2024 Solar Incentives Guide for Destin, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Destin.
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 Destin?
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 the installation and use of solar panels more affordable. You might qualify for different types of incentives, such as cash back, discounts or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of Florida and others from the federal government. Some solar incentives you might qualify for are:
- Net Metering: Net metering factors in after your solar system is up and running. If you have in place a net metering agreement with your Destin utility company, it will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this is a dollar-for-dollar credit, while in other areas you might get refunded a percentage of the value.
- Tax Exemptions: Sales tax exemptions are effective at the time of purchase for your solar panels. Property tax exemptions allow you to ignore the added value of your solar system when you calculate the amount of property tax you need to pay on your home.
- Rebates: Rebates, or cash back after a purchase, are usually applied before any solar tax credits are calculated. Solar rebates can be offered by your local utility company, by your county or by your state.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
Best National Provider
SunPower
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Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
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Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
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- Slightly limited service offerings
Federal Solar Incentives
Federal solar incentives are likely the first thing that you think of when you think about solar incentives. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a specified percentage of your solar system's cost.
The ITC applies towards solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, accessories, labor and equipment. You can receive this credit for solar panels installed on a primary or secondary residence in the United States that you own. The original claim amount was 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum amount you can claim.
To understand exactly how much the ITC could save you, talk to your local Destin solar panel installation expert.
In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. The Clean Energy Credit bolsters the current credit, increasing it up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. After this, the percentage will see a slight decrease annually until the program expires in 2035. Starting in 2023, the program expansion will also make it easier to get credit for energy storage systems.
Click here to learn more about the new Inflation Reduction Act. Your local Destin solar panel installer can answer your questions and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
In addition to federal solar incentives, there are often also state ones. Tax credits, rebates and more can be offered at a more local level. Incentives might be given by your county or municipality, or by the state of Florida. Certain incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Destin
Solar incentives might be offered by your local utility company, the Florida government or the federal government. The large number of available solar incentives has helped nationwide use of solar energy increase greatly in the last 15 years. We recommend talking to your local Destin solar installer to learn more about these incentives and to ensure that you're getting the most money possible for your solar panels.
EcoWatch's Destin, FL Solar Incentives FAQs
How do I learn if I qualify for solar incentives?
It's best to speak with your local Destin solar installer to get an understanding of which incentives your project may qualify for. Usually, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those provided at the level of the Florida government, may have other requirements.
I already have solar panels. Does my system qualify for any incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the exact installation date. Speaking with a representative from the company that installed your system, or any local Destin solar installer, can help you learn what incentives you qualify for.
How much can I save annually on my electric bill if I add solar panels to my Destin home?
On average, Destin homeowners who install solar panels save around $1,233.79 per year, or around $23,442.02 over 20 years after making the switch.
Can I use both solar and another type of renewable energy to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Make sure you talk through your plan with your local Destin solar installer. They can help you with the plan for your project and also help you understand the various incentives that you will or won't qualify for.
What if I add solar panels to a vacation home, rental property or commercial property? Do I still qualify for incentives?
While we recommend speaking with your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many apply to a second home, provided that it is in the United States and owned by you. There may be other incentives available specifically for commercial properties, depending on the details.
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.