Blue Energy Electric is pleased to announce that South Florida residents can enjoy a reduction of 30% on their solar installation, 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 Solar Installation Today!
New South Florida 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 significantly 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.
South Florida 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..
There is no maximum amount that can be claimed.
It can be rolled over to the following year.
30% of the solar system's installation costs can be claimed on the owner's federal income taxes.
To qualify for the 30% rebate:
The solar power system must be used by someone paying U.S. income taxes.
The solar power panels and or batteries must be installed in 2022.
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.
Add the Tax Credits to Form 1040
Contact Blue Energy Electric today to get started at 772-232-6594