2024 Solar Incentives Guide for Navarre, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Navarre.
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 Navarre?
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 term "solar incentives" includes a wide range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. These incentives might include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are given by the federal government, some by the state of Florida and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Tax Exemptions: Tax exemptions can come in two forms. First, there is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption, which allows you to ignore the value added by your solar system when paying property tax on your house.
- Rebates: Rebates, or cash back after a purchase, are normally given before any solar tax credits are calculated. These rebates can be provided by your local utility company, by your state or by your county.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have a net metering agreement in place with your Navarre utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this credit is dollar-for-dollar, while in other areas you might receive a refund equivalent to a percentage of the value.
- Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the federal government. These are different from tax deductions.
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 incentives are the kind of incentives that you are most likely to have some familiarity with. You may have heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to a specified percentage of the money you spend installing solar panels.
The ITC can be applied to the total cost of solar panel installation, including the panels themselves as well as equipment, accessories and labor. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own and that is located in the United States. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum amount you can claim.
Wondering how the ITC applies to your specific situation? Contact your local Navarre solar panel installation expert to get more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. The Clean Energy Credit runs until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit. This amount will then decrease slightly on a yearly basis until the current program ends. The expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Navarre solar panel installation expert is the best person to answer your questions about the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
There are more than just federal solar incentives; tax credits, rebates and more may be offered at the state and local level. Certain incentives are ongoing, while others are only available for a limited time. They might be provided by your county or municipality, or by the Florida government.
Next Steps for Installing Solar in Navarre
The expanding number of available solar incentives has enormously increased the nationwide adoption of solar energy over the last 15 years. You can get solar incentives from the federal government, the Florida government or from your local utility company. Your local Navarre solar panel installation expert can provide you with more details about which incentives you can apply for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Navarre, FL Solar Incentives FAQs
How much can I save annually on my electric bill if I add solar panels to my house in Navarre?
When you add solar panels to your home in Navarre, you can expect to save around $1,136.78 per year, or about $21,598.91 over 20 years.
Who installs solar panel systems near me?
To find the best solar panel installer in your area, check out our guide to the best solar companies in Navarre.
How long until the federal solar tax credit ends?
The federal solar tax credit, previously called the ITC and now called the Clean Energy Credit, is slated to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
I want to trade in my old appliances for ones that are more energy-efficient. Are there any credits I can get?
The recently passed Inflation Reduction Act provides multiple incentives meant to reward homeowners who make eco-friendly upgrades. Some of these incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives 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.