2024 Solar Incentives Guide for Lynn Haven, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Lynn Haven.
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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Updated February 03, 2024
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What Solar Tax Credits, Incentives, and Rebates are Available in Lynn Haven?
Florida PACE programs
Property Tax Abatement for Renewable Energy Property
Non-Residential: 80% of the added value
Lakeland Electric - Residential Energy Efficiency Loan Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to encourage homeowners to switch their home over to renewable energy by providing incentives that lower the financial burden of solar panel installation and use. You might qualify for various types of incentives, including cash back, discounts 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. Types of solar incentives might include:
- Tax Exemptions: These might come in the form of property tax exemptions, which would allow you to ignore the value of your solar system when paying taxes on your home. You may also qualify for an exemption on sales tax at the time of purchase.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
- Rebates: Solar rebates might be offered by your local utility company, or by your state or county. These rebates are essentially cash back that is applied after you pay for solar panels and before tax credits are calculated.
- Net Metering: Net metering factors in after your solar system is up and running. If you have a net metering agreement in place with your Lynn Haven utility company, they will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some locations, this credit is dollar-for-dollar, while in other areas you might make back a percentage of the value.
Best National Provider
SunPower
- Most efficient panels on the market
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- 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 comes to mind when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is probably the most commonly known federal solar incentive. The ITC offers a tax credit for a set percentage of the cost of your solar system.
The ITC covers solar systems installed after January 1, 2006, and lets you deduct from your taxes a percentage of the total cost of solar panels, equipment, labor and accessories. 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 certain projects may qualify for only 26%, depending on the details. There is no maximum claim amount.
To more fully understand how the ITC may apply to your situation, get in touch with your local Lynn Haven solar panel installation expert and ask for more information.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it 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. After this, the percentage will see a slight decrease annually until the program expires in 2035. Starting in 2023, the expansion to the program will also make claiming credit for energy storage systems easier than ever before.
More information about the new Inflation Reduction Act can be found here. Your local Lynn Haven solar panel company is the best resource for answering your questions regarding the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Rebates, tax credits and more might be claimed at multiple levels. Along with federal solar incentives, there are often state and local ones as well. Incentives may be provided by your county or municipality, or by the state of Florida. Certain incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Lynn Haven
Solar incentives may be offered by the federal government, the Florida government or your local utility company. The variety of incentives available has helped nationwide use of solar energy increase greatly in the last 15 years. When you're ready to make the change to solar energy, calling your local Lynn Haven solar panel installation expert is a great first step.
EcoWatch's Lynn Haven, FL Solar Incentives FAQs
How can I find out if I qualify for specific solar incentives?
Typically, solar incentives apply to:
- a new solar panel system
- installed on property that you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including those run by the Florida government or by your county/municipality, sometimes have additional qualifications. Get in touch with your local Lynn Haven solar installer to find out what incentives your project will qualify for.
If I already have a solar system installed on my house, can I still claim incentives?
You should plan to talk to someone from the company that installed your system – or get in touch with a local Lynn Haven solar installer — to better understand which incentives you might qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Solar systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much can I save annually on my electric bill if I install solar panels on my Lynn Haven home?
Generally, Lynn Haven homeowners who install solar panels save approximately $1,213.04 per year, or approximately $23,047.70 over 20 years after they make the switch.
What if I add solar panels to a rental property, vacation home or commercial property? Do I still qualify for incentives?
While we recommend talking to your local solar installer and/or tax professional to better understand what solar incentives apply to you, many apply to a second home, as long as it is in the United States and owned by you. There may be other incentives available for commercial properties specifically, depending on the details.
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.