If you’re looking to go solar in 2021, then solar tax incentives in Florida can help with the installation costs. But, you need to act fast – both to gain solar tax credits and to avoid volatile solar equipment price increases.
Here’s why you need to lock in pricing now:
Solar Tax Incentives in Florida 2021
Solar tax incentives in Florida are fantastic for anyone installing new solar panels and batteries in 2021. Regardless of how much your solar installation costs, they will save you thousands of dollars. This year, you can save 26% thanks to solar tax incentives in Florida. That’s the equivalent of $7,800 on a $30,000 installation.The Time to Act is Now!
But time is always running out. Each year the solar tax incentives in Florida drop. By 2023, it will be 22% and in 2024, 0%! There is no guarantee the recent extension to solar tax incentives in Florida will happen again. Solar tax credits have been slashed for years – it was 30% back in 2019. We’ve had many customers regret delaying back in 2019, as they pay far higher now. Make sure you’re not one of them. Act now and save thousands of dollars.Solar Equipment Price Rises!
COVID-19 has been reaping havoc on the solar power industry too – and that has had a knock on effect on customers. Key materials, panels and shipments have all been delayed since the start of the pandemic leading to high competition in the U.S. That’s caused prices to rocket and customers forced to either face long waiting lists or pay over the usual price. The fear now is that solar equipment prices are forecast to rise again this summer!Glass Shortage Crisis
Countries like India and Australia are already feeling the heat, as China faces a worrying glass shortage. That’s caused glass prices to rise by 71% since July 2020 and we could be about to see the same situation this year. Some forecasts suggest the solar industry could be 20-30% short of glass until summer 2022 – so act now to avoid these rising costs! Problems in the manufacturer of modules have also caused rising costs throughout the industry.Make Sure You’re At the Front of the Queue!
With COVID-19’s impact on everyday life hopefully reaching its conclusion soon and people ready to return to spending their earnings and stimulus checks, there is likely to be a queue for solar power installation. With Florida Power Services, we’re well-stocked to serve your installation in 2021. But we urge you to act fast and avoid the competition we expect later. Being stuck on a waiting list could see you miss out on 2021’s solar tax incentives in Florida, and the same goes for 2022. Whether you’re a homeowner or a commercial property owner, being at the front of the queue could be the difference between spending thousands of unnecessary dollars and saving thousands.Am I Eligible for Solar Tax Incentives in Florida?
In order to save thousands of dollars in 2021 through solar tax incentives in Florida, you need to be able to say yes to the following criteria:RESIDENTIAL SOLAR TAX CREDIT REQUIREMENTS
- The solar installation must start before the end of 2022 and provide energy for your home.
- You must be the property owner, not a tenant.
- You must own the solar panels, not be leasing them.
- All electrical and fire code requirements must be met.
- Solar systems purchased with loans are also eligible.
BUSINESS SOLAR TAX CREDIT REQUIREMENTS:
- The solar installation must start before the end of 2022 and provide energy for your home.
- The solar system must be used by someone paying U.S. income taxes.
- The above does not apply to schools, charities, churches and other tax-exempt organizations.
- The energy generated cannot be used to heat a pool.
What Expenses are Covered by Florida Solar Tax Incentives?
You can save 26% on the following Florida solar installation expenses:- Solar PV panels or PV cells
- Contractor labor costs for everything from onsite preparation to permitting fees.
- Installation and balance-of-system equipment, including wires, mounting and inverters.
- Energy storage devices charged exclusively by solar panels – such as battery backup banks or off-grid battery systems.
How Do I Claim Solar Tax Credits?
When filing your tax return, you should:- Check your installation starts before December 31, 2021.
- Collect any receipt related to the cost of solar installations and solar power.
- Fill out the IRS Form 5965.
- Add the Tax Credits to Form 1040.
