Eau Gallie Electric has been a leader in standby power for decades. With recent advances in technology, we have turned our expertise toward energy conservation, solar energy solutions, and solar battery backup installations. Our core services include but are not limited to, the list below. Contact Eau Gallie Electric to learn more about the services.
Services
Solar Installation and Repair Services
Affordable Finance Options Available!
Apply Today, Take Time To Pay
Eau Gallie Electric makes financing sustainable home improvements accessible and affordable for homeowners. We provide an easy way to apply for financing options. Just click the link below to get prequalified for a solar loan with our quick, no-hassle credit check.
Act Now – Add A Solar + Battery Storage System & Save
If you’re thinking about adding a solar + battery storage system, now is the time to do it! The federal homeowners’ solar tax credit (ITC) has been increased from 26% to 30% and extended through the year 2034. This will help eligible customers unlock additional average savings to offset the cost of their solar + battery storage system installation!
Frequently Asked Questions About The Investment Tax Credit
Also known as the investment tax credit (ITC), this credit can be claimed on federal income taxes for a percentage of the cost of a solar photovoltaic (PV) system. In August 2022, President Biden signed the Inflation Reduction Act into law which raised the ITC credit from 26% to 30% and extended it through 2034. After this year, standalone batteries will also be eligible for ITCs. Depending on IRS guidance on how expansive this new category will be, it may create expanded opportunity for battery retrofits on homes with existing solar and new opportunities for standalone battery systems.
- Homeowners who are eligible to leverage the 30 percent ITC can plan to see the following expenses included as part of the tax credit:
- Cost of solar panels
- Labor costs for installation, including permitting fees, inspection costs, and developer fees
- Balance-of-system equipment, like inverters, wiring, and mounting hardware
- Home batteries charged by your solar equipment
- Sales taxes on eligible expenses
- You might be eligible for this tax credit if you meet all of the following criteria:Have sufficient tax liability. This is the amount of federal tax you owe in a calendar year (whether paid through withholdings or as a lump sum). If you owe taxes at the end of the year, the tax credit reduces what you pay. If you’ve already had federal taxes withheld throughout the year, the tax credit will be part of the calculation for a refund when you file your taxes. If you have insufficient tax liability you may be able to carry over part of the credits into future years for as long as the tax credit is in effect. Consult a tax professional for additional information.
- Your solar = project must be installed and made operational within the year that you claim the tax credit.
- You own the solar project. A financed system is also considered eligible, as is one purchased outright.
- The solar new or being used for the first time (not being re-used or re-installed).
Yes. However, because of the Inflation Reduction Act it is not set to step down to 26% until the year 2032.
This information is for informational purposes and is not provided, and should not be relied on, as tax, legal, or accounting advice. You should consult your own tax, legal and accounting advisors for information.
Local Incentives To Save Money By Going Solar
On top of the federal tax incentive, there may be state and city-level programs available to encourage solar + battery storage adoption. In most cases, state and local programs stack with the federal incentive, increasing your savings. Be sure to do your research and talk to your installer about possible local incentives so that you can take full advantage of any available savings.
Lower Your Energy Bill With Net Metering
Net metering (also known as net energy metering or NEM) is a solar incentive that allows you to store energy in the electric grid. When your solar panels produce more electricity than you need, that energy is sent to the grid in exchange for credits. Then, at night or other times when your solar panels are underproducing, you pull energy from the grid and use these credits to offset the costs of that energy.
Get Your Free Solar Energy Savings Analysis
Contact us today to see how much you can save by switching to solar energy.