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State Rebates, Federal Tax Credits, Utility Rebates, & Depreciation
State of Florida Solar Rebate The Florida Energy Office is paying a rebate of $4.00 per watt for solar power systems. The maximum rebate for a residential application is $20,000 and for a commercial building is $100,000. This rebate usually covers 40-50% of the cost to purchase and install a solar power system. Federal Tax Credit In addition to the State of Florida rebate, the federal government is allowing a 30% federal income tax credit for a residential system with no maximum dollar amount. The tax credit for commercial buildings is 30% of the solar system costs with no maximum dollar amount. Tax Deduction For homeowners who finance their solar system, they may be able to deduct the interest paid. 5-Year Accelerated Depreciation (for Businesses) Modified Accelerated Cost-Recovery System (MACRS) - This is an accelerated depreciation method in which the IRS allows businesses to depreciate the actual cost of a PV system (after 1/2 of the 30% tax credit has been deducted) over a 5-year period. These incentives will cover a substantial portion of the total cost, and the result is solar power being competitive with electric utility power. And possibly, depending on inflationary increases in the coming decade(s), be significantly less expensive than the prevailing energy rates of the future.
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We take solar energy seriously. Our renewable energy company has over 20 years of experience and our staff is qualified and dedicated to building you a quality solar photovoltiac system. We price our products fairly and work extra hard to make sure that our customers are satisfied.