2025 Solar Incentives Guide for Nocatee, FL - Tax Credits & Rebates

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

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

The term "solar incentives" refers to a wide 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. Incentives can include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered by the federal government, while others are handled by the state of Florida or your specific utility company, county or municipality. Some solar incentives you might qualify for are:

• Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
• Net Metering: Make sure you speak with your Nocatee utility company about signing a net metering contract. This allows you to get a credit towards your utility bill every month for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
• Tax Exemptions: Tax exemptions may come in one of two forms. The first is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when calculating property tax for your home.
• Rebates: A rebate is a partial refund given after you've purchased your solar system. Rebates might be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before tax credits are calculated.

Federal Solar Incentives

When thinking about solar incentives, you likely think of federal incentives first. One of the incentives that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a given percentage of your solar system's cost.

The ITC applies to a solar system installed on your primary or secondary residence in the United States. The solar panels have to have been installed after January 1, 2006, on a property owned by you for you to be eligible for the credit. Initially, the ITC applied to 30% of all system costs (panels, labor, equipment and accessories), although this amount has fluctuated slightly over the 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.

Your local Nocatee solar panel installation expert can provide you with more information about the ITC and how it may apply to your situation.

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. With the new provisions, solar installation projects that are completed between 2022 and 2032, can qualify for a 30% tax credit. This credit amount will then see a slight annual decrease until the end of the current Clean Energy Credit in 2035. Starting in 2023, the program expansion will also make claiming credit for energy storage systems easier than ever before.

More information about the new Inflation Reduction Act can be found here. To fully understand how the new Clean Energy Credit will apply to you, speak with your local Nocatee solar installation company.

State & Local Solar Incentives

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

Next Steps for Installing Solar in Nocatee

The variety of available solar incentives has contributed greatly to the increase in the adoption of solar energy nationwide over the past 15 years. You may receive solar incentives from your local utility company, the Florida government or the federal government. Speak with your local solar panel installation company today to discover more about the various programs and to save as much money as possible on a solar system for your Nocatee home.