2024 Solar Incentives Guide for Niceville, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Niceville.
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 Niceville?
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 are designed to mitigate the cost of installing solar panels on your home. This category of financial incentives is designed to encourage more people to switch their home over to renewable energy. Solar incentives can include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the Florida government and some by your utility company, county or municipality. Categories of solar incentives include:
- Rebates: Solar rebates may be provided by your county or state, or by your local utility company. These rebates work as cash back that is applied after you purchase a solar system and before tax credits are calculated.
- Tax Exemptions: Tax exemptions may come in two forms. First, there is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when paying property tax on your house.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
- Net Metering: Don't forget to speak with your Niceville utility company about signing a net metering agreement. This allows you to receive credit towards your utility bill every month for the value of excess energy generated by your solar panels. 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 someone says "solar incentives," you probably think of federal incentives first. You might have heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit that reduces your taxes by a predetermined percentage of the money you spend installing solar panels.
The ITC can be applied to solar systems installed after January 1, 2006, on a primary or secondary residence in the United States that you own. Originally, the tax credit was for 30% of the total cost – for panels, labor, equipment and accessories – although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
To more fully understand how the ITC may apply to your situation, get in touch with your local Niceville solar panel installation expert and ask for more information.
In August 2022, the ITC (now titled the Clean Energy Credit) was bolstered by the passage of the Inflation Reduction Act. The new Clean Energy Credit is valid until 2035. American homeowners can now receive a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. The total credit will then see a slight annual decrease until its expiration. The program expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. The best way to fully understand how the new Clean Energy Credit might apply to you is to reach out to your local Niceville solar panel installers with your questions.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. As with federal incentives, these can include tax credits, rebates and more. Some incentives are ongoing, while others are offered for only a limited time. Local solar incentives may come from your county or municipality, or from the Florida government.
Next Steps for Installing Solar in Niceville
Solar incentives might be offered by your local utility company, the federal government or the Florida government. The variety of available incentives has facilitated the nationwide growth of solar energy use in the last 15 years. Your local Niceville solar panel installation company can provide you with more details about which incentives you should apply for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Niceville, FL Solar Incentives FAQs
How do I know if I qualify for specific solar incentives?
It's best to speak with your local Niceville solar installer for a better understanding of which incentives your project may qualify for. Generally, solar incentives apply to new solar systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, such as those provided at the level of the Florida government, may have additional requirements.
How much will solar panels save me on my electric bill in Niceville annually?
When you add solar panels to your home in Niceville, you can anticipate savings of around $1,136.37 per year, or approximately $21,591.07 over the next 20 years.
Who installs solar panel systems near me?
To find the right solar panel installer for you, check out our guide to the best solar companies in Niceville.
Can I use multiple types of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Be sure to talk through your plan with your local Niceville solar installer. They can help you as you plan for your project and give you an understanding of various incentives that you may or may not qualify for.
Can I get any financial incentives when I add solar panels to a vacation home, rental property or commercial property?
While we recommend getting in touch with your local solar installer and/or tax professional to best understand what solar incentives apply to you, many incentives will apply to a second home, as long as it is in the United States and owned by you. There may be other incentives available for commercial properties specifically, depending on the specifics.
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.