Residential Solar Incentives

Great News for Solar From Tampa Electric!

$1.53 million in incentives will be offered by Tampa Electric to help customers install renewable technologies. Those measures include:

Residential Solar Water Heating - Provides customer incentives up to $1,000 for installing new solar water heating systems.

NOTE: The availability of these incentives will be limited and will be offered on a first-come, first-served reservation basis. ACT NOW! CALL FOR DETAILS!

Duke Energy Florida Offers Rebates for Solar Panels

Starting January 2015, Duke Energy customers can apply for the utility's SunSense program that gives rebates of $550 toward the installation of a qualifying system.

GREAT NEWS FOR SOLAR!

• Assessment of Residential & Nonhomestead Real Property

2013 Florida Legislative Session
Governor Signs HB 277 into law
by Canopy Strategy Group

On Thursday, May 30, 2013 Governor Scott signed into law HB 277, the Assessment of Residential & Nonhomestead Real Property bill that implements a constitutional ballot initiative approved in the 2008 general election by Florida voters, which prohibits adding the value of certain home improvements specific to the installation and operation of a renewable energy source device to the assessed value of residential property. With these incentives in place, solar contractors and renewable energy device manufacturers should benefit from additional work opportunities and output and consumers will have an additional incentive to put solar on their home. The passing of this legislation provides the statutory provisions needed to fully implement what was the will of the voters over four years ago and has been a priority for FlaSEIA. This bill goes into effect on July 1, 2013 and applies to the installation of a renewable energy device installed on new or existing residential real property on or after January 1, 2013. FlaSEIA thanks the hard work and commitment of the bill sponsors ‐ Senator Jack Latvala, Representative Rehwinkel‐Vasilinda, and Representative Jose Diaz.

• NET METERING

Net metering allows you to draw on utility power when it is needed and to sell power to the utility company when your solar electric system produces a surplus. Net metering legislation states that the utility company must credit you at retail rates (the same rate they would have charged you). Therefore, you will be credited for power fed back to the utility company from your solar power / photovoltaic system at the same kilowatt hour rate at the same kilowatt rate that the power company charges you.

Read the Public Service Commission's News Release for Net Metering.

• SOLAR ENERGY SYSTEM SALES TAX EXEMPTION

Florida Law exempts solar energy systems and all components of such systems from sales and use tax. The term “solar energy system” means the equipment and requisite hardware that provide and are used for collecting, transferring, converting, storing, or using incidental solar energy for water heating, space heating and cooling, or other applications that would otherwise require the use of a conventional source of energy such as petroleum products, natural gas, manufactured gas, or electricity. This includes solar power / photovoltaic systems, solar water heaters, solar pool heaters and solar lighting.

• 30% FEDERAL TAX CREDITS

Under this legislation, homeowners are entitled to receive a federal tax credit worth 30% for a qualified solar energy system.

A homeowner who installs a solar energy system can qualify for a federal tax credit worth 30% of the installed cost. If for example, you have a $7,000 system installed, your credit would be $2,100, a $5,000 installation would be $1,500 and a $6,000 installation would be $1,800.

A tax credit offers significantly more financial savings to buyers than a tax deduction. A tax deduction is subtracted from the income before tax liability is computed. The tax credit is subtracted directly from the total tax liability. This means a tax credit offers more savings to the consumer than the tax deduction. For a comparison, a tax credit of $1,000 for a taxpayer in the 28% tax bracket is the equivalent of a tax deduction of $3,751.

*While we have made great efforts to describe these tax incentives accurately, we cannot provide tax advice and suggest you contact a tax professional with any questions specific to your situation.

NOTE: Congress has extended the federal Solar Energy Tax Credit program through the end of 2016.

Residential Solar Incentives

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