2023 Solar Incentives Guide for Viera East, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Viera East.
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 Viera East?
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
Federal Residential Renewable Energy Tax Credit
Solar incentives are meant to encourage people to make the switch to renewable energy by offering financial incentives meant to lower the burden of solar panel installation and use. Different types of incentives, such as discounts, cash back or monthly utility bill credits, may be available to you. Some incentives may be offered by the state of Florida, by your utility company or by county or municipality, while others are federal. Categories of solar incentives include:
- Tax Credits: Tax credits lower, dollar-for-dollar, how much income tax you owe the government. Tax credits differ from tax deductions.
- Tax Exemptions: Sales tax exemptions are applied at the time of purchase for your solar panels. Property tax exemptions allow you to ignore the value added by your solar system when you're calculating how much property tax you need to pay.
- 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 Viera East utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other places you may receive a refund equivalent to a percentage of the value.
- Rebates: Solar rebates might be provided by your local utility company, or by your state or county. These rebates work as partial refunds that are applied after you purchase a solar system and before tax credits are calculated.
Federal Solar Incentives
When someone says "solar incentives," you likely think of federal incentives first. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a certain percentage of the money you spend on solar panels for your home.
The ITC can be applied 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, labor and accessories — although it may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.
Your local Viera East solar panel installer can offer more information about the ITC and how it may apply to your situation.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now titled the Clean Energy Credit. For solar system installations that begin after January 1, 2022 and are completed by the end of 2032, homeowners may be eligible for a credit for 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit ends in 2035. The expansion also makes it easier to get credit for energy storage systems, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. The best way to learn more about how the new Clean Energy Credit might apply to you is to talk with your local Viera East solar panel installers.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. As with federal incentives, these might include tax credits, rebates and more. Some incentives are ongoing, while others might only be available for a limited time. They may be given by your county or municipality, or by the Florida government.
Next Steps for Installing Solar in Viera East
Solar incentives may be offered by your local utlity company, the Florida government or the federal government. The variety of available incentives has helped nationwide use of solar energy increase greatly in the last 15 years. Your local Viera East solar panel installation company can give you more information about which incentives you should apply for, and get you on track to switch to renewable energy today.
EcoWatch's Viera East, FL Solar Incentives FAQs
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