2023 Solar Incentives Guide for Oakland, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Oakland.
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 Oakland?
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
The phrase "solar incentives" refers to a wide range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Various kinds of incentives, including 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 others are federal. Some broad categories of solar incentives include:
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the federal government.
- Rebates: Your solar installer might help you claim a rebate, or partial refund after purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. Any rebates you receive will usually be deducted from your total price before tax credits are calculated.
- Net Metering: You can sign a net metering contract with your Oakland utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. They will then subtract this value from your monthly utility bill.
- Tax Exemptions: Sales tax exemptions go into effect at the point of sale for your solar system. Property tax exemptions let you ignore the added value of your solar system when calculating the amount of property tax you need to pay on your house.
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some familiarity with. A federal incentive that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a specified percentage of your solar system's cost.
The ITC can be applied to solar systems installed after January 1, 2006 and under this program you can deduct from your taxes a percentage of the total cost of solar panels, labor, equipment and accessories. You can claim this credit for a solar panel system installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum claim amount.
To best understand how the ITC could apply to you, contact your local Oakland solar panel installation expert 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 new Clean Energy Credit extends until 2035. American homeowners can now receive a 30% credit for solar systems that began installation on or after January 1, 2022 and will be done by December 31, 2032. The credit will then decrease annually until its expiration. 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. Your local Oakland solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
There are more than just federal solar incentives; rebates, tax credits and more are often offered at the state and local level. Incentives may be handled by the state of Florida, or by your county or municipality. Certain incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Oakland
There are a variety of solar incentives: those given by the federal government, those given by the Florida government and those given by local utility companies, to name a few. Solar energy use has increased enormously in the last 15 years, partially due to these incentives. It is a good idea to talk to your local Oakland solar installation expert to learn more about these incentives and to ensure that you're getting the most money possible for your solar system.
EcoWatch's Oakland, FL Solar Incentives FAQs
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