Solar Incentive and Rebates
Putting Solar on your home is a great investment without any incentives. However there are many that are available. Your energy consultant will walk you through the process and even supply all of the forms that are necessary for you to take advantage of all of the available incentives. We believe this is an important added value service that we provide because it makes a great investment into a no brainer and never feel better then when we give our clients a tremendous product with a tremendous return on investment. Here are some of the incentives your energy consultant will help you with:
Federal Tax Credit – This is an incredible incentive!! 30% of the purchase price of you entire solar power system is available as a Federal Tax Credit. To put it simply if the total cost of your system is $30,000 you will receive a $9,000 tax credit. That means within the first year of your investment you can receive an immediate $9,000 return on your investment. Take advantage of this while you can, it is set to expire at 12/31/2016. We believe their may issue a new credit but a lot of that talk is about 10% not the 30%.
Net Metering – With net metering your local municipality agrees to pay you the retail rate for all of the energy your system produces if you use it or not. So any energy you produce over your consumption needs will be bought back at current retail prices. Currently in Florida that is between $0.12 & $0.13 per kwh.
Performance Based Incentives – Also know as RECs (renewable energy credits), OUC is currently offering $0.05/kwh for all energy you produce. Even the energy that you use. This will generate an additional $200 – $400 a year of profit from your system.
Property Tax Exemptions – This incentive allows you to purchase your system which will raise the value of your property by $15,000 to $20,000 and have that increase exempt from your property tax. In the long run you save on not paying the tax but when you sell your home you get the increased value and homes with solar on them sell much faster than homes without.
Sales Tax Exemptions – With a sales tax exemption you are able to purchase the system at retail cost without any additional sales tax. In Florida that equates to an additional 6% savings.
Your energy consultant will review any new incentives or changes that are always occurring.