Now Is the Best Time to Install Solar Panels
If you are a homeowner interested in investing in solar panels, part of the process is budgeting. Often, the cost of installing solar panels is offset by benefits like being off the grid or being reimbursed by the electric company. When you install solar panels, you also get access to special government incentives. In Florida, homeowners who install solar panels can get a 30% tax break just for opting for clean energy. However, now is the best time to live on solar energy, because 2019 is the last year for the full incentive.
Florida Solar Incentives
There are a few different incentives offered to Florida residents. For example, there’s the Solar Sales Tax Exemption, which allows homeowners to install solar panels without paying sales tax. You also get Property Tax Abatement so you don’t have to pay extra in property taxes after installing a solar energy system. And as mentioned above, Florida also offers the Federal Investment Tax Credit for those who buy their own solar panels. 2019 is the last year this tax credit will be 30%. Next year it drops to 26%, and will continue to gradually drop over the following years.
What Does the Tax Credit Involve?
If you’re not sure what the tax credit gives you, here’s a quick breakdown. First, homeowners pay full price for their solar panels and the labor for installing them. However, these upfront costs pay off later at the end of the tax year. When it’s time to file your taxes, you will get 30% of the total cost of the solar energy system back on your tax refund. Think of it like a rebate. Though you’re paying full price up front, you get a 30% discount later.
What’s the Catch?
There is no catch. It’s free money. Florida offers this incentive in order to encourage homeowners to make the switch from traditional electricity to solar-powered electricity. Why? Because solar power is clean, renewable energy that’s better for the environment. Plus, solar power is cheaper in the long run because it produces more energy than you need. Homeowners can store this excess energy in a backup battery or utilize Florida’s net metering to get reimbursed by the power company.
When it comes to making the switch from electrical power to solar power, it’s a no-brainer. Plus, there is no better time to install solar panels than right now, when homeowners can still benefit from the full 30% tax credit. If you’re interested in solar energy, contact us here at Fafco Solar. We offer free quotes and can help you pick the best solar panels for your lifestyle and home.
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