On August 30th, Florida voters overwhelmingly approved a ballot initiative that will help pave the way for a solar-friendly future in the state. Amendment 4, formally titled the “Florida Property Tax Exemptions for Renewable Energy Equipment Amendment,” is a bipartisan ballot initiative that extends Florida’s renewable energy property tax incentive to commercial and industrial properties.
Prior to this legislation, businesses with solar installations were forced to pay higher property taxes than equivalent businesses without them. The expectation is that this property tax exemption will drive solar development in a state primed for growth in renewable energy. Public response to the Amendment was positive, signaling a growing shift towards green energy in Florida.
The energy production of a solar system is directly related to the amount and strength of sunlight; because of this, Florida has long been considered one of the most viable states for solar energy. In 2015, the National Renewable Energy Laboratory ranked Florida second in potential capacity for distributed-scale commercial solar photovoltaics. Yet, Florida ranks 18th in solar photovoltaic systems installed.
Solar developers are hoping that the passing of Amendment 4 will jumpstart the development of commercial solar projects in Florida, allowing the state to finally realize its renewable energy potential. The commercial solar property tax exemption provides a substantial boost to the project economics and future of solar systems in the Sunshine State.
If you are a Florida business owner, PowerFlex can find the best approach to take your business solar and keep you informed of any further policy changes. For more information, call us at (888) 225-0270 or email us at firstname.lastname@example.org.Contact Us Today!