2024 Solar Incentives Guide for Cocoa, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Cocoa.
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.
Get a free quote from one of our trusted Cocoa solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Updated February 03, 2024
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Cocoa?
Florida PACE programs
Property Tax Abatement for Renewable Energy Property
Non-Residential: 80% of the added value
Lakeland Electric - Residential Energy Efficiency Loan Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. Different kinds of incentives, including discounts, cash back or monthly utility bill credits, might be available to you. Some incentives may be offered by the state of Florida, by your utility company or by county or municipality, while other incentives are federal. Some solar incentives you might qualify for are:
- Tax Credits: Tax credits reduce, dollar-for-dollar, the total amount of tax you owe the federal government. Tax credits differ from tax deductions.
- Net Metering: You may be able to sign a net metering contract with your Cocoa utility company that will apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then deduct this value from your monthly utility bill.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar panels. Property tax exemptions allow you to ignore the value added by your solar system when calculating the amount of property tax you need to pay on your house.
- Rebates: Rebates, or cash back after a purchase, are normally applied before any solar tax credits are calculated. These rebates may be given by your local utility company, by your county or by your state.
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
When thinking about solar incentives, federal incentives might be the first thing that comes to mind. 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 set 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 located in the United States that you own. 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 claim amount.
Your local Cocoa solar panel installation expert can provide more information about the ITC and how it might apply to your situation.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now dubbed the Clean Energy Credit. For solar system installations that begin after January 1, 2022, and are completed by the end of 2032, homeowners can receive a credit equal to 30% of the total cost. This percentage will decrease annually after 2032 until the Clean Energy Credit expires in 2035. The expansion to the program 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 Cocoa solar panel installer can answer your questions and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more can be offered at a more local level. Incentives may be handled by your county or municipality, or by the state of Florida. Certain incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Cocoa
Nationwide solar energy use has significantly increased in the past 15 years, in part due to the increase in availability of solar incentives. You may get these incentives from your local utility company, the federal government or the Florida government. Your local Cocoa solar panel installation expert can help you learn more about which incentives you can apply for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Cocoa, FL Solar Incentives FAQs
How do I know if I qualify for certain solar incentives?
It's best to speak with your local Cocoa solar installer for a better understanding of which incentives your project may qualify for. Usually, solar incentives apply to new solar systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, like those provided at the level of the Florida government, might have additional requirements.
How much can I save on my electric bill annually if I install solar panels on my Cocoa home?
Generally, Cocoa homeowners who install solar panels save about $1,206.50 per year, or around $22,923.47 over 20 years after making the switch.
How long until the federal solar tax credit ends?
The federal solar tax credit, formerly known as the ITC and now called the Clean Energy Credit, is set to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
Can I claim incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order in which incentives are applied may vary depending on which incentives you are claiming but usually yes, you can receive multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to make sure you are claiming all the incentives you qualify for and applying them in the correct order.
What if I want to add solar panels to a vacation home, rental property or commercial property? Do I still qualify for incentives?
While we recommend getting in touch with your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many can be claimed on a second home, as long as it is in the United States and owned by you. There may be additional incentives available specifically for commercial properties, depending on the details.
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.