Posted on: 12 March 2015
Are you renovating or rehabbing the building where your small business is located in Florida? While you're changing the look of the building and/or updating its features, you should seriously consider going solar. It is good for the environment, will cut down on your business's power bills, and will appeal to your customers who are green-minded. There are also some very real monetary incentives for going solar in Florida, and now is the perfect time to take advantage of them. Most commercial roofing contractors can install solar panels for you and get your business's power sources set up to use them.
Here are three solar incentives offered by Florida that should get you on the phone with a commercial roofing contractor right away.
1. The Florida Renewable Energy Production Credit
According to FreshFromFlorida.com, this credit is given to businesses that use any form of renewable energy, including solar. Credits of one cent per kWh of electricity produced by a renewable energy source on the business's premises and sold to another business or government entity during any given year.
Businesses that use solar energy often produce more energy than they actually need. This results in surplus energy that can then be sold back to the local power company or other businesses. The Florida Renewable Energy Production Credit pays businesses for this excess solar energy production.
The amount of credit money is limited to $10 million for the entire state from fiscal years 2013 through 2017. Therefore, any business that wants to participate in this program needs to apply as soon as possible at the beginning of the fiscal year to make sure the credits for that year don't get taken by other businesses. Applications can be made to the Florida Department of Agriculture and Consumer Services.
2. On-Site Renewables Tax Incentives
This is a federal program that is open to any business in the United States that uses solar power, including businesses in Florida. You don't have to have a large business to be eligible; small businesses qualify for this program, as well.
The tax credits are available to businesses that install solar lighting or water heating mechanisms between January 1, 2006 and December 31, 2016. Standard solar panels must be used, as tube and passive solar systems are not eligible for the credit.
The tax credit will reimburse business owners up to 30 percent of the cost of installing the solar power system. To apply for the credit, the business owner needs to send the IRS proof of the cost of the solar system, when it was installed, and proof that it is a standard solar system when they submit their tax forms. Those wishing to use the credit may send in their proof with their quarterly or annual tax forms.
3. Solar and CHP Sales Tax Exemption
In Florida, solar power equipment is exempt from sales tax. This means business owners who purchase solar panels for their roofs and other equipment to power their business with solar energy will not have to pay sales tax on any of it.
This provision was put in place in 1997, expired in 2002, was extended to 2005, and made permanent that year. Companies that sell solar equipment and supplies certify that they do so with the Florida Department of Revenue.
As a small business owner installing solar power in your building, you don't have to do anything to get this benefit but buy your solar equipment from a certified retailer in the state.
There are many financial incentives to going solar. Not only will you save money on your power bill in most cases, you may even produce extra energy you can sell. Plus, you qualify for a number of tax and other financial incentives for converting your building to solar energy.
If you're already renovating or rehabbing your business's building, why not take the opportunity to go solar? Call your local commercial roofing contractor today to come and start the solar panel installation process for you and enjoy the many benefits solar power will bring.Share