2023 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 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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Updated May 04, 2023
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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/
The phrase "solar incentives" refers broadly to financial incentives put in place by solar companies and the government to encourage people to use renewable energy by making solar panels more affordable. You may qualify for different types of incentives, such as discounts, cash back 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 state of Florida and others from the federal government. Some solar incentives you might qualify for are:
- Rebates: Solar rebates may be provided by your local utility company, or by your county or state. These rebates are essentially partial refunds that are applied after you purchase a solar system and before tax credits are calculated.
- Net Metering: Net metering becomes relevant once your solar system is up and running. If you have in place a net metering agreement with your Ferry Pass utility company, it will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some places, this credit is dollar-for-dollar, while in other places you might make back a percentage of the value.
- Tax Exemptions: These could come in the form of property tax exemptions, which can let you exclude the value of your solar system when calculating the taxes you pay on your house. You may also qualify for an exemption on sales tax at the time of purchase.
- Tax Credits: Different from 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 the first thing that you think of when thinking about solar incentives. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a specified percentage of the cost of your solar system.
The ITC can be applied to solar systems installed after January 1, 2006 and lets you deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. You can receive this credit for solar panels installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum amount you can claim.
To find out exactly how much the ITC could save you, speak with your local Ferry Pass solar panel installer.
In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The new Clean Energy Credit extends until 2035. You can now receive a 30% credit for solar systems installed between 2022 and 2032. This credit will then see a slight annual decrease until its expiration. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. The best way to fully understand how the new Clean Energy Credit might apply to you is to get in touch with your local Ferry Pass solar panel installation expert.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more may be offered at the local or state level. Certain incentives are offered for only a limited time, while others are ongoing. These local incentives could come from your county or municipality, or from the Florida government.
Next Steps for Installing Solar in Ferry Pass
The large number of available solar incentives has helped tremendously increase the use of solar power nationwide over the last 15 years. You can get solar incentives from your local utility company, the Florida government or the federal government. It is a good idea to talk to your local Ferry Pass solar installer for more information about these incentives and to ensure that you're getting the largest number possible for your solar system.
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
EcoWatch's Ferry Pass, FL Solar Incentives FAQs
How do I learn if I qualify for different solar incentives?
It's a good idea to talk to your local Ferry Pass solar installer to get an understanding of which incentives your project may qualify for. Typically, solar incentives apply to new solar systems installed on property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those offered by the government of Florida, might have other requirements.
If I already have solar panels, can I still claim incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the recently increased 30% tax credit under the Inflation Reduction Act. If you had your system installed between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the exact installation date. Reaching out to the company that installed your solar system, or any local Ferry Pass solar installer, can help you learn more about what incentives you can apply for.
How much will a solar system save me annually on my electric bill in Ferry Pass?
Typically, 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 top solar panel installation companies near me?
To find a top-rated solar panel installer, check out our guide to Ferry Pass' best solar panel companies.
Can I apply for 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 eligible for but usually yes, you can claim multiple types of incentives for your solar project. Check with your solar installer or a local tax professional to confirm you are claiming all possible incentives 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.