The Inflation Reduction Act of 2022 made two crucial changes for solar energy and renewable energy in general.
First, it extended the federal credit by ten years, and it increased the credit rate back up to the previous rate of 30%. This is an important change that could save Florida property owners an average of $1,163 more for 2022 solar installations and an average of $2,327 more for 2023 installations.
Second, it added additional perks for electric vehicle purchases. The maximum tax incentive was bumped up to $7,500 per EV. It’s important to remember that solar panels on your home also serve as a gas station for EVs, adding thousands of dollars to the potential savings they can provide.