2023 Solar Incentives Guide for Miami Springs, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Miami Springs.
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.
Get a free quote from one of our trusted Miami Springs solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Miami Springs?
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 mitigate the cost of installing solar panels on your home. Financial incentives like these are designed to encourage more people to convert their home partially or fully to renewable energy. These incentives may include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are given by the federal government, some by the Florida government and some by your utility company, county or municipality. Types of solar incentives might 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 time of purchase for your solar panels. Property tax exemptions let you ignore the value added by your solar system when you calculate how much property tax you need to pay.
- Rebates: Rebates, or partial refunds after a purchase, are usually applied prior to any solar tax credits being calculated. Rebates can be offered by your local utility company, by your county or by your state.
- Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you have a net metering agreement with your Miami Springs utility company, the company 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 others you may receive a refund equivalent to a percentage of the value.
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 are likely the first thing that comes to mind. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a specified percentage of the cost of your solar system.
The ITC originally covered 30% of the cost of installing solar panels, although that number has fluctuated slightly over the last few years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The cost of installation includes the panels themselves as well as the cost of labor, equipment and accessories. There is no maximum claim amount. The ITC can be applied to solar panels installed after January 1, 2006 on your primary or secondary residence. The residence must be in the United States and owned by you.
Your local Miami Springs solar panel installer can give you more information about the ITC and how it may apply to your situation.
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 lasts until 2035. Any solar installation project that is completed between January 1, 2022 and December 31, 2032 may qualify for a 30% tax credit. The amount will be decreased slightly each year until the current program ends. The program expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. To understand how the new Clean Energy Credit will apply to you, get in touch with your local Miami Springs solar installation company.
State & Local Solar Incentives
Tax credits, rebates and more might be provided at multiple levels. In addition to federal solar incentives, there are often state and local ones as well. Incentives may be handled 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 Miami Springs
Nationwide solar energy use has gone up tremendously in the past 15 years, in part thanks to the increase in availability of solar incentives. You can obtain these incentives from the federal government, the Florida government or your local utility company. If you're prepared to make the switch to solar energy, reaching out to your local Miami Springs solar panel installation expert is an excellent place to start.
EcoWatch's Miami Springs, FL Solar Incentives FAQs
How do I learn if I qualify for solar incentives?
It's best to speak with your local Miami Springs solar installer to get an understanding of which incentives your project will qualify for. Usually, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, such as those given by the state of Florida, may have additional requirements.
If I already have solar panels, can I still claim incentives?
You should plan to talk to someone from the company that installed your solar panels — or call a local Miami Springs solar installer — to clarify which incentives you might qualify for. If your system was 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 add solar panels to my house in Miami Springs?
On average, Miami Springs homeowners who install solar panels save around $1,087.44 per year, or around $20,661.27 over 20 years after they make the switch.
Who installs solar panels near me?
To find the top solar panel installers near you, take a look at our article on Miami Springs' top solar panel companies.
What are the environmental benefits of switching to solar energy?
You can decrease your carbon footprint by 450 pounds of CO2 annually when you install solar panels. This adds up to around 9,000 pounds in 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.