2023 Solar Incentives Guide for Bithlo, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Bithlo.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Bithlo?
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
Source: https://www.dsireusa.org/
Solar incentives help mitigate the cost of installing a solar panel system on your home. These financial incentives are in place to encourage more people to make the switch to renewable energy. These incentives can include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the state of Florida and some by your utility company, county or municipality. Categories of solar incentives include:
- Rebates: Rebates, or partial refunds after a purchase, are typically applied before any solar tax credits are calculated. These rebates can be offered by your local utility company, by your state or by your county.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions let you exclude the value added by your solar system when you're calculating how much property tax you need to pay on your home.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have a net metering agreement in place with your Bithlo utility company, the company 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 others you may be refunded a percentage of the value.
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Federal Solar Incentives
Federal solar incentives are likely to be the first thing that you think of when thinking about solar incentives. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a certain percentage of the cost of your solar system.
The ITC applies to the total cost of solar panel installation, including the panels themselves as well as equipment, labor and accessories. This credit can be claimed 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. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.
Talking to your local Bithlo solar panel installation expert is the best way to understand how the ITC may apply to your situation.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit runs 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 be decreased slightly on a yearly basis until the end of the current program. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit might apply to you is to talk with your local Bithlo solar panel installers.
State & Local Solar Incentives
Federal solar incentives are not your only option; tax credits, rebates and more may be offered at the state and local level. Incentives may be offered by the state of Florida, or by your county or municipality. Some incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Bithlo
You can apply for and receive solar incentives from the federal government and the Florida government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. It is a good idea to talk to your local Bithlo solar installation company to learn more about these incentives and to ensure that you're getting all of the money you can for your solar panels.
EcoWatch's Bithlo, FL Solar Incentives FAQs
How do I learn if I qualify for different solar incentives?
Typically, solar incentives apply to:
- a new solar panel system
- installed on property you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including those given out by the Florida government or by your county/municipality, sometimes have additional qualifications. Speak with your local Bithlo solar installer to find out what incentives your project may qualify for.
How much can I save on my electric bill annually if I add solar panels to my house in Bithlo?
Generally, Bithlo homeowners who install solar panels save about $1,121.68 per year, or about $21,311.93 over 20 years after making the switch.
What are the best solar panel installation companies near me?
To find the best solar panel installers near you, read our article on the top solar companies in Bithlo.
What are some environmental benefits of adding solar panels to my home?
Solar energy is a renewable energy source — by changing where you get your energy, you help reduce the strain on our planet's resources. You can also reduce your home's CO2 emissions by 450 pounds a year, or around 9,000 pounds over 20 years.
Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order your incentives will be applied in could vary depending on which incentives you are claiming but in most cases yes, you can claim multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to confirm you are claiming all of the incentives you qualify for and applying them in the correct order.
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.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.