Net Metering Programs
Solar installation isn’t the only area you can save when investing in solar energy production. Florida offers some excellent net metering programs throughout the state, allowing Florida homeowners to receive credit for the solar energy they produce but don’t use. Here’s how it works:
- While your solar system produces electricity, anything you don’t use is returned to the grid.
- That energy is then redispersed amongst other local homes and businesses.
- Your local utility company will compensate you based on the extra energy you produce, applying credits and money savings to your monthly energy bill.
- If solar production is less than the energy you use, any remaining energy you need will be pulled from the grid. Any previously earned credits will be applied to what energy “borrowed” from your utility provider.
By the end of the month, you’ll only pay your electric company for net usage, which is the difference in energy produced by your panels and energy used from the grid. In many cases, homeowners or businesses drastically reduce their electricity bills, sometimes eliminating costs completely. Florida’s leading utility companies offer 1:1 net metering, meaning you receive credits that are the same value as the electricity rate charged to you.
Tax Exemptions
Florida is the only state in the country to offer a 100% property tax exemption for residential solar panels and additional energy storage devices. For homeowners, this means a new solar system will raise the value of their home without increasing the property taxes they pay. In addition to the property tax exemption, Florida residents can also take advantage of a solar sales tax exception. For solar equipment and parts certified by the Florida Solar Energy Center, buyers won’t have to pay extra in sales taxes!
