SOLAR INCENTIVES – FEDERAL TAX CREDIT
Qualify for federal tax credits on your new solar panels when you choose Solar Bear in Florida
- Receive 30% credit on new solar panels
- Save on the cost of solar accessories
- Cut your electric bill by 40-80% or more
- Claim this solar tax credit up to 2032
Ask Us About How You Can Be Rewarded For Going Solar!
What Is the Federal Tax Credit For Solar?
The Investment Tax Credit (ITC) is a federal tax credit that covers 30% of the cost of going solar. This includes the cost of solar panel products and labor with installation. Tax credits compensate you on a dollar-to-dollar basis as opposed to tax deductions which only reduce your taxable income.
The Inflation Reduction Act (IRA) has extended the ITC and made it easier for homeowners in Florida to go solar without the pressure of tight deadlines.
What the ITC Means For Florida Homeowners
Say you find a certified solar panel company that will qualify you for the ITC. The cost of the solar panels plus the cost of getting them installed comes out to $10,000. After factoring in the 30% savings from the ITC, you only pay $7,000 for switching to solar!
Federal tax credits also count towards:
- Solar backup batteries
- Solar energy storage systems
- Power inverters (or microinverters)
- Solar panel mounting systems
- Solar roof tiles
- Solar pergolas
In What Ways Am I Eligible For Federal Tax Credits?
- Be a homeowner
- Have low tax liability
- Purchase (not lease) your solar panels
- Get brand-new (not used) solar panels
- Claim your credit the same year you install your solar panels
Claiming Your Federal Solar Tax Credits
You claim your solar credits when you file your taxes. As long as you meet all of the above requirements, all you need to do is submit Form 5695 with your tax return. You can ask your local solar company for more information about tax incentives in your area.