Energy tax credits save Floridians more than $845 million

Save some cash and reduce your energy footprint at the same time? Floridians said yes please! 306,470 Floridians claimed reimbursements issued through federal energy saving tax credits on their April tax returns. Collectively, residents saved $846,533,000 on their 2023 tax returns for installing solar or making other energy efficiency improvements on their homes, according to new data released this week by the US Department of the Treasury.

What are energy tax credits?

Under the Inflation Reduction Act (IRA), Americans can get reimbursed for 30% of the cost of installing solar or other renewable energy technologies on their home through the Residential Clean Energy Tax Credit. 165,840 Florida residents claimed this credit, saving them $715 million on their taxes. Florida ranks 3rd in the nation in solar generation, behind California and Texas.

The IRA also offers a Energy Efficient Home Improvement Credit, which provides tax credits of up to $3,200 for installing more efficient windows, insulation, heat pumps and other energy saving improvements. 154,440 Floridians claimed this tax credit, saving an additional $131 million.

Over 13,000 Florida residents doubled down on the energy savings and claimed both tax credits. 

Another opportunity to save

More IRA benefits, including appliances rebates of up to $8,000 for a heat-pump, up to $4,000 for an electrical panel, up to $2,500 for electrical wiring, and up to $1,750 for an electric heat pump water heater will be available for Floridians starting early in 2025.