2024 Solar Incentives Guide for Sanford, FL - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Sanford.

You'll learn about:

  • Local & State Solar Incentives
  • Federal Tax Credits (Updated for 2024 and beyond)
  • Ways to optimize your solar investment

Solar installers are experts in maximizing your solar tax credits and rebates.
Get a free quote from one of our trusted Sanford solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated February 03, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

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

Solar and CHP Sales Tax Exemption

Incentive Type:
Sales Tax Incentive

Florida PACE programs

Incentive Type:
PACE Financing
Determined locally

Property Tax Abatement for Renewable Energy Property

Incentive Type:
Property Tax Incentive
Residential: 100% of the added value
Non-Residential: 80% of the added value

Lakeland Electric - Residential Energy Efficiency Loan Program

Incentive Type:
Loan Program
$5,000

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

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


The phrase "solar incentives" refers to financial incentives that are in place to encourage increased use of renewable energy by making solar panels more affordable. You might qualify for different kinds of incentives, such as cash back, discounts or credit towards your monthly utility bill, 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. You might qualify for any of the following types of solar incentives:

  • Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the federal government.
  • Net Metering: Net metering is an incentive you can get once your solar system is up and running. If you've signed a net metering agreement with your Sanford utility company, it will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this is a dollar-for-dollar credit, while in other places you might get refunded a percentage of the value.
  • Tax Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar panels. Property tax exemptions let you ignore the value that your solar panels add when you calculate how much property tax you need to pay on your house.
  • Rebates: A solar rebate is a partial refund after the purchase of your solar panels. Rebates might be offered by your local utility company, your state or your county. The discount that rebates offer is normally applied to the price of solar panels before tax credits are calculated.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Solar Financing

Blue Raven Solar

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • 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 might be the first thing that comes to mind. A federal incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a certain percentage of your solar system's cost.

The ITC can be applied to a solar system installed on your primary or secondary residence in the United States. The solar panels must have been installed after January 1, 2006, on a property owned by you for you to claim the credit. Originally, the ITC covered 30% of all system costs (panels, equipment, accessories and labor), although the total amount has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the claim amount.

Speaking with your local Sanford solar panel installation expert is the best way to understand how the ITC could apply to your situation.

In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. The Clean Energy Credit is valid until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit. This amount will decrease slightly on a yearly basis until the end of the current program. Starting in 2023, it will also be easier to claim credits for energy storage systems under the new laws.

Click here to learn more about the new Inflation Reduction Act. Your local Sanford 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 often state solar incentives available in addition to federal ones. Rebates, tax credits and more might be available at a more local level. These incentives might be given out by your county or municipality, or by the Florida government. Certain incentives are available for a limited time, while others are ongoing.

Next Steps for Installing Solar in Sanford

The expanding number of available solar incentives has helped tremendously increase the use of solar power nationwide over the past 15 years. You might qualify for solar incentives from the Florida government, the federal government or your local utility company. When you're ready to make the switch to solar energy, reaching out to your local Sanford solar panel installation expert is an excellent place to start.

EcoWatch's Sanford, FL Solar Incentives FAQs

How much will solar panels save me annually on my electric bill in Sanford?

On average, Sanford homeowners who install solar panels save approximately $1,099.37 per year, or about $20,888.01 over 20 years after making the switch.

I want to trade in my old appliances for ones that are more energy-efficient. Are there any credits I can get?

With the passage of the new Inflation Reduction Act, there are several new financial incentives for making eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found here.

Can I claim incentives both towards the initial cost of solar panels, and later as reimbursement?

Yes, you can claim both tax credits and rebates towards the cost of solar panels. Depending on which incentives you are applying for, they may apply in a different order. Make sure that you speak with your solar installer or a local tax professional to ensure that you are claiming the correct incentives and getting the most money you can.

What if I want to add solar panels to a rental property, vacation home or commercial property? Can I still qualify for incentives?

Many solar incentives apply to a property located within the United States that you own; most secondary residences will fall under this distinction. There may be other solar incentives available for commercial properties, depending on the specifics. We recommend getting in touch with your local solar installer and/or tax professional to fully understand what incentives may apply to your specific situation.

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.

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