2024 Solar Incentives Guide for Lake Mary, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Lake Mary.
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 Lake Mary?
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" generally refers to financial incentives put in place by solar companies and the government to encourage people to use renewable energy by making the installation and use of solar panels more affordable. The incentives can include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are offered by the federal government, some by the Florida government and some by your utility company, county or municipality. Types of solar incentives might include:
- Net Metering: Net metering factors in after your solar system is up and running. If you have in place a net metering agreement with your Lake Mary utility company, it will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some locations, this is a dollar-for-dollar credit, while in other areas you may get refunded a percentage of the value.
- Tax Credits: Tax credits reduce, dollar-for-dollar, the amount of income tax you owe the government. These are different from tax deductions.
- Tax Exemptions: Your solar panel system might qualify for both sales tax and property tax exemptions. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when you are calculating property taxes on your home.
- Rebates: Solar rebates can be provided by your local utility company, or by your county or state. These rebates are essentially partial refunds that are applied after your purchase of a solar system and before tax credits are calculated.
Best National Provider
SunPower
- 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
- 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
When you hear the term "solar incentives," federal incentives might be the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is the most well-known federal solar incentive. The ITC provides you with a tax credit for a set percentage of the cost of your solar system.
The ITC can be applied to the total cost of solar panel installation, including the panels themselves as well as equipment, labor and accessories. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own, as long as it is located in the United States. Originally set at 30% of total costs, the credit has fluctuated over time, and you may qualify for different amounts depending on when your project was completed. There is no maximum amount you can claim.
Wondering how the ITC applies to your specific situation? Get in touch with your local Lake Mary solar panel installation expert to get more information.
In August 2022, the ITC (now called the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. Now, solar installation projects that are completed between 2022 and 2032, may be eligible for a 30% tax credit. This percentage will then see a slight annual decrease until the end of the current Clean Energy Credit in 2035. Starting in 2023, the program expansion will also make it easier to get credit for energy storage systems.
Click here to learn more about the new Inflation Reduction Act. Your local Lake Mary solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
Tax credits, rebates and more can be claimed at multiple levels. In addition to federal solar incentives, there are often state and local ones as well. Certain incentives are ongoing, while others are offered for only a limited time. These local incentives might come from the Florida government, or from your specific county or municipality.
Next Steps for Installing Solar in Lake Mary
There are a number of different solar incentives: those provided by local utility companies, those provided by the federal government and those offered by the Florida government, to name a few. Solar energy utilization has grown tremendously in the last 15 years, partially due to these incentives. When you're prepared to make the switch to solar energy, reaching out to your local Lake Mary solar panel installation expert is an excellent place to start.
EcoWatch's Lake Mary, FL Solar Incentives FAQs
How much will a solar system save me on my electric bill in Lake Mary annually?
After adding solar panels to your home in Lake Mary, you can expect to save around $1,098.05 per year, or about $20,862.95 over 20 years.
Who installs solar panel systems near me?
To find the right solar panel installer for you, check out our guide to the best solar companies in Lake Mary.
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 the CO2 emissions from your home by 450 pounds a year, or roughly 9,000 pounds in 20 years.
Can I receive 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 your solar panels. Depending on which incentives you are applying for, they may apply in a different order. Make sure that you speak with your solar installer or a local tax professional to confirm that you are claiming incentives correctly and getting the most money you can.
Can I receive any incentives when I add solar panels to a rental property, vacation home or commercial property?
Many solar incentives are intended to apply to a property located within the United States that you own; most secondary residences will fall into this category. There may be other solar incentives available for commercial properties, depending on the details. We recommend reaching out to your local solar installer and/or tax professional to best understand what incentives may 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.