Solar Panel System

Florida solar incentives and financing

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Florida, the Sunshine State, lives up to its name. With more than 73% average sunshine per year, Florida is a great place to install solar panels on your home rooftop. In fact, installing residential solar panels is becoming mainstream in Miami, Tampa, and Key West, which are among the top 25 sunniest cities in the United States. 

Solar panels are one of the best investments you can make for your home in a world where electric power providers are constantly increasing energy rates and electricity bills go up every month. They provide energy independence and lower your utility bills immensely, sometimes even to $0, offering huge savings on your Florida home’s energy costs. Energy from solar panels in Florida can power your whole house, including your AC and all household appliances. Additionally, you can take advantage of battery energy storage, to store any excess electricity produced during the day, and use it to power your home at night when there is no sunshine, increasing your residential energy efficiency even more.

Solar Prime USA is a leading solar panel company in Florida. We service the Broward, Palm Beach, and Miami areas and have extensive experience in solar panel installation in Florida. Our solar power systems use the best solar equipment available on the market and are manufactured by trusted brands. Our trained solar installers in Florida make sure the installation can withstand harsh conditions such as hurricanes and tropical storms. 

Now is the right time to install solar panels on your residential or commercial roof and take advantage of solar power in Florida. As the price of energy has become volatile, installing a solar panel system can give you the certainty that your home will have affordable energy produced on your roof. 

With battery storage, your Florida solar energy system can provide you with power even at night, lowering the cost of your electric power consumption and further increasing your energy efficiency. 

As a bonus, solar panels increase the value of a home by 4% and in some cases up to 10% in the state of Florida. If you plan on selling your property in the near future, installing solar panels today is ranked as one of the best home improvement projects you can do, with the added advantage that your home equity will increase instantly. 

If the benefits from a solar panel installation are tempting you, you should know that solar incentives in Florida make solar energy systems more affordable. These incentives can come from the Florida state government, local governments, or utility companies in an effort to encourage the use of clean, solar renewable energy. Therefore, the overall expense involved in a solar power system can be softened by tax incentives and abatements.

Don’t miss out on an opportunity to make your home energy independent for a lower cost. Contact us today to get the most up-to-date information on tax incentives, and terms and conditions for solar panel installations in Florida, or check with the Florida Department of Revenue for information.

Tax incentives and state tax exemptions

In Florida, there are various tax incentives available for residents and businesses that install solar panels. The state offers a sales tax exemption for solar energy systems as well as property tax exemptions for properties that install solar panels. In addition, the state offers a tax credit for using renewable energy sources, including solar. There are also federal tax credits available for the installation of solar panels, which you can use to cushion the total cost of installing residential solar panels.

The federal tax incentive

Under the federal solar tax incentive for using renewable energy sources, you qualify for a tax credit if you opt for installing solar panels on your property. The federal tax incentive for solar installations stands at 30% until 2032. That means that you can get a 30% tax credit against the cost of installing solar panels on your Florida property, which covers labor costs as well as the solar panels cost and even the storage battery cost if you choose to install an energy backup system. 

The federal solar tax incentive will diminish after 2032, so it makes sense to make the most of it now and invest in solar panels today. 

Florida State sales tax exemption

As part of the incentives for solar installation, Florida State has exempted solar panels from sales tax, which currently stands at 6%. When you install solar panels today, you instantly benefit from this tax exemption. The sales tax exemption covers the panels, inverter, racking system, wiring, and batteries—all the equipment needed to operate your own solar energy system on your roof.

Florida State solar property tax exemption for Florida homeowners

Remember how we mentioned that home equity increases by at least 4% when you install solar panels? There is even better news for you if you are switching to solar.

When you install solar panels, the renewable energy property tax exemption provides a 100% tax exemption for renewable energy devices, including solar panels and storage batteries, for up to 20 years. The solar property tax exemption runs through 2037.

Florida net metering

Net metering programs are one more incentive for homeowners who wish to go solar, as it allows them to earn money from the energy they are producing. Net metering allows you to sell to the grid the excess power produced by your solar panels and not used by your household, against credits for using grid power when your solar panels are idle.

For example, your solar panels will produce more electricity than your home can possibly consume during the day when the sun is high up in the sky. The excess is sold back to the grid and you get paid for the electricity you sell. 

Likewise, during the night, most solar panels can’t produce electricity. Net metering allows you to get electricity from the grid and power your home when solar panels are not producing energy. 

When Solar Prime USA installs solar panels, we can also arrange for the net metering connection with the utility company. Your electricity bill will include the energy you purchased from the grid minus the electricity you sold to the grid. Utility companies in Florida have by law to charge the same price for the electricity you purchase and the electricity you sell to the grid. Making income from your solar panels can help you pay back your investment earlier or save money on your electric power bills.

