2023 Solar Incentives Guide for Miami Beach, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Miami Beach.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Miami Beach?
Solar and CHP Sales Tax Exemption
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
Solar incentives are designed to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. The incentives can include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are provided by the federal government, some by the Florida government and some by your utility company, county or municipality. Some solar incentives you might qualify for are:
- Tax Exemptions: These can come in the form of property tax exemptions, which allow you to ignore the value of your solar system when calculating the taxes you pay on your house. They may also include exemptions on sales tax at the time of purchase.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Net Metering: Net metering becomes relevant after your solar panels are up and running. If you've signed a net metering agreement with your Miami Beach utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other areas you might receive a refund equivalent to a percentage of the value.
- Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually be deducted from the total price before tax credits are calculated.
Federal Solar Incentives
When thinking about solar incentives, federal incentives might be the first thing that comes to mind. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a specified percentage of the cost of your solar system.
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, equipment, labor and accessories. This credit can be claimed on a solar panel system 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 the amount you can claim may range between 26-30%. There is no maximum amount you can claim.
Curious how the ITC might apply to your specific situation? Reach out to your local Miami Beach solar panel installation expert to get more information.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit extends until 2035. American homeowners can now apply for a 30% credit for solar systems installed between 2022 and 2032. This new credit will then decrease annually until it expires. Starting in 2023, the expansion to the program will also make claiming credit for energy storage systems easier than ever before.
Click here to learn more about the new Inflation Reduction Act. Your local Miami Beach solar panel company can answer any questions you have and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Like with federal incentives, these could include rebates, tax credits and more. Certain incentives are ongoing, while others might only be available for a limited time. They might be provided by the Florida government, or by your county or municipality.
Next Steps for Installing Solar in Miami Beach
Solar incentives may be provided by your local utlity company, the Florida government or the federal government. The variety of available solar incentives has facilitated the nationwide growth of solar energy use in the last 15 years. We suggest talking to your local Miami Beach solar installation company to learn more about these incentives and to be sure that you're getting all of the money you can for your solar panels.
EcoWatch's Miami Beach, FL Solar Incentives FAQs
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.