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

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

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 Westwood Lakes solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated June 24, 2024

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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 Westwood Lakes?

Solar and CHP Sales Tax Exemption

Incentive Type:
Sales Tax Incentive

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

Florida PACE programs

Incentive Type:
PACE Financing
Determined locally

Lakeland Electric - Residential Energy Efficiency Loan Program

Incentive Type:
Loan Program

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/


Solar incentives are intended to encourage homeowners to switch their home over to renewable energy by providing incentives that lower the financial burden of solar panel installation and use. Solar incentives could include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are handled by the federal government, some by the state of Florida and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:

  • Rebates: Solar rebates may be offered by your state or county, or by your local utility company. These rebates are essentially cash back that is applied after your purchase of solar panels and before tax credits are calculated.
  • Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
  • Net Metering: You may be able to sign a net metering contract with your Westwood Lakes utility company that will 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 utility bill each month.
  • Tax Exemptions: Tax exemptions can come in one of two forms. First, there is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption, which allows you to ignore the value added by your solar system when calculating property tax for your home.

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SunPower

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Best Solar Financing

Blue Raven Solar

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  • Industry-leading in-house financing
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Best Regional Coverage

Momentum Solar

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  • 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 may be the first thing that comes to mind. You may have heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit that reduces your taxes by a predetermined percentage of the money you spend on solar panels for your home.

The ITC was originally for 30% of the cost of solar panel installation, and has fluctuated slightly over time between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total installation cost includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum claim amount. The ITC applies to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.

Your local Westwood Lakes solar panel installer can offer more information about the ITC and how it applies to your situation.

The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). The Clean Energy Credit runs until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit; the amount will be decreased slightly on a yearly basis until the end of the current program. Starting in 2023, the expansion to the program will also make it easier to get credit for energy storage systems.

Click here to learn more about the new Inflation Reduction Act. To best understand how the new Clean Energy Credit applies to you, reach out to your local Westwood Lakes solar installers.

State & Local Solar Incentives

There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more might be available at a more local level. Incentives may be provided by your county or municipality, or by the state of Florida. Certain incentives may be available for only a limited time, while others are ongoing.

Next Steps for Installing Solar in Westwood Lakes

Nationwide solar energy use has gone up tremendously in the past 15 years, in part thanks to the proliferation of solar incentives. You might receive these incentives from the Florida government, the federal government or your local utility company. Speaking with your local Westwood Lakes solar panel installer is an excellent first step towards getting all the incentives you qualify for when you switch to solar energy.

EcoWatch's Westwood Lakes, FL Solar Incentives FAQs

If my house already has solar panels, can I still claim incentives?

An excellent idea would be to talk to a representative from the company that installed your solar system – or call a local Westwood Lakes solar installer — to learn about which incentives you may qualify for. If your system was installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.

How long until the federal solar tax credit ends?

The Clean Energy Credit (previously referred to as the federal solar tax credit, or the ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.

If I change out my appliances for ones that can use solar energy, are there any benefits I can claim?

The new Inflation Reduction Act creates several new financial incentives for making eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.

Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?

The order your incentives will be applied in might vary depending on which incentives you are eligible for but typically yes, you can claim multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to be sure you are claiming all possible incentives and applying them in the correct order.

Can I receive any incentives when I add solar panels to a rental property, vacation home or commercial property?

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 reaching out to your local solar installer and/or tax professional to better 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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