2023 Solar Incentives Guide for Yulee, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Yulee.
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 Yulee?
Solar and CHP Sales Tax Exemption
Property Tax Abatement for Renewable Energy Property
Non-Residential: 80% of the added value
Florida PACE programs
JEA - Solar Incentive Program
Lakeland Electric - Residential Energy Efficiency Loan Program
Federal Residential Renewable Energy Tax Credit
The term "solar incentives" generally refers to financial incentives that are in place to encourage people to use renewable energy by making installing and using solar panels more affordable. Incentives might include things like discounts, cash back or monthly utility bill credits. Some incentives are offered by the federal government, while others are offered by the state of Florida or your specific utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Rebates: Solar rebates might be offered by your state or county, or by your local utility company. These rebates work as partial refunds that are applied after your purchase of a solar system and before tax credits are calculated.
- Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption, which allows you to exclude the value added by your solar system when calculating property tax for your house.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
- 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 Yulee utility company, it will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this credit is dollar-for-dollar, while in other areas you might receive a refund equivalent to a percentage of the value.
Federal Solar Incentives
When someone says "solar incentives," you probably think of federal incentives first. A federal incentive that most people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a given percentage of the cost of your solar system.
The ITC covers solar systems installed after January 1, 2006 and allows you to deduct from your taxes a percentage of the total cost of solar panels, labor, accessories and equipment. This credit can be claimed on a solar panel system 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 amount you can claim.
Reaching out to your local Yulee solar panel installation expert is the best way to understand how the ITC may apply to you.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as renaming it to the Clean Energy Credit). Homeowners can now qualify for a credit of 30% of the total costs of solar system installation for projects that began after January 1, 2022 and will be finished by the end of 2032. The credit percentage will then decrease annually until the Clean Energy Credit expires in 2035. Beginning in 2023, it will also be easier to claim credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. The easiest way to understand how the new Clean Energy Credit will apply to you is to get in touch with your local Yulee solar panel company.
State & Local Solar Incentives
Federal solar incentives are not your only option; tax credits, rebates and more are often offered at the local or state level. Some incentives are offered for only a limited time, while others are ongoing. Local solar incentives may come from the Florida government, or from your specific county or municipality.
Next Steps for Installing Solar in Yulee
The nationwide use of solar energy has gone up significantly in the last 15 years, in part due to the growth in the number of solar incentives. You may get these incentives from your local utility company, the Florida government or the federal government. We suggest talking to your local Yulee solar installation company for more information about these incentives and to be sure that you're getting the most money possible for your solar panels.
EcoWatch's Yulee, FL Solar Incentives FAQs
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