2024 Solar Incentives Guide for Key Biscayne, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Key Biscayne.
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.
Get a free quote from one of our trusted Key Biscayne solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Key Biscayne?
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/
Solar incentives mitigate the cost of installing a solar panel system on your home. This category of financial incentives is designed to encourage more people to switch to renewable energy. You might be eligible for different types of incentives, including 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 broad categories of solar incentives include:
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Tax Exemptions: Your solar panel system could qualify for exemptions on both sales and property tax. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when you are calculating property taxes on your house.
- Rebates: Rebates, or partial refunds after a purchase, are typically applied prior to any solar tax credits being calculated. Rebates can be provided by your local utility company, by your state or by your county.
- Net Metering: Be sure to talk with your Key Biscayne utility company about signing a net metering agreement. This allows you to receive credit towards your monthly utility bill for the value of excess energy your solar panels generate. You might receive either a dollar-for-dollar credit or a percentage of the value.
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
When you hear the term "solar incentives," federal incentives may be the first thing that comes to mind. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a percentage of your solar system's cost.
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. Initially, the credit applied to 30% of the total cost – for panels, equipment, accessories and labor – although it may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
Reaching out to your local Key Biscayne solar panel installation expert is the best way to learn more about how the ITC could apply to you.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit re-raises the credit up to 30% for solar systems installed between 2022 and 2032. After 2032, the percentage will be reduced slightly each year until the end of the program in 2035. Starting in 2023, the expansion to the program will also make claiming credit for energy storage systems easier than ever before.
More information about the new Inflation Reduction Act can be found here. Your local Key Biscayne solar panel installation expert is the best person to answer your questions regarding the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Like with federal incentives, these might include rebates, tax credits and more. Some incentives are offered for only a limited time, while others are ongoing. These local incentives could come from your county or municipality, or from the Florida government.
Next Steps for Installing Solar in Key Biscayne
Solar incentives may be provided by your local utility company, the federal government or the Florida government. The growing number of incentives available has contributed to a large increase in solar energy use in the last 15 years. When you're ready to make the switch to solar energy, calling your local Key Biscayne solar panel installation expert is an excellent place to start.
EcoWatch's Key Biscayne, FL Solar Incentives FAQs
How much can I save annually on my electric bill if I install solar panels on my Key Biscayne home?
Typically, homeowners in Key Biscayne who install solar panels save approximately $1,090.67 per year, or about $20,722.69 over 20 years after they make the switch.
Who installs solar panel systems near me?
To find the best solar panel installation companies near you, read our article on Key Biscayne's top solar panel companies.
What are some of the environmental benefits of switching to solar?
You can lower your carbon footprint by 450 pounds of CO2 a year by switching to solar panels. This adds up to around 9,000 pounds over 20 years. Solar is also a renewable energy source, meaning that switching your home over reduces the drain on our planet's resources.
How long until the federal solar tax credit ends?
The federal solar tax credit, formerly called the ITC and now named the Clean Energy Credit, is scheduled to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
If I change out my appliances for ones that use solar energy, are there credits that I can claim?
With the passage of the new Inflation Reduction Act, there are several new financial incentives to encourage you to make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
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.