2024 Solar Incentives Guide for New Smyrna Beach, FL - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in New Smyrna Beach?

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

The term "solar incentives" covers a range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Various types of incentives, like discounts, cash back or credit towards your monthly utility bill, might be available to you. Certain incentives may be offered by the Florida government, by your utility company or by county or municipality, while other incentives are federal. Some broad categories of solar incentives include:

• Rebates: Solar rebates can be offered by your local utility company, or by your county or state. These rebates work as cash back that is applied after you purchase a solar system and before tax credits are calculated.
• Tax Exemptions: Tax exemptions can come in one of two forms. The first 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 ignore the added value of your solar system when paying property tax on your home.
• Net Metering: Net metering factors in once your solar panels are up and running. If you have a net metering agreement in place with your New Smyrna Beach utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other places you might make back a percentage of the value.
• Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.

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Federal Solar Incentives

When people think of solar incentives, federal incentives are likely the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is likely the most commonly known federal solar incentive. The ITC provides you with a tax credit for a specific percentage of your solar system's cost.

The ITC applies to solar panels installed after January 1, 2006, on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost – for panels, labor, accessories and equipment – although the percentage may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.

Your local New Smyrna Beach solar panel installer can provide you with more information about the ITC and how it applies to your situation.

The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as retitling it the Clean Energy Credit). Homeowners can now receive a credit equal to 30% of the total solar system installation costs for projects that began after January 1, 2022, and will be finished by the end of 2032. The percentage will then decrease on a yearly basis until the Clean Energy Credit 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. To fully understand how the new Clean Energy Credit might apply to you, speak with your local New Smyrna Beach solar installation expert.

State & Local Solar Incentives

Some solar incentives may be provided by state and local governments. As with federal incentives, these can include tax credits, rebates and more. Some incentives are ongoing, while others are available for a limited time. These incentives may be given by your county or municipality, or by the Florida government.

Next Steps for Installing Solar in New Smyrna Beach

You can qualify for solar incentives from the Florida government and the federal government, as well as from your local utility company. The increased availability of solar initiatives over the last 15 years has helped increase solar adoption nationwide. Call your local solar panel installation company today to find out more information and to save as much money as possible on solar panels for your New Smyrna Beach home.