2024 Solar Incentives Guide for Citrus Springs, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Citrus Springs.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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What Solar Tax Credits, Incentives, and Rebates are Available in Citrus Springs?
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/
The phrase "solar incentives" generally refers to financial incentives implemented by the government and by solar companies to encourage the use of renewable energy by making solar panels more affordable. Different types of incentives, like cash back, discounts or credit towards your monthly utility bill, might be available to you. Certain incentives may be handled by the Florida government, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:
- Tax Exemptions: Sales tax exemptions are effective at the time of purchase for your solar system. Property tax exemptions allow you to exclude the value that your solar panels add when you're calculating the amount of property tax you need to pay on your house.
- Net Metering: Make sure you talk to your Citrus Springs utility company about signing a net metering contract. This allows you to get a credit towards your utility bill every month for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Rebates: A solar rebate is a partial refund credited to your account after you've paid for your solar panels. Rebates may be offered by your local utility company, your county or your state. The cash back that you get from the rebates is normally applied before calculating tax credits.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 the first thing that you think of when you think about solar incentives. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a specified percentage of your solar system's cost.
The ITC applies to the value of solar panels installed on your primary or secondary residence in the United States. The solar system has to have been installed after January 1, 2006, on a property you own for you to be eligible for the credit. Originally, the ITC covered 30% of all system costs (panels, accessories, equipment and labor), although the amount has fluctuated slightly over the last few years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the claim amount.
Contacting your local Citrus Springs solar panel installation expert is the best way to understand how the ITC applies to your situation.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it the Clean Energy Credit). The Clean Energy Credit runs until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit. The amount will decrease slightly on a yearly basis until the current program ends. The expansion to the program also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Citrus Springs solar panel installation expert is the best person to answer your questions regarding the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
Tax credits, rebates and more might be claimed at multiple levels. Along with federal solar incentives, there are often state and local ones, too. Certain incentives are ongoing, while others are offered for only a limited time. Local solar incentives may come from your county or municipality, or from the Florida government.
Next Steps for Installing Solar in Citrus Springs
The expanding number of available solar incentives has contributed greatly to the increase in the use of solar power nationwide over the past 15 years. You might qualify for solar incentives from the Florida government, the federal government or your local utility company. We recommend talking to your local Citrus Springs solar installation expert for more information about these incentives and to be sure that you're getting all the money you can for your solar system.
EcoWatch's Citrus Springs, FL Solar Incentives FAQs
How much can I save annually on my electric bill if I install solar panels on my house in Citrus Springs?
When you add solar panels to your Citrus Springs home, you can expect to save around $1,203.70 per year, or about $24,073.93 over 20 years.
What are the environmental benefits of switching to solar?
Solar energy is renewable — by changing where you get your energy, you help reduce the strain on our planet's resources. A solar system can also lower the CO2 emissions from your home by 100 pounds yearly, or roughly 2,000 pounds in 20 years.
Can I receive incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order that incentives will be applied in may vary depending on which incentives you are claiming but typically yes, you can claim multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to verify you are claiming all the incentives you qualify for and applying them in the correct order.
Can I use multiple types of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you discuss your ideas with your local Citrus Springs solar installation expert. They can help you with the plan for your project and give you an understanding of various incentives that you will or won't qualify for.
Can I get any financial incentives when I add solar panels to a vacation home, rental property or commercial property?
Many solar incentives apply to a property located within the United States that you own, and most secondary residences fall under this distinction. Other solar incentives may be available for commercial properties, depending on the specifics. We recommend speaking with your local solar installer and/or tax professional to best understand what incentives may apply to your specific situation.
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.