2023 Solar Incentives Guide for Fleming Island, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Fleming Island.
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.
Get a free quote from one of our trusted Fleming Island solar installers to see how much you can save.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Fleming Island?
Property Tax Abatement for Renewable Energy Property
Non-Residential: 80% of the added value
Florida PACE programs
JEA - Solar Incentive Program
Lakeland Electric - Residential Energy Efficiency Loan Program
Clay Electric Cooperative, Inc - Energy Smart Energy Efficiency Rebate Program
Spray Foam Insulation: $0.28 per square foot
Window Film: $0.44 per square foot
Solar Shade Screen: $0.44 per square foot
Solar Water Heating: $0.01 per BTU
Heat Pump Water Heater: $175
Heat Recovery Unit: $200
HVAC: $250
Clay Electric Cooperative, Inc - Energy Conservation Loans
Clay Electric Cooperative, Inc - Solar Thermal Loans
Clay Electric Cooperative, Inc - Energy Smart Solar Water Heater Rebate Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" generally refers to financial incentives that are in place to encourage people to use renewable energy by making the installation and use of solar panels more affordable. You may be eligible for several kinds of incentives, including discounts, cash back or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Florida and others from the federal government. Categories of solar incentives include:
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar panels. Property tax exemptions allow you to ignore the value that your solar panels add when calculating how much property tax you need to pay on your house.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Net Metering: You may be able to sign a net metering contract with your Fleming Island utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your monthly utility bill.
- Rebates: A rebate is a partial refund given after you've purchased your solar panels. These could be offered by your local utility company, your state or your county. The rebates are usually applied before tax credits are calculated.
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 probably the first thing that comes to mind when you think about solar incentives. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a certain percentage of the money you spend on 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, accessories, labor and equipment. This credit can be claimed on solar panels installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum claim amount.
Your local Fleming Island 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 expanded and extended the ITC, now referred to as the Clean Energy Credit. For solar systems installed between January 1, 2022 and December 31, 2032, homeowners can receive a credit equal to 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit ends in 2035. The program expansion also makes credits for energy storage systems even easier to claim, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Fleming Island solar panel company can answer your questions and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
Not all solar incentives are federal; rebates, tax credits and more might also be offered at the local or state level. Some incentives are offered for only a limited time, while others are ongoing. These local incentives might come from your county or municipality, or from the Florida government.
Next Steps for Installing Solar in Fleming Island
There are a number of different solar incentives: those given by local utility companies, those given by the Florida government and those given by the federal government, to name a few. Solar energy use has increased tremendously in the last 15 years, partially thanks to these incentives. If you're prepared to make the switch to solar energy, reaching out to your local Fleming Island solar panel installation expert is an excellent place to start.
EcoWatch's Fleming Island, FL Solar Incentives FAQs
How can I learn if I qualify for solar incentives?
In most cases, solar incentives apply to:
- a new solar system
- installed on property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including those given out by the Florida government or by your county/municipality, could have additional qualifications. Get in touch with your local Fleming Island solar installer to discover what incentives your project may qualify for.
How much can I save on my electric bill annually if I install solar panels on my house in Fleming Island?
Typically, homeowners in Fleming Island who install solar panels save about $1,051.82 per year, or about $19,984.57 over 20 years after making the switch.
What are the best solar panel installation companies near me?
To discover the best solar panel installation companies near you, take a look at our article on the top solar companies in Fleming Island.
If I trade in my appliances for ones that utilize solar energy, are there any incentives I can claim?
The recently passed Inflation Reduction Act introduces several incentives that reward homeowners for making eco-friendly upgrades. Some incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
Can I claim incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can receive both tax credits and rebates towards the cost of solar panels. Depending on precisely which incentives you are eligible for, they may apply in a different order. Make sure that you speak with your solar installer or a local tax professional to verify that you are claiming the correct incentives and getting the most money possible.
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.