2024 Solar Incentives Guide for Beverly Hills, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Beverly Hills.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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What Solar Tax Credits, Incentives, and Rebates are Available in Beverly Hills?
Property Tax Abatement for Renewable Energy Property
Non-Residential: 80% of the added value
Florida PACE programs
Lakeland Electric - Residential Energy Efficiency Loan Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" broadly refers to financial incentives implemented by the government and by solar companies to encourage the use of renewable energy by making solar panels more affordable. Different kinds of incentives, like cash back, discounts or credit towards your monthly utility bill, might be available to you. Some incentives may be offered by the state of Florida, by your utility company or by county or municipality, while other incentives are federal. Categories of solar incentives include:
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (A tax credit is different from a tax deduction.)
- Rebates: Rebates, or partial refunds after a purchase, are typically applied prior to any solar tax credits being calculated. Solar rebates might be offered by your local utility company, by your state or by your county.
- Net Metering: Net metering factors in after your solar system is up and running. If you have a net metering agreement with your Beverly Hills utility company, they will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some areas, this is a dollar-for-dollar credit, while in other areas you may make back a percentage of the value.
- Tax Exemptions: These can come in the form of property tax exemptions, which allow you to exclude the value of your solar system when calculating the taxes you pay on your home. You may also qualify for an exemption on sales tax at the time of purchase.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Federal Solar Incentives
Federal solar incentives are likely to be the first thing that comes to mind when you think about solar incentives. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to a certain percentage of the money you spend on solar panels for your home.
The ITC can be applied to solar panels installed after January 1, 2006, on a primary or secondary residence that you own in the United States. Originally, the tax credit was for 30% of the total cost – for panels, labor, accessories and equipment – although the percentage may range from 26-30%, depending on the installation date of your solar system. There is no cap on the amount you can claim.
To find out exactly how much money the ITC could save you, get in touch with your local Beverly Hills solar panel installer.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. The new Clean Energy Credit extends until 2035. American homeowners can now apply for a 30% credit for solar systems installed between January 1, 2022, and December 31, 2032. This credit will then see a slight annual decrease until its expiration. Starting in 2023, it will also be easier to claim credits for energy storage systems under the new laws.
Click here to learn more about the new Inflation Reduction Act. Your local Beverly Hills solar panel installer can answer any questions you have and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
In addition to federal solar incentives, there are often also state ones. Rebates, tax credits and more can be offered at a more local level. Incentives may be provided by the state of Florida, or by your county or municipality. Some incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Beverly Hills
Solar incentives can be offered by your local utility company, the Florida government or the federal government. The variety of available solar incentives has helped nationwide use of solar energy increase greatly in the last 15 years. Reach out to your local solar panel installation company today to learn more and to save the most money possible on solar panels for your Beverly Hills home.
EcoWatch's Beverly Hills, FL Solar Incentives FAQs
How much will a solar system save me on my electric bill in Beverly Hills annually?
Typically, homeowners in Beverly Hills who install solar panels save about $1,207.13 per year, or about $24,142.59 over 20 years after they make the switch.
Who installs solar panels near me?
To find the top solar panel installers near you, take a look at our article on the top solar companies in Beverly Hills.
What are some of the environmental benefits of switching to solar?
You can reduce your carbon footprint by 100 pounds of CO2 annually by switching to solar panels. This adds up to roughly 2,000 pounds in 20 years. In addition, solar power is a renewable energy source, which means that making the switch reduces the drain on our planet's resources.
When does the federal solar tax credit end?
The Clean Energy Credit (formerly called the federal solar tax credit, or the ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I use a combination of multiple types of renewable energy to power my home?
Yes, you can use multiple types of renewable energy to power your home — for example, a combination of solar and geothermal. You can also combine renewable energy generation with a backup source of non-renewable energy. Make sure that you discuss your plan with your local Beverly Hills solar panel installer, so that you understand what you'll need and what types of incentives you will or won't qualify for.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.