2024 Solar Incentives Guide for Cypress Lake, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Cypress Lake.
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 Cypress Lake?
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" covers a range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Various kinds of incentives, including discounts, cash back or monthly utility bill credits, might be available to you. Some incentives may be provided via the state of Florida, by your utility company or by county or municipality, while others are federal. Some broad categories of solar incentives include:
- Tax Exemptions: These could come in the form of property tax exemptions, which can let you ignore the value added by your solar panels when paying taxes on your home. You could also look for exemptions on sales tax at the time of purchase.
- Tax Credits: Tax credits reduce, dollar-for-dollar, the total amount of tax you owe the government. Tax credits differ from tax deductions.
- Net Metering: You may be able to sign a net metering contract with your Cypress Lake utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. They will then deduct this value from your utility bill each month.
- Rebates: A rebate is a partial refund after the purchase of your solar panels. These might be offered by your local utility company, your state or your county. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
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SunPower
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Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
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Best Regional Coverage
Momentum Solar
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Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have heard of. You might have heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a specified percentage of the money you spend on your solar system.
The ITC applies to the total cost of installing solar panels, 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.
Speaking with your local Cypress Lake solar panel installer 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 renaming it to the Clean Energy Credit). For solar system installations that begin after January 1, 2022, and are completed by the end of 2032, homeowners may be eligible for a credit for 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit expires in 2035. 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 Cypress Lake solar panel company can answer your questions and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
Federal solar incentives are not your only option; rebates, tax credits and more might also be offered at the local or state level. These solar incentives — which might be provided by the state of Florida, or by your county or municipality — may be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Cypress Lake
You can apply for solar incentives from the federal government and the Florida government, as well as from your local utility company. The increased availability of solar initiatives in the past 15 years has helped increase solar adoption nationwide. Your local Cypress Lake solar panel installer can give you more information about which incentives you can apply for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Cypress Lake, FL Solar Incentives FAQs
If I installed solar panels on my house a few years ago, can I still claim incentives?
An excellent idea would be to talk to the company that installed your system – or get in touch with a local Cypress Lake solar installer — to clarify which incentives you may qualify for. If your system was installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Solar systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
What are some environmental benefits of adding solar panels to my house?
Solar energy is renewable — by switching where you get your energy, you can help reduce the strain on our planet's resources. A solar system can also lower your home's CO2 emissions by 450 pounds yearly, or around 9,000 pounds in 20 years.
When does the federal solar tax credit end?
The Clean Energy Credit (formerly called the federal solar tax credit, or ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I claim incentives both towards the initial cost of solar panels, and later as reimbursement?
The order in which incentives are applied could vary depending on which incentives you are claiming but usually yes, you can receive multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to make sure you are claiming all possible incentives and applying them in the correct order.
Can I get any financial incentives when I add solar panels to a rental property, vacation home or commercial property?
While we recommend talking to your local solar installer and/or tax professional to better understand what solar incentives apply to you, many incentives apply to a second home, provided that it is in the United States and owned by you. There may be additional incentives available for commercial properties specifically, depending on the specifics.
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.