2024 Solar Incentives Guide for Palm City, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Palm City.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Palm City?
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 make renewable energy usage more affordable through financial incentives for those who install solar panels on their homes. You may qualify for various kinds of incentives, including discounts, cash back or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Florida and others from the federal government. Types of solar incentives might include:
- Tax Exemptions: Your solar panel system may qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when calculating property taxes on your house.
- Rebates: Rebates, or cash back after a purchase, are normally applied prior to any solar tax credits being calculated. Rebates might be provided by your local utility company, by your county or by your state.
- Tax Credits: Tax credits lower, dollar-for-dollar, the total amount of tax you owe the federal government. Tax credits differ from tax deductions.
- Net Metering: Net metering factors in after your solar system is up and running. If you have a net metering agreement with your Palm City utility company, they will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in other places you may make back a percentage of the value.
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
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Federal Solar Incentives
When you think about solar incentives, you likely think of federal incentives first. The Federal Solar Investment Tax Credit, or ITC, is likely the most well-known federal solar incentive. The ITC allows you to claim a tax credit for a specific percentage of your solar system's cost.
The ITC covers solar systems installed after January 1, 2006, and allows you to deduct from your taxes a percentage of the total cost of solar panels, accessories, equipment and labor. This credit can apply towards solar panels installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum amount you can claim.
To better understand exactly how much money the ITC could save you, contact your local Palm City solar panel installation expert.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now called the Clean Energy Credit. The Clean Energy Credit has increased the current credit up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. At this point, the percentage will decrease slightly each year until the end of the program in 2035. Starting in 2023, it will also be easier to claim credits for energy storage systems under the new laws.
More information about the new Inflation Reduction Act can be found here. The best way to learn more about how the new Clean Energy Credit applies to you is to reach out to your local Palm City solar panel installers with your questions.
State & Local Solar Incentives
Federal solar incentives are not your only option; tax credits, rebates and more might also be offered at the state and local level. These incentives may be handled by the Florida government, or by your county or municipality. Some are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Palm City
The variety of solar incentives available has helped tremendously increase the nationwide adoption of solar energy over the last 15 years. You might qualify for solar incentives from the federal government, the Florida government or from your local utility company. Call your local solar panel installer today to find out more information and to save as much money as possible on solar panels for your Palm City home.
EcoWatch's Palm City, FL Solar Incentives FAQs
How much will a solar system save me on my electric bill in Palm City annually?
Typically, homeowners in Palm City who install solar panels save about $1,087.10 per year, or about $20,654.98 over 20 years after they make the switch.
Who installs solar panel systems near me?
To discover the top solar panel installation companies near you, take a look at our article on the top solar companies in Palm City.
What are the environmental benefits of switching to solar?
Solar energy is a renewable energy source — by switching where you get your energy, you help reduce the strain on our planet's resources. You can also lower the CO2 emissions from your home by 450 pounds a year, or roughly 9,000 pounds in 20 years.
Can I use a combination of multiple types 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. Be sure to discuss your ideas with your local Palm City solar installer. They can help you as you plan for your project and also help you understand the various incentives that you might or might not qualify for.
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.