Solar incentives and financing in Florida
- Factsheet
What type of solar incentives are available?
There are several types of financial incentives available that can help you go solar. This section primarily covers the solar incentives available in Florida, but you can learn more about national solar incentives here.
Solar incentives & financing in Florida
Solar incentives
What types of solar incentives are available?
Several types of incentives can help you go solar. This section covers the solar incentives available in Florida, but you can learn more about the national context of solar incentives on our national solar incentives page.
No sales tax on solar
Since July 1997, solar energy systems have been exempt from Florida’s sales and use tax. In May 2005, the exemption was made permanent upon the enactment of House Bill 805. This exemption applies to solar hot water, solar space heaters, photovoltaic systems, solar pool heating, and all associated components. The Florida Solar Energy Center periodically revises the list of equipment and requisite hardware considered to be a solar energy system.
Property taxes
Florida provides
- 100% property tax exemption for residential renewable energy property
- 80% property tax abatement for non-residential renewable energy property
Eligible renewable energy properties include solar photovoltaic (PV) systems, solar PV plus storage systems, wind energy systems, solar water heaters, and geothermal heat pumps installed on or after January 1, 2013.
Local incentives
- Dunedin Solar Energy Grant Program: Rebate for installing solar. The grant offers $0.25 per watt of solar power installed for a maximum grant of $2,500. Applicants must be a City of Dunedin resident or business (unincorporated addresses are not eligible). Solar permits must be applied for, issued, inspected, and completed on or after October 1, 2018. This grant will be awarded on a first-come, first-served basis – as funds are available. Annual total funding is determined in each fiscal year’s budget.
- Florida Keys Electric Cooperative Solar Loan: Approved members may receive a loan, less any available qualified rebates, up to $35,000 for the purchase and installation of a grid-tied Distributed Energy Resource (DER) system. This includes distributed renewable solar photovoltaic systems and grid-tied battery storage systems – All of which must be installed by a qualified solar installer.
- The City of Tallahassee Utilities offers an energy efficiency loan with a fixed interest rate of 5%. Terms are 5-10 years and repaid on utility bills.
- Boynton Beach Energy Edge rebate program: Applicants may receive a $1,500 rebate for a 5 kilowatt (kW) or larger. Reside in the building as your primary place of residence OR have a business that is the principal occupant of the building. Not offer the building for sale or lease within one year of completing the work. Learn more about the program and eligibility here.
Florida SREC
Solar Renewable Energy Credits (SRECs) are a solar incentive designed to encourage solar adoption. SRECs are created when a state passes a renewable portfolio standard (RPS). At this time, Florida has no RPS and no solar electricity targets. As a result, Florida does not have an SREC market.
Solar financing
Florida PACE
Property Assessed Clean Energy lending programs are available for homeowners and commercial businesses in Florida. PACE allows homeowners to finance energy efficiency, renewable energy, and windstorm upgrades to their homes at fixed interest rates without obtaining a credit score.
There are no upfront costs – it’s attached to your property taxes. Payment to the contractor is made by your local PACE provider and takes place after work is complete. Payments can be stretched out up to 25 years. You can also pay it off in full at any time without any penalty.
If you sell your home, there is the possibility of rolling over the unpaid costs to the next homeowner – this depends on the mortgage lender. PACE requires a homeowner to have 10% equity in their home and three years of property taxes paid off OR the period of ownership – meaning if you just moved into your home and haven’t paid taxes yet you can still qualify.
- Ygrene – This program offers commercial and residential loans.
- Home Run Financing – This program offers commercial and residential loans.
- RenewPACE – This program is run by Renew Financial and offers programs to commercial and residential upgrades.
SELF LOANS
Solar and Energy Loan Fund (SELF) offers zero money down, low-interest rate loans with flexible terms covering energy efficiency, renewable energy, water conservation, and windstorm upgrades. Interest rates range between 5-9.5%. SELF is a nonprofit Community Development Financial Institution that offers many loan products.
Residential Program
The residential program helps homeowners access affordable unsecured loans. Applicants must have a credit score of 500 or more. Loan amounts begin at $1,000. Learn more and apply here.
KIVA
SELF also offers a crowdfunding loan option, KIVA. This is available to female homeowners and veterans. There is no minimum credit score required, however, applicants must provide proof of income and demonstrated need. Applicants have their story and photo posted to the KIVA platform for donors to crowdfund their loan amount. For veterans, some funding is already secured through KIVA’s Veterans Helping Veterans program. These loans can be used toward home improvements related to energy, wind resistance, and water conservation.
Florida Banks that offer solar loans
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