a system in 2022, your tax credit has increased from 22% to 30% if you haven’t already claimed it.
- The solar+storage equipment expenses included in the ITC have expanded. Now, energy storage devices that have a capacity rating of 3 kilowatt hours or greater are included. This includes stand-alone storage, but here’s why you should pair it with solar.
The ITC will cut the cost of installing rooftop solar for a home by 30%, or more than $7,500 for an average system. By helping Americans get solar on their roofs, these tax credits will help millions more families unlock an additional average savings of $9,000 on their electricity bills over the life of the system.
Check out the Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics for more information on the ITC including eligibility requirements and how to claim it on your taxes.
Florida Solar Panels
They don’t call Florida the Sunshine State for nothing. The abundance of sun in Florida allows home solar to produce more energy than many other states in the U.S.
Also, solar panel costs have fallen significantly over the years, making installations more accessible to homes and businesses all over the state. In fact, the average cost charged by solar installation companies in Florida is one of the lowest in the nation, at an average of just $2.58 per watt for cash-purchased systems and $3.01 per watt for systems purchased with loans.
Not only are they affordable to install, but there are also great incentives that go with them. Florida has a great net metering policy, the federal 30% tax credit, and tax exemptions. However, state legislatures recently tried to cut the net metering program, which would have drastically reduced solar savings. Thankfully, the new rules didn’t pass, but that doesn’t mean they won’t in the future. Floridians considering solar systems should make the move now while the policies are still great.