2024 Solar Incentives Guide for Largo, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Largo.
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 Largo?
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/
Solar incentives help mitigate the cost of installing a solar panel system on your home. These financial incentives are designed to encourage more homeowners to switch to renewable energy. Various types of incentives, including discounts, cash back or credit towards your monthly utility bill, may be available to you. Some incentives may be provided via the Florida government, by your utility company or by county or municipality, while others are federal. Some solar incentives you might qualify for are:
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (A tax credit is different from a tax deduction.)
- Net Metering: You can sign a net metering agreement with your Largo utility company. This agreement may apply to all or a percentage of the excess electricity your solar panels generate. They will then deduct this value from your monthly utility bill.
- Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar panels. States or counties will also sometimes offer limited-time rebates. Any rebates you receive will usually be deducted from your total price before any tax credits are calculated.
- Tax Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar system. Property tax exemptions allow you to ignore the value that your solar panels add when calculating the amount of property tax you need to pay on your home.
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
Federal solar incentives are likely the first thing that you think of when you think about solar incentives. One of the incentives many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a specified percentage of your solar system's cost.
The ITC is applied to the total cost of solar panel installation, including the panels themselves as well as equipment, accessories and labor. You can claim this credit 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.
Reaching out to your local Largo solar panel installation expert is the best way to understand how the ITC could apply to your situation.
In August 2022, the ITC (now titled the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The new Clean Energy Credit now runs until 2035. American homeowners are now eligible for a 30% credit for solar systems installed between January 1, 2022, and December 31, 2032. The credit will then be decreased by a few percentage points every year until the date of expiration. Starting in 2023, it will also be easier to get credits for energy storage systems under the new laws.
Click here to learn more about the new Inflation Reduction Act. The best way to learn more about how the new Clean Energy Credit might apply to you is to reach out to your local Largo solar panel installation expert with your questions.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. As with federal incentives, these may include tax credits, rebates and more. The incentives — which may be handled by your county or municipality, or by the state of Florida — might be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Largo
Solar incentives might be provided by your local utility company, the federal government or the Florida government. The growing number of solar incentives available has facilitated the nationwide growth of solar energy use in the last 15 years. If you're ready to switch over to solar energy, talking to your local Largo solar panel installation expert is a great first step.
EcoWatch's Largo, 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 Largo solar installer for a better understanding of which incentives your project may qualify for. Usually, solar incentives apply to new solar systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, like those given by the state of Florida, might have other requirements.
How much can I save on my electric bill annually if I install solar panels on my Largo home?
Generally, homeowners in Largo who install solar panels save approximately $1,331.68 per year, or around $26,633.70 over 20 years after making the switch.
Who installs solar panel systems near me?
To find the best solar panel installer in your area, check out our guide to the top solar companies in Largo.
What are some environmental benefits of adding solar panels to my house?
You can lower your carbon footprint by 50 pounds of CO2 annually when you switch to solar panels. This adds up to roughly 1,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that switching your home over lessens the drain on our planet's resources.
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.