2024 Solar Incentives Guide for Ferry Pass, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Ferry Pass.
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 Ferry Pass?
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 are intended to encourage people to switch to renewable energy by offering financial incentives meant to lower the burden of solar panel installation and use. You might be eligible for different types of incentives, such as cash back, discounts or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the Florida government and others from the federal government. Some solar incentives you might qualify for are:
- Net Metering: Be sure to speak to your Ferry Pass utility company about signing a net metering contract. This will allow you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You might receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: Your solar panel system might qualify for both sales tax and property tax exemptions. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions allow you to exclude the value that solar panels add when calculating property taxes on your home.
- Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar system. Counties or states will also offer limited-time rebates at various times. If you receive a rebate, that amount will usually be deducted from your total price before any tax credits are calculated.
- Tax Credits: Tax credits lower, dollar-for-dollar, how much income tax you owe the federal government. Tax credits differ from tax deductions.
Best National Provider
SunPower
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- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
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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 may be the first thing that comes to mind. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a predetermined percentage of the money you spend on your solar system.
The ITC covers solar systems installed after January 1, 2006, and allows you to deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. This credit can apply towards a solar panel system installed on a primary or secondary residence in the United States that you own. The original amount you could claim was 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum claim amount.
Reaching out to your local Ferry Pass solar panel installer is the best way to learn more about how the ITC applies to your situation.
In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. Homeowners are now eligible for a credit equal to 30% of the total solar system installation costs for projects started after January 1, 2022, and completed before the end of 2032. The percentage will then begin to decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the program expansion will also make it easier to get credit for energy storage systems.
More information about the new Inflation Reduction Act can be found here. Your local Ferry Pass solar panel installation expert is the best person to answer your questions about the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. As with federal incentives, these may include tax credits, rebates and more. Certain incentives are ongoing, while others are available for a limited time. Incentives might be provided by your county or municipality, or by the Florida government.
Next Steps for Installing Solar in Ferry Pass
Nationwide solar energy use has gone up significantly 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 Florida government or the federal government. Your local Ferry Pass solar panel installation expert can provide you with more details about which incentives you might qualify for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Ferry Pass, FL Solar Incentives FAQs
How can I find out if I qualify for solar incentives?
Generally, solar incentives apply to:
- a new solar system
- installed on property that 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, might have additional qualifications. Speak with your local Ferry Pass 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 Ferry Pass home?
Generally, homeowners in Ferry Pass who install solar panels save around $1,232.06 per year, or around $23,409.15 over 20 years after making the switch.
What are the environmental benefits of switching to solar energy?
Solar energy is renewable — by switching where you get your energy, you help lessen 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 (previously referred to as the federal solar tax credit, or the ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I receive incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order your incentives will be applied in may vary depending on which incentives you are claiming but generally yes, you can claim multiple types of incentives for your solar project. Speak to your solar installer or a local tax professional to be sure you are claiming all 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.