2024 Solar Incentives Guide for Lakeland, TN - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Lakeland.
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 Lakeland solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Lakeland?
Green Energy Property Tax Assessment
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives help mitigate the cost of installing a solar panel system on your home. These financial incentives are in place to encourage more Americans to switch their home over to renewable energy. The incentives can include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the Tennessee government and some by your utility company, county or municipality. Categories of solar incentives include:
- Tax Exemptions: Your solar panels might qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when you are calculating property taxes on your house.
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar panels. States or counties will also sometimes offer limited-time rebates. The value of a rebate will usually come off the total price before tax credits are calculated.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have a net metering agreement in place with your Lakeland 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 credit is dollar-for-dollar, while in other areas you might make back a percentage of the value.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Federal Solar Incentives
When thinking about solar incentives, you likely think of federal incentives first. The Federal Solar Investment Tax Credit, or ITC, is probably the best-known federal solar incentive. The ITC offers a tax credit for a set percentage of your solar system's cost.
The ITC can be applied to solar panels 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, labor, equipment and accessories – although the percentage may range from 26-30%, depending on the installation date of your solar system. There is no cap on the claim amount.
Your local Lakeland solar panel installer can provide you with more information about the ITC and how it may apply to your situation.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now dubbed the Clean Energy Credit. Homeowners can now qualify for a credit of 30% of the total solar system installation costs for projects that began after January 1, 2022, and will be finished by the end of 2032. The percentage will then decrease on a yearly basis until the Clean Energy Credit expires in 2035. The expansion also makes it easier to get credit for energy storage systems, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit applies to you is to talk with your local Lakeland solar panel installers.
State & Local Solar Incentives
Some solar incentives may be offered at the local or state level. Like with federal incentives, these can include rebates, tax credits and more. Certain incentives are ongoing, while others might only be available for a limited time. Incentives might be offered by the Tennessee government, or by your county or municipality.
Next Steps for Installing Solar in Lakeland
Solar incentives may come from the federal government, the Tennessee government or your local utility company. The growing number of incentives available has contributed to a large increase in solar energy use in the last 15 years. Call your local solar panel installation company today to discover more about the various programs and to save as much money as possible on a solar system for your Lakeland home.
EcoWatch's Lakeland, TN Solar Incentives FAQs
How can I learn if I qualify for certain solar incentives?
In most cases, solar incentives apply to:
- a new solar system
- installed on a property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including those given out by the Tennessee government or by your county/municipality, may have additional qualifications. Speak with your local Lakeland solar installer to find out what incentives your project will qualify for.
How much will a solar system save me annually on my electric bill in Lakeland?
Generally, Lakeland homeowners who install solar panels save about $629.33 per year, or approximately $12,586.54 over 20 years after they make the switch.
What are some environmental benefits of installing solar panels on my house?
You can reduce your carbon footprint by 100 pounds of CO2 a year by switching to solar panels. This adds up to approximately 2,000 pounds over 20 years. In addition, solar power is a renewable energy source, meaning that making the switch reduces the drain on our planet's resources.
If I switch my appliances out for ones that can utilize solar energy, are there credits that I can claim?
The new Inflation Reduction Act provides several incentives meant to reward homeowners who make eco-friendly upgrades. Some of these incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
Can I claim incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of your solar panels. Depending on which incentives you are applying for, they may apply in a different order. Make sure that you talk to your solar installer or a local tax professional to verify that you are claiming the correct incentives and that you're getting the most money you can.
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.