The solar tax exemption is available to all residential and business owners in Florida who choose to use solar systems in Florida. All homeowners and businesses who have decided to install solar systems in Florida are eligible for the property tax and sales tax exemption that the state government provides.
The tax exemption will lessen either the upfront or long-term cost of incorporating a solar system in Florida with the best solar companies in Tampa. The tax sales exemption for solar systems in Florida has been effective since 1997. It was set to expire on the 1st of July 2002. However, it became permanent in May 2005 upon the enactment of H.B. 805.
There are mainly two types of tax exemption: property tax and sales tax exemption. Keep reading to know more:
Solar Sales Tax Exemptions
The sales tax incentive offers an exemption from the state sales tax for purchasing a solar panel system in Florida, giving you a 6% discount on what you will otherwise pay for, all thanks to the solar sales tax exemptions.
The sales tax exemption assists people who use the solar system in Florida to lessen the upfront costs of a solar installation by solar companies in Tampa.
Solar Property Tax Exemptions
The solar property tax exemptions provide opportunities for businesses and homeowners to obtain the value of a solar system in Florida from their property valuation for tax purposes.
The solar property tax exemptions make installing a solar system in Florida for business or residential purposes more cost-effective for taxpayers. This means that if the value of your home increases, your property tax expenses will not shoot up all because of the solar property exemption.
Other Solar Tax Exemption- The Federal Solar Tax – Credit
Another Solar tax exemption available for Florida residents is the solar tax credit, which allows Florida residents to save 26% on their P.V. solar system by taking advantage of the ITC, which is the investment tax credit.
It is important to note that the ITC is only available to Florida residents who purchase their solar P.V. system right away with cash or through a solar loan institution, like the solar pace financing.
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Contact us today at Innovative solar for all your solar needs. As the best solar company in Tampa, we offer you clear information and all you need to know about installing solar systems in Florida.