2023 Solar Incentives Guide for St. Cloud, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in St. Cloud.
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 St. Cloud?
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 designed to make renewable energy usage more affordable via financial incentives to help people install solar panels on their homes. Various kinds of incentives, like discounts, cash back or credit towards your monthly utility bill, may be available to you. Certain incentives may be provided via the Florida government, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Rebates: Solar rebates may be provided by your local utility company, or by your state or county. These rebates are essentially cash back that is applied after your purchase of solar panels and before tax credits are calculated.
- Net Metering: Net metering is an incentive you can get once your solar system is up and running. If you have a net metering agreement in place with your St. Cloud utility company, they 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 receive a refund equivalent to a percentage of the value.
- Tax Exemptions: Your solar panel system might qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you exclude the value added by your solar panels when you are calculating property taxes on your house.
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
Federal solar incentives are probably the first thing that you think of when you think about solar incentives. An incentive many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a specified percentage of your solar system's cost.
The ITC applies towards solar systems installed after January 1, 2006 and allows you to deduct from your taxes a percentage of the total cost of solar panels, equipment, labor and accessories. This credit can apply towards solar panels installed on a primary or secondary residence that you own in the United States. Originally, you could claim 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum claim amount.
Wondering how the ITC applies to your specific situation? Reach out to your local St. Cloud solar panel installer 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. For solar system installations that begin after January 1, 2022 and are completed by the end of 2032, homeowners can apply for a credit for 30% of the total cost. This percentage will decrease annually after 2032 until the Clean Energy Credit expires in 2035. Starting in 2023, it will also be easier to claim credits for energy storage systems under the new laws.
More information about the new Inflation Reduction Act can be found here. Your local St. Cloud solar panel company can answer your questions and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. As with federal incentives, these could include tax credits, rebates and more. These incentives may be provided by your county or municipality, or by the Florida government. Some are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in St. Cloud
Solar energy use nationwide has gone up tremendously in the last 15 years, in part thanks to the growth in the number of solar incentives. You might receive these incentives from your local utility company, the federal government or the Florida government. Getting in touch with your local St. Cloud solar panel installation company is the right first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's St. Cloud, FL Solar Incentives FAQs
Can I get any financial incentives when I add solar panels to a rental property, vacation home or commercial property?
Many solar incentives are intended to apply to a property located within the United States that you own, and most secondary residences fall into this category. There may be other solar incentives available for commercial properties, depending on the details. We recommend getting in touch with your local solar installer and/or tax professional to better understand what incentives will apply to your specific situation.
How can I learn if I qualify for certain solar incentives?
Broadly, solar incentives apply to:
- a new solar system
- installed on property that you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including ones handled by the Florida government or by your county/municipality, could have additional qualifications. Speak with your local St. Cloud solar installer to find out what incentives your project may qualify for.
What are the best solar panel installation companies near me?
To find the best solar panel installer in your area, check out our guide to St. Cloud's best solar panel companies.
What are some environmental benefits of installing solar panels on my house?
Solar energy is renewable — by changing where you get your energy, you can help reduce the strain on our planet's resources. A solar system can also reduce the CO2 emissions from your home by 450 pounds a year, or roughly 9,000 pounds over 20 years.
Can I use multiple types of renewable energy to power my home?
Yes, you can utilize multiple types of renewable energy to power your home — for example, a combination of geothermal and solar. You can also combine renewable energy generation with a backup source of non-renewable energy. You should discuss the details of your plan with your local St. Cloud solar installation expert, to make sure you know what you'll need and what types of incentives you may or may not qualify for.
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.