2023 Solar Incentives Guide for Ormond Beach, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Ormond Beach.
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.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Ormond Beach?
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 are intended to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. You might qualify for various types of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of Florida and others from the federal government. Types of solar incentives might include:
- Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
- Tax Exemptions: Sales tax exemptions are effective at the time of purchase for your solar panels. Property tax exemptions let you exclude the value that your solar panels add when you're calculating how much property tax you need to pay on your home.
- Net Metering: You can sign a net metering contract with your Ormond Beach utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your monthly utility bill.
- Rebates: A rebate is a partial refund after the purchase of your solar panels. These may be offered by your local utility company, your county or your state. The cash back that you get from the rebates is normally applied before tax credits are calculated.
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 people think of solar incentives, federal incentives may be the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is likely the most well-known federal solar incentive. The ITC provides a tax credit for a predetermined percentage of your solar system's cost.
The ITC applies to solar systems installed after January 1, 2006 on a primary or secondary residence in the United States that you own. Initially, the credit applied to 30% of the total cost — for panels, equipment, accessories and labor — although the percentage may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
To know exactly how much money the ITC could save you, get in touch with your local Ormond Beach solar panel installer.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). Homeowners can now receive a credit of 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 begin to decrease yearly until the Clean Energy Credit expires in 2035. The expansion to the program also makes credits for energy storage systems even easier to claim, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. To better understand how the new Clean Energy Credit might apply to you, get in touch with your local Ormond Beach solar installers.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Rebates, tax credits and more can be offered at a more local level. These incentives — which might be given by your county or municipality, or by the state of Florida — could be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Ormond Beach
There are a variety of solar incentives: those given by local utility companies, those given by the Florida government and those given by the federal government, to name a few. Solar energy utilization has grown enormously in the last 15 years, partially due to these incentives. Call your local solar panel installer today to discover more about the various programs and to save the most money possible on a solar system for your Ormond Beach home.
EcoWatch's Ormond Beach, FL Solar Incentives FAQs
I already have solar panels installed. Does my system qualify for any incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the exact installation date. Reaching out to the company that installed your solar system, or any local Ormond Beach solar installer, can help you learn what incentives you might want to apply for.
How much will a solar system save me annually on my electric bill in Ormond Beach?
Once you add solar panels to your home in Ormond Beach, you can anticipate savings of around $1,065.53 per year, or around $20,245.11 over the next 20 years.
What are the top solar panel installation companies near me?
To find the right solar panel installer for you, check out our guide to Ormond Beach's top solar panel companies.
What are some environmental benefits of installing solar panels on my house?
You can reduce your carbon footprint by 450 pounds of CO2 annually by switching to solar panels. This adds up to approximately 9,000 pounds in 20 years. Solar is also a renewable energy source, which means that switching your home over reduces the drain on our planet's resources.
If I switch my appliances out for ones that utilize solar energy, are there benefits that I can claim?
The new Inflation Reduction Act provides several incentives designed to reward homeowners who make eco-friendly upgrades. Some incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
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.