There are several solar financing options available in Florida
Solar Loan: Many Solar Impact customers opt to finance their solar improvements using a residential solar loan. This is a great way to levelize your monthly electricity costs and protect you against any utility rate hikes in the future. Your loan payment stays the same for the life of the loan, whereas your utility bills will keep increasing by ~4% every year without solar! Our helpful customer service folks can guide you to options that make sense for your budget.
One of our more popular financing options is though Climate First Bank. Learn more about their loan options here.
Home Refinance or Home Equity Line of Credit (HELOC): When you refinance your home or borrow from your home equity, its usually the lowest cost option for financing solar since it’s rolled into the remaining term of your mortgage. We recommend talking to your mortgage company to find out if this option is right for you.
Save with Valuable Tax Incentives
The federal solar tax credit, also called the federal investment tax credit (ITC), allows homeowners and businesses to claim a 30% credit of the cost of installing a solar energy system from their federal taxes. The tax credit applies to the cost of materials and labor, applies to both residential and commercial systems, and has no cap on its value. If your tax credit exceeds your tax bill, the excess credit can be carried into the following tax year.
The solar tax credit is declining. The solar tax credit is currently planned for 30% through 2032; will step down in 2033 and be eliminated for residential in 2035.
The solar experts at Solar Impact can provide all the documentation you must include when filing your federal investment tax credit.
Get Credit for Your Excess Energy with Net Metering
Once your grid-tied solar energy system has been installed, you may also earn credit with your local utility for the excess energy your system generates through net metering. Required for utility companies in the state of Florida, net metering is an attractive way to further maximize the financial benefits of your solar system after installation.