Local utility rebates

Some local governments in Florida offer additional local incentives that include property tax exemptions for solar energy devices, rebates, or grants for the installation of solar panels. You can check online whether your locality offers such incentives or contact us and we will help you find out under which conditions you qualify for a rebate.

Solar panel financing options

Solar panel installation is an investment involving important up-front costs, for which you may not have available funds. Thankfully, to make solar panel installation easier, homeowners have several financing options available to them.

Increased Property Values

People tend to think of solar as an investment opportunity to lower their electric bills. But Solar is an excellent investment option to increase the value of your home too. Solar installations are valuable commodities with long lifespans.

Most solar installations come with warranties that will transfer with home ownership. So your solar installation won’t lose any value if you decide to sell your home.

Fun Fact: Solar installations, on average, increase the value of your home by 4%!

Cash payment

If you have the necessary funds, buying a solar panel system from Solar Prime USA is the easiest way. You reap the benefits of producing electricity from day one and your system starts paying for itself from installation, without installments and interest rates to raise the cost of solar energy.

Secured and unsecured loans and PACE program

There are several loans that homeowners can benefit from to install solar panels on their roof. 

Secured loans need an asset against which the loan is issued. The asset is usually your property. If you do not wish to engage your property for a loan, you may have access to an unsecured loan, which does not require any assets as security. Secured loans have a lower interest rate because the creditor’s risk is secured by your property. Unsecured loans have a higher interest rate to reflect the risk that the creditor undertakes by accepting to lend money without any assets as security.

Another solar power financing option you should consider is taking a Property Assessed Clean Energy (PACE) loan. PACE loans are available to all Florida residents who buy a solar power system. With a PACE loan, you repay the amount you borrow through increased property taxes. 

If you choose a loan to finance your solar panels’ installation, the payback period will be longer because you need to include the loan’s interest rate and payments. Instead of 8 to 10 years, it could take 12 to 18, depending on the interest rate attached to your loan.

Leasing your solar panels

Homeowners who can’t secure a line of credit and don’t have the necessary cash may opt for a lease program. 

When you lease your solar panels, you don’t own them. You make monthly payments to the financial institution and have the option of buying the solar system at the end of the lease. Keep in mind that, with a lease program, you can’t benefit from the federal tax incentive. Choose your lease plan wisely, as often lease programs are more favorable to banks than to homeowners.

Frequently Asked Questions

What is the best way to purchase solar panels?

If you have cash, you can pay for a full solar panel system and have it installed on your roof with no strings attached. You are eligible for the federal tax incentive, which lowers your tax bill significantly and the solar payback period is the shortest possible, usually 8 to 10 years. In Florida, the average solar payback period is around 9.5 years. After that, the system gives you profit on your investment.

How much do solar panels increase home equity?

Solar panels increase home equity by 4 to 10 %. They are a great way to increase the value of your home if you plan on selling it in the future. It has also been shown that homes equipped with solar panels sell faster than conventional homes. 

Solar panel technology is showing us the way. Now is the time to make your solar panel commitment and benefit from energy independence and a safe long-term investment.

Please contact Solar Prime USA today, to learn more about solar energy in Florida, and about solar incentives including the solar tax credit, battery incentive program, energy metering, energy efficiency rebate, tax liability, solar tax credits, Florida sales tax, and the Federal tax credit.

julie Castro
julie Castro
Helpful with school project, very knowledgeable staff and helped with solar project at Osceola Adventist Christian School.
Delice brain
Delice brain
They installed my solar system a few months ago ! I am very satisfied solar prime did the job good ! I didn’t pay anything before they installed everything on my roof ! I have 23 panels 370 watts it’s good for me 🌞
Rachelle Monchille
Rachelle Monchille
Thank you very much Solar prime usa they took good care of me , the installation of the solar system took 2 months! Representative was always responsive to all my questions! They came several time to check that my solar system was correctly installed! I recommend strongly this company 👍👍
Samuel Micelus
Samuel Micelus
Thank you solarprime usa its a great company and very good customer service , the permits was slow because of the city , but after this everything went very well , solar system is producing!
Carlui Marrero
Carlui Marrero
Excellent attention! Fast service! Very happy with customer service!
Roland Presume
Roland Presume
Great service, efficient program. Very satisfied and content
Jordan Hallam
Jordan Hallam
If you're looking for a solar company that values care, honesty & having your best interests at heart then use Solar Prime USA. These guys will look after you from start to finish and make sure you save as much money as possible

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