2023 Solar Incentives Guide for Maitland, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Maitland.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 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 Maitland?
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
Orlando Utilities Commission - Residential Energy Efficiency Rebate Program
Energy Star Windows: $1.50 per sq. ft.
Ceiling Insulation Upgrade: $0.10 per sq. ft.
Heat Pump: $90-$1,630 per unit
Duct Repair/Replacement: 100% of cost up to $100
A/C Proper Sizing w/ R-30 Attic Insulation: $90
Energy Star Heat Pump Water Heater: 100% of cost up to $500
Solar Thermal Water Heater: 100% of cost, up to $900
Solar PV System Battery: $2,000
Orlando Utilities Commission - Solar Programs
Federal Residential Renewable Energy Tax Credit
Solar incentives help mitigate the cost of installing solar panels on your home. Financial incentives like these are designed to encourage more homeowners to switch their home over to renewable energy. Incentives might include things like discounts, cash back or monthly utility bill credits. Some incentives are provided by the federal government, while others are handled by the Florida government or your utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Net Metering: Net metering becomes relevant after your solar panels are up and running. If you've signed a net metering agreement with your Maitland utility company, it 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 places you might get refunded a percentage of the value.
- Tax Exemptions: Tax exemptions may come in two forms. First, there is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption, which allows you to exclude the added value of your solar system when paying property tax on your house.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Rebates: Your solar installer might help you claim a rebate, or partial refund of your purchase, for your solar panels. States or counties will also offer limited-time rebates at various times. Any rebates you receive will usually be deducted from the total price before tax credits are calculated.
Federal Solar Incentives
When thinking about solar incentives, you likely think of federal incentives first. The Federal Solar Investment Tax Credit, or ITC, is the best-known federal solar incentive. The ITC allows you to claim a tax credit for a predetermined percentage of the cost of your solar system.
The ITC can be applied to solar panels installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Originally, the tax credit was for 30% of the total cost — for panels, accessories, equipment and labor — although it may range from 26-30%, depending on the installation date of your solar system. There is no cap on the amount you can claim.
To better understand how the ITC could apply to you, speak to your local Maitland solar panel installer and request more information.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. For solar systems installed between January 1, 2022 and December 31, 2032, homeowners may be eligible for a credit for 30% of the total cost. This percentage will decrease annually after 2032 until the Clean Energy Credit expires in 2035. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems under the new laws.
More information about the new Inflation Reduction Act can be found here. The best way to understand how the new Clean Energy Credit might apply to you is to talk with your local Maitland solar panel installation expert.
State & Local Solar Incentives
Rebates, tax credits and more might be provided at multiple levels. On top of federal solar incentives, there are often state and local ones, too. Incentives may be offered by the state of Florida, or by your county or municipality. Some incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Maitland
There are a number of different solar incentives: those given by local utility companies, those given by the federal government and those given by the Florida government, to name a few. The use of solar energy has increased tremendously in the last 15 years, partially thanks to these incentives. Call your local solar panel installation expert today to learn more and to save as much money as possible on solar panels for your Maitland home.
EcoWatch's Maitland, FL Solar Incentives FAQs
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