2023 Solar Incentives Guide for Florida Ridge, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Florida Ridge.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Florida Ridge?
Solar and CHP Sales Tax Exemption
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
The term "solar incentives" broadly refers 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 be eligible for several kinds of incentives, such as cash back, discounts or monthly utility bill credits, 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. Categories of solar incentives include:
- Rebates: Rebates, or cash back after a purchase, are typically applied prior to any solar tax credits being calculated. Rebates might be provided by your local utility company, by your state or by your county.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
- Net Metering: Net metering becomes relevant after your solar panels are up and running. If you have a net metering agreement in place with your Florida Ridge utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in others you might be refunded a percentage of the value.
- Tax Exemptions: These may come in the form of property tax exemptions, which allow you to exclude the value added by your solar panels when paying taxes on your house. You could also look for exemptions on sales tax at the time of purchase.
Federal Solar Incentives
Federal solar incentives are likely to be the first thing that you think of when you think about solar incentives. One of the incentives many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a certain percentage of the cost of your solar system.
The ITC applies to solar panels installed on your primary or secondary residence in the United States. The solar panels must have been installed after January 1, 2006 on a property owned by you for you to claim the credit. Originally, the ITC covered 30% of all costs (panels, equipment, accessories and labor), although the covered amount has fluctuated over time between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.
Your local Florida Ridge solar panel installer can provide more information about the ITC and how it applies to your situation.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit re-raises the credit up to 30% for solar installations undertaken between January 1, 2022 and December 31, 2032. At this point, the credit percentage will decrease slightly each year until the program expires in 2035. The expansion to the program also makes it easier to get credit for energy storage systems, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. To fully understand how the new Clean Energy Credit might apply to you, get in touch with your local Florida Ridge solar installation expert.
State & Local Solar Incentives
There are more than just federal solar incentives; tax credits, rebates and more may be offered at the local or state level. The incentives — which may be given by the state of Florida, or by your county or municipality — may be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Florida Ridge
The expanding number of solar incentives available has helped tremendously increase the use of solar power nationwide over the last 15 years. You might qualify for solar incentives from your local utility company, the Florida government or the federal government. If you're prepared to switch over to solar energy, reaching out to your local Florida Ridge solar panel installation expert is an excellent place to start.
EcoWatch's Florida Ridge, FL Solar Incentives FAQs
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.