2023 Solar Incentives Guide for Callaway, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Callaway.
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 Callaway?
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 mitigate the cost of installing solar panels on your home. Financial incentives like these are intended to encourage more people to switch their home over to renewable energy. You might qualify for different types of incentives, such as cash back, discounts or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Florida government and others from the federal government. Some broad categories of solar incentives include:
- Tax Exemptions: These can come in the form of property tax exemptions, which allow you to exclude the value added by your solar panels when paying property tax on your house. You may also qualify for an exemption on sales tax at the time of purchase.
- Rebates: Rebates, or cash back after a purchase, are typically applied prior to any solar tax credits being calculated. Solar rebates can be provided by your local utility company, by your state or by your county.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have a net metering agreement with your Callaway utility company, it will subtract the value of the excess energy your solar system produces from your utility bill each month. In some areas, this credit is dollar-for-dollar, while in others you may get refunded a percentage of the value.
- Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
Federal Solar Incentives
Federal solar incentives are likely to be the first thing that comes to mind when thinking about solar incentives. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a certain percentage of the money you spend installing solar panels.
The ITC can be applied to solar systems installed after January 1, 2006 and under this program you can deduct from your taxes a percentage of the total cost of solar panels, equipment, labor and accessories. You can claim this credit for a solar panel system installed on a primary or secondary residence that you own in the United States. The original claim amount was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum claim amount.
To best understand how the ITC may apply to you, contact your local Callaway solar panel installation expert and request more information.
In August 2022, the ITC (now called the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. Homeowners can now receive a credit of 30% of the total costs of solar system installation for projects started after January 1, 2022 and completed before the end of 2032. The credit percentage will then begin to decrease annually until the Clean Energy Credit ends in 2035. The expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Callaway solar panel company is the best resource for answering your questions regarding the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Tax credits, rebates and more might be available at a more local level. These incentives might be provided by the Florida government, or by your county or municipality. Some are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Callaway
Solar incentives may come from the federal government, the Florida government or your local utility company. The variety of available solar incentives has helped nationwide use of solar energy increase greatly in the last 15 years. We recommend talking to your local Callaway solar installation expert to learn more about these incentives and to make sure that you're getting the largest number possible for your solar panels.
EcoWatch's Callaway, FL Solar Incentives FAQs
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