2023 Solar Incentives Guide for Belle Isle, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Belle Isle.
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 Belle Isle?
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
Orlando Utilities Commission - Residential Energy Efficiency Rebate Program
Energy Star Windows: $1.50 per sq. ft.
Ceiling Insulation Upgrade: $0.10 per sq. ft.
Heat Pump: $90-$1,630 per unit
Duct Repair/Replacement: 100% of cost up to $100
A/C Proper Sizing w/ R-30 Attic Insulation: $90
Energy Star Heat Pump Water Heater: 100% of cost up to $500
Solar Thermal Water Heater: 100% of cost, up to $900
Solar PV System Battery: $2,000
Orlando Utilities Commission - Solar Programs
Federal Residential Renewable Energy Tax Credit
The term "solar incentives" broadly refers to financial incentives implemented by the government and by solar companies to encourage the use of renewable energy by making the installation and use of solar panels more affordable. Solar incentives may include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are handled by the federal government, some by the Florida government and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- 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.)
- Tax Exemptions: Tax exemptions may come in one of two forms. The first is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the added value of your solar system when paying property tax on your home.
- Rebates: A solar rebate is a partial refund credited to your account after you've paid for your solar panels. Rebates might be offered by your local utility company, your county or your state. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
- Net Metering: Net metering is an incentive you can get once your solar system is up and running. If you've signed a net metering agreement with your Belle Isle utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this credit is dollar-for-dollar, while in other areas you might be refunded a percentage of the value.
Federal Solar Incentives
Federal solar incentives are probably the first thing that comes to mind when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is likely the most commonly known federal solar incentive. The ITC offers a tax credit for a predetermined percentage of your solar system's cost.
The ITC applies to solar systems installed after January 1, 2006 on a primary or secondary residence that you own in the United States. The credit initially covered 30% of the total cost — for panels, accessories, labor and equipment — although the percentage may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the amount you can claim.
Curious how the ITC might apply to your specific situation? Reach out to your local Belle Isle solar panel installer to get more information.
The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit lasts until 2035. Solar installation projects started after January 1, 2022 and completed by the end of 2032 may qualify for a 30% tax credit. The amount will decrease slightly on a yearly basis until the end of the current program. Beginning in 2023, it will also be easier to get credits for energy storage systems under this new program.
More information about the new Inflation Reduction Act can be found here. Your local Belle Isle solar panel company can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. As with federal incentives, these can include tax credits, rebates and more. Incentives may be offered by the state of Florida, or by your county or municipality. Certain incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Belle Isle
There are many types of solar incentives: those offered by the federal government, those offered by the Florida government and those offered by local utility companies, to name a few. The use of solar energy has increased tremendously in the last 15 years, thanks to these incentives. Reach out to your local solar panel installer today to discover more about the various programs and to save the most money possible on solar panels for your Belle Isle home.
EcoWatch's Belle Isle, 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.