2023 Solar Incentives Guide for Palm Coast, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Palm Coast.
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 Palm Coast?
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
Clay Electric Cooperative, Inc - Energy Smart Energy Efficiency Rebate Program
Spray Foam Insulation: $0.28 per square foot
Window Film: $0.44 per square foot
Solar Shade Screen: $0.44 per square foot
Solar Water Heating: $0.01 per BTU
Heat Pump Water Heater: $175
Heat Recovery Unit: $200
Clay Electric Cooperative, Inc - Energy Conservation Loans
Clay Electric Cooperative, Inc - Solar Thermal Loans
Clay Electric Cooperative, Inc - Energy Smart Solar Water Heater Rebate Program
Federal Residential Renewable Energy Tax Credit
The phrase "solar incentives" covers a range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Incentives might include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are handled federally, while others are offered by the Florida government or by your utility company, county or municipality. Some broad categories of solar incentives include:
- Tax Exemptions: Your solar system may qualify for exemptions on both sales and property tax. Sales tax exemptions are effective at the time of purchase. Property tax exemptions allow you to ignore the value added by your solar panels when you are calculating property taxes on your house.
- Net Metering: You may be able to sign a net metering contract with your Palm Coast utility company, that may apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then subtract this value from your monthly utility bill.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Rebates: Rebates, or partial refunds after a purchase, are usually given prior to any solar tax credits being calculated. Rebates may be given by your local utility company, by your county or by your state.
Federal Solar Incentives
When thinking about solar incentives, federal incentives may be the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is likely the best-known federal solar incentive. The ITC offers a tax credit for a set percentage of the cost of your solar system.
The ITC can be applied to solar systems 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, accessories, equipment and labor — although the percentage may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.
Wondering how the ITC applies to your specific situation? Contact your local Palm Coast solar panel installation expert to get 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. With the new provisions, solar installation projects begun after January 1, 2022 and finished by December 31, 2032 can qualify for a 30% tax credit. This percentage will then see a slight annual decrease until the current 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.
Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit will apply to you is to get in touch with your local Palm Coast solar panel installation expert.
State & Local Solar Incentives
Some solar incentives may be offered at the local or state level. Similar to federal incentives, these may include tax credits, rebates and more. Certain incentives are ongoing, while others are available for a limited time. Solar incentives might be given by your county or municipality, or by the Florida government.
Next Steps for Installing Solar in Palm Coast
There are many types of solar incentives: those offered by local utility companies, those offered by the Florida government and those offered by the federal government, to name a few. Solar energy use has increased enormously in the last 15 years, thanks to these incentives. Speak with your local solar panel installation company today to discover more about the various programs and to save the most money possible on solar panels for your Palm Coast home.
EcoWatch's Palm Coast, 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.