30% Federal Solar Tax Rebate Extension Announced for Solar Installations in Florida

TAMPA, Fla., August 30, 2022 (Newswire.com) - Florida Power Services "The Solar Power Company" is pleased to announce that Tampa residents can enjoy a reduction of 30% on their Tampa solar installations, thanks to an extension of the Federal Solar Tax Credit rebate. The extension, listed as part of the 'Inflation Reduction Act of 2022', sees an increase from 26% to 30% in 2022 and beyond. 

The Act will also now extend until 2034, having previously been set to expire in 2024. The 30% rate will remain until 2033. It will decrease to 26% in 2033 and 22% in 2034. 

Save Thousands of Dollars on a Tampa Solar Installation

New Tampa solar users can enjoy thousands of dollars worth of savings. For example, a $30,000 installation would result in a $9,000 tax rebate.

A Victory for the Solar Industry

The announcement is a surprise victory for the solar renewable energy industry. The reconciliation bill will provide $370 billion in spending on 'renewable energy and climate measures'.

The Inflation Reduction will also greatly impact fighting the climate crisis. Estimations suggest that by 2030 it should reduce greenhouse gas emissions in the U.S. to 40% lower than in 2005.

Tampa Property Owners Can Benefit

• Tax credits are a reduction on the owner's income tax bill.
• For example, $10,000 Federal Tax Credits = A $10,000 on the owner's income tax bill.
• 30% of the solar system's installation costs can be claimed on the owner's federal income taxes. 
• There is no maximum amount that can be claimed.
• It can be rolled over to the next year.

To qualify for the 30% rebate:

• The solar power system must be used by someone paying U.S. income taxes.
• The solar panel system must be at a primary or secondary residence.
• The property owner must own the solar PV system.
• The solar power system must be new, or be in service for the first time.
• All electrical and fire code requirements must be met.
• Collect all receipts related to the installation. 
• Fill out the IRS Form 5965.
• Add the Tax Credits to Form 1040

Contact Your Top-Rated Tampa Solar Installers Today!

Source: Florida Power Services