2024 Solar Incentives Guide for Lake City, FL - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Lake City.

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.
Get a free quote from one of our trusted Lake City solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Lake City?

Solar and CHP Sales Tax Exemption

Incentive Type:
Sales Tax Incentive

Florida PACE programs

Incentive Type:
PACE Financing
Determined locally

Property Tax Abatement for Renewable Energy Property

Incentive Type:
Property Tax Incentive
Residential: 100% of the added value
Non-Residential: 80% of the added value

Clay Electric Cooperative, Inc - Solar Thermal Loans

Incentive Type:
Loan Program
$7,500

Clay Electric Cooperative, Inc - Energy Smart Energy Efficiency Rebate Program

Incentive Type:
Rebate Program
Ceiling Insulation: $0.11 per square foot
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

Incentive Type:
Loan Program
$7,500

Lakeland Electric - Residential Energy Efficiency Loan Program

Incentive Type:
Loan Program
$5,000

Clay Electric Cooperative, Inc - Energy Smart Solar Water Heater Rebate Program

Incentive Type:
Rebate Program
$0.01 per BTU output

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


The term "solar incentives" includes a wide range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Incentives could include things like discounts, cash back or monthly utility bill credits. Some incentives are offered federally, while others are offered by the Florida government or your utility company, county or municipality. Categories of solar incentives include:

  • Tax Exemptions: These can come in the form of property tax exemptions, which would allow you to exclude the value added by your solar panels when paying property tax on your home. They may also include exemptions on sales tax at the time of purchase.
  • Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you've signed a net metering agreement with your Lake City utility company, they will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some places, this credit is dollar-for-dollar, while in other areas you might be refunded a percentage of the value.
  • Rebates: A solar rebate is a partial refund after the purchase of your solar system. Rebates could be offered by your local utility company, your county or your state. The cash back that you get from the rebates is normally applied before tax credits are calculated.
  • Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the federal government.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Federal Solar Incentives

When you think about solar incentives, you probably think of federal incentives first. The Federal Solar Investment Tax Credit, or ITC, is likely the most well-known federal solar incentive. The ITC offers a tax credit for a specific percentage of your solar system's cost.

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, accessories, equipment and labor. You can claim this credit for a solar panel system installed on a primary or secondary residence in the United States that you own. The original claim amount was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum amount you can claim.

Have questions about how the ITC applies to your specific situation? Contact your local Lake City solar panel installer to get more information.

In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now called the Clean Energy Credit. The Clean Energy Credit lasts until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit. The amount will then decrease slightly each year until the end of the current program. 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 learn more about how the new Clean Energy Credit might apply to you is to reach out to your local Lake City solar panel installers with your questions.

State & Local Solar Incentives

Rebates, tax credits and more can be provided at multiple levels. Along with federal solar incentives, there are often state and local ones, too. Incentives might be provided by your county or municipality, or by the state of Florida. Some incentives are available for only a limited time, while others are ongoing.

Next Steps for Installing Solar in Lake City

Solar incentives might be offered by the Florida government, the federal government or your local utility company. The growing number of incentives available has helped nationwide use of solar energy increase greatly in the last 15 years. Reaching out to your local Lake City solar panel installation expert is the right first step towards getting all the incentives you qualify for when you switch to solar energy.

EcoWatch's Lake City, FL Solar Incentives FAQs

If I installed solar panels on my house a few years ago, can I still claim incentives?

Your best bet is to talk to the company that installed your system – or reach out to a local Lake City solar installer — to learn about which incentives you might qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.

How much will a solar system save me on my electric bill in Lake City annually?

On average, homeowners in Lake City who install solar panels save about $1,087.24 per year, or about $20,657.55 over 20 years after making the switch.

Who installs solar panels near me?

To find the best solar panel installers near you, read our article on the best solar companies in Lake City.

Can I use a combination of multiple types of renewable energy to power my home?

Yes, you can utilize multiple types of renewable energy to power your home — for example, a combination of geothermal and solar. You can also use both renewable energy sources and a non-renewable backup source of energy. You should discuss your plan with your local Lake City solar installation expert, to make sure you know what you'll need and what incentives you might or might not qualify for.

What if I want to add a solar system to a vacation home, rental property or commercial property? Will I still qualify for incentives?

Many solar incentives are intended to apply to a property located within the United States that you own, and most secondary residences fall under this distinction. Other solar incentives may be available for commercial properties, depending on the specifics. We recommend getting in touch with your local solar installer and/or tax professional to better understand what incentives apply to your specific situation.

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.

Follow us