2023 Solar Incentives Guide for Apopka, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Apopka.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Apopka?
Solar and CHP Sales Tax Exemption
Property Tax Abatement for Renewable Energy Property
Non-Residential: 80% of the added value
Florida PACE programs
Lakeland Electric - Residential Energy Efficiency Loan Program
Federal Residential Renewable Energy Tax Credit
Solar incentives encourage homeowners to switch to renewable energy by offering financial incentives that lower the burden of solar panel installation and use. Solar incentives could include cash back, upfront discounts or credit towards your monthly utility bill. Some incentives are given by the federal government, some by the state of Florida and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar panels. Property tax exemptions let you exclude the value added by your solar system when you're calculating the amount of property tax you need to pay on your home.
- Net Metering: You can sign a net metering agreement with your Apopka utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your utility bill each month.
- Rebates: Rebates, or cash back after a purchase, are usually given prior to any solar tax credits being calculated. Rebates might be offered by your local utility company, by your state or by your county.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (This is different from a tax deduction.)
Federal Solar Incentives
Federal solar incentives are likely the first thing that comes to mind when you think about solar incentives. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a certain percentage of the money you spend installing solar panels.
The ITC is applied to the total cost of solar panel installation, including the panels themselves as well as accessories, labor and equipment. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence that you own, as long as it is located in the United States. Originally set at 30% of total costs, the credit has fluctuated over time, and you may qualify for different amounts depending on when your project was completed. There is no maximum amount you can claim.
To more fully understand how the ITC may apply to you, contact your local Apopka solar panel installer and request more information.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). The Clean Energy Credit lasts until 2035. Any solar installation project that is completed between January 1, 2022 and December 31, 2032 may qualify for a 30% tax credit. This amount will then decrease slightly each year until the end of the current program. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. The best way to fully understand how the new Clean Energy Credit might apply to you is to reach out to your local Apopka solar panel installers with your questions.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. Similar to federal incentives, these might include tax credits, rebates and more. These incentives may be given out by your county or municipality, or by the Florida government. Some are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Apopka
There are many kinds of solar incentives: those given by local utility companies, those given by the Florida government and those given by the federal government, to name a few. Solar energy use has increased enormously in the last 15 years, partially due to these incentives. We recommend talking to your local Apopka solar installation company for more information about these incentives and to be sure that you're getting all of the money you can for your solar panels.
EcoWatch's Apopka, FL Solar Incentives FAQs
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.