2024 Solar Incentives Guide for Marco Island, FL - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Marco Island?

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

The term "solar incentives" broadly refers to financial incentives designed to encourage the adoption and use renewable energy by making the installation and use of solar panels more affordable. Incentives could include things like discounts, cash back or monthly utility bill credits. Some incentives are offered by the federal government, while others are provided by the state of Florida or your utility company, county or municipality. Categories of solar incentives include:

• Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the federal government.
• Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions allow you to exclude the value added by your solar system when calculating how much property tax you need to pay.
• Rebates: Solar rebates might be provided by your local utility company, or by your state or county. These rebates work as partial refunds that are applied after your purchase of solar panels and before tax credits are calculated.
• Net Metering: Don't forget to speak with your Marco Island utility company about signing a net metering agreement. This will allow you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You might receive either a dollar-for-dollar credit or a percentage of the value.

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Federal Solar Incentives

When you think about solar incentives, you likely think of federal incentives first. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a certain percentage of the money you spend installing solar panels.

The ITC can be applied to a solar system installed on your primary or secondary residence in the United States. The solar panels must have been installed after January 1, 2006, on a property owned by you for you to be eligible for the credit. Originally, the ITC covered 30% of all system installation costs (panels, labor, accessories and equipment), although this amount has fluctuated slightly over the last few years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.

To more fully understand how the ITC could apply to you, speak to your local Marco Island solar panel installer and request more information.

The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit has increased the current credit up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. After 2032, the credit percentage will see a slight decrease annually until the program expires in 2035. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems with the new act.

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 applies to you is to speak with your local Marco Island solar panel company directly.

State & Local Solar Incentives

There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more can be offered at a more local level. These incentives — which might 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 Marco Island

You can receive solar incentives from the Florida government and the federal government, as well as from your local utility company. This increase in availability of solar initiatives in the past 15 years has helped increase nationwide solar energy use enormously. Your local Marco Island solar panel installer can give you more information about which incentives you can apply for, and get you feeling good about making the change to renewable energy today.