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

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

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

Solar incentives are intended to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. Incentives may include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered by the federal government, while others are offered by the Florida government or by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:

• Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
• Tax Exemptions: These may come in the form of property tax exemptions, which can let you exclude the value of your solar system when paying taxes on your house. They may also include exemptions on sales tax at the time of purchase.
• Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar system. States or counties will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually be deducted from your total price before tax credits are calculated.
• Net Metering: You can sign a net metering agreement with your Viera East utility company, that may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your utility bill each month.

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Federal Solar Incentives

Federal incentives are the kind of incentives that you are most likely to have some knowledge of. One of the incentives many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a specified percentage of your solar system's cost.

The ITC is applied to the total cost of solar system installation, including the panels themselves as well as equipment, accessories and labor. You can claim this credit for panels installed after January 1, 2006, on a primary or secondary residence located in the United States that you own. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.

Have questions about how the ITC applies to your specific situation? Contact your local Viera East solar panel installer to get more information.

In August 2022, the Inflation Reduction Act expanded and extended the ITC, now titled the Clean Energy Credit. The Clean Energy Credit is valid until 2035. Solar installation projects started after January 1, 2022, and completed by the end of 2032 may qualify for a 30% tax credit. The amount will then decrease slightly each year until the end of the current program. The expansion to the program also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.

Click here to learn more about the new Inflation Reduction Act. The best way to fully understand how the new Clean Energy Credit applies to you is to reach out to your local Viera East solar panel company with your questions.

State & Local Solar Incentives

In addition to federal solar incentives, there are often also state ones. Tax credits, rebates and more might be available at a more local level. Certain incentives are ongoing, while others are available for a limited time. Solar incentives might be given by the Florida government, or by your county or municipality.

Next Steps for Installing Solar in Viera East

There are a number of different solar incentives: those offered by local utility companies, those given by the Florida government and those given by the federal government, to name a few. The use of solar energy has grown tremendously in the last 15 years, partially due to these incentives. If you're ready to make the switch to solar energy, talking to your local Viera East solar panel installation expert is an excellent place to start.