The Federal tax credits, currently at 26%, were reduced to 22% in 2023 and were set to drop to 0% by 2024. However, they’ll now be available for at least 10 more years.
Federal Tax Credits Extended
The solar tax credit was initially set to expire in 2024. There are no reductions for new PV installations. This bill, however, calls for a 10-year extension.
This means that new solar installations may qualify for a 30% tax reduction until 2033. It will drop to 26% in 2033 and 22% in 2034.
This bill prevents 2024 from being the last year of solar tax credits.
30% Reduction for 2022 Installations
Any eligible system that was installed by 2022 will retroactively be eligible for the 30% reduction.
Requirements for Federal Tax Credits in Florida
To be eligible for Federal tax credits in Florida:
- You must have your solar panels installed by 2022 to be eligible for the retroactive 30% credit.
- Someone who is subject to U.S. income tax must use the solar power system.
- Your primary or secondary residence must have a solar panel system.
- The solar PV system must be owned.
- The system must be either new or in use for the first time.
- All fire and electrical codes must be followed.
Florida Solar Installation – Start Now
ESD welcomes you to email us today and inquire about how you can have a solar system that is future-proofed!
We are one of Florida’s most respected, resident-run solar companies and would love to help you get 30% solar tax credits before supply chain problems cause price increases.
This post was written by Daniel Massaad, owner and expert solar technician at Energy Solutions Direct! ESD is the top choice for Residential Solar Installation Lakeland FL! Our licensed and certified contractors are masters of their craft; with years of experience servicing the great Tampa Bay area and beyond, the choice is simple. ESD excels at offering you the best in solar value!
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