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
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What Solar Tax Credits, Incentives, and Rebates are Available in Miami Springs?
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
Federal Residential Renewable Energy Tax Credit
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.
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
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.