What types of rebates, grants & tax credits are available for solar electric systems?

State Residential & Commercial:

ATTENTION: The Florida Solar Rebate Program sunsets in June 2010.

The state of Florida up through June 2010 provides a rebate of $4.00 a watt for both residential and commercial systems.  The residential rebate is capped at $20,000.00 and the commercial rebate is capped at $100,000.00.  The Florida legislature provides funding each year for the solar energy rebate which is paid out in the following year if your application has been approved and you have been placed on the waiting list and are eligible to receive the next available quarterly funding. 

NOTE: since the funds are instantly exhausted once the program has been funded by the legislature, you must apply for and be placed on the waiting list before the legislature provides funds for the next budget year in order to receive your rebate with the next available funding, the quicker you get your application in the quicker you get your rebate!!!

Federal Residential & Commercial:

The Federal Government provides for a 30% tax credit based on the total cost of the system installed for both residential and commercial systems with NO CAP starting in January 2009 and runs through the end of 2016.  This is a $ for $ tax credit which offsets your tax liability and can be used to offset any AMT liability as well, any unused credit left over from the original filing year can be carried forward to successive tax years until used in its entirety.

Additional information for Commercial Solar Installations:

The business can choose to take the tax credit in the form of a Tax Grant from the Treasury Department which is to be paid out within 60 days of applying for the tax grant or within 60 days of the solar installation completion date. Note: pass-thru entities are excluded from this new provision of the Economic Recovery Act of 2009

The cost of the solar installation qualifies for accelerated depreciation over 5 years.

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