Bay Area developers, home owners plan to cash in on solar energy
TAMPA, Fla. - A lot more homes in the Bay Area could soon be tapping into solar thanks to incentives included in the Inflation Reduction Act. The new law offers huge incentives to homeowners and developers that add solar panels and storage batteries to homes and buildings.
One Tampa developer plans to take advantage of the tax credits right away. James Ramos, owner of Ramos Companies, has plans to add solar panels to several community developments already in the works.
"For every $100,000 I spend on panels and storage, I'll get $30,000 back towards a decrease of my taxes," said Ramos. "With the cost escalation of wood, steel, copper, plastics, and everything that we're seeing in construction, having a credit like this is very important."
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Developers like Ramos won't be the only ones who see the savings. Solar panels and battery storage systems installed on homes will mean lower energy bills for the folks who would live there.
A Bay Area developer is taking advantage of a tax credit for installing solar panels on homes.
Ramos believes that's something home buyers will start to expect in new construction.
"You're going to see the demand really strengthen and I think people are going to be seeking these developments and an opportunity to buy these homes that have this solar energy," said Ramos.
Ramos plans to add solar to two Tampa townhome communities he already has in development, including ten homes at West Hyde Place at SOHO and six new builds at Park and Ola in Tampa Heights.
This week, Ramos also pitched a plan to Seminole Heights neighbors to transform a 3-acre dilapidated church property into a 37-home community where neighbors can generate and share solar energy.
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"They'll be able to share electricity that came by way of solar with neighbors when they need it most. It's pretty unique," said Ramos.
The Inflation Reduction Act gives incentives to homeowners and developers that add solar panels and storage batteries to homes and buildings.
The community energy sharing plan could ensure everyone can keep the lights on and their air conditioners running through any storm.
Ramos may be one of the first developers to jump on solar communities in Tampa, but with significant government tax rebates now available, he's sure he'll soon be in good company.
"Developers now have a reason to actually pay attention to the solar energy world and take the time to really put this in their projects," said Ramos. "This is not an inexpensive option, so having this incentive is really going to turn some heads."