2024 Solar Incentives Guide for Palm Valley, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Palm Valley.
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 Palm Valley?
Property Tax Abatement for Renewable Energy Property
Non-Residential: 80% of the added value
Florida PACE programs
JEA - Solar Incentive Program
Lakeland Electric - Residential Energy Efficiency Loan Program
Beaches Energy Services - Solar Water Heating Rebate Program
Beaches Energy Services - Residential Energy Efficiency Rebate Program
Air Conditioners: $100 - $300
Insulation Upgrade: $0.125 per square foot, up to $300
Window Film/Solar Screen: cost of project, up to $100
Heat Pump Water Heater/Solar Water Heater: $500
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 individuals who install solar panels on their homes. You may be eligible for several types of incentives, including discounts, cash back 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. You might qualify for any of the following types of solar incentives:
- Rebates: A rebate is a partial refund after the purchase of your solar panels. These might be offered by your local utility company, your county or your state. The discount that rebates offer is normally applied to the price of solar panels before tax credits are calculated.
- Net Metering: Don't forget to speak to your Palm Valley utility company about signing a net metering contract. This allows you to get a credit towards your utility bill every month 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.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
- Tax Exemptions: Tax exemptions can come in one of two forms. First, there is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption, which allows you to exclude the added value of your solar system when paying property tax on your home.
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 thinking about solar incentives, you likely think of federal incentives first. One of the incentives that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a specified percentage of the cost of your solar system.
The ITC can be applied to solar panels 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, accessories and equipment – although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
To best understand how the ITC may apply to you, call your local Palm Valley solar panel installation expert and request more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. Homeowners can now qualify for a credit equal to 30% of the total solar system installation costs for projects started after January 1, 2022, and completed before the end of 2032. The credit percentage will then decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. Your local Palm Valley solar panel installer 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 may be offered at the local or state level. As with federal incentives, these can include rebates, tax credits and more. Incentives might be provided by your county or municipality, or by the state of Florida. Certain incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Palm Valley
Solar incentives may be offered by the Florida government, the federal government or your local utility company. The large number of available solar incentives has facilitated the nationwide growth of solar energy use in the last 15 years. Getting in touch with your local Palm Valley solar panel installation company is a great first step towards getting the most money possible when you switch to solar energy.
EcoWatch's Palm Valley, FL Solar Incentives FAQs
How can I learn if I qualify for solar incentives?
In most cases, solar incentives apply to:
- a new solar panel system
- installed on property you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including those run by the Florida government or by your county/municipality, may have additional qualifications. Speak with your local Palm Valley solar installer to learn more about what incentives your project may qualify for.
How much can I save annually on my electric bill if I install solar panels on my Palm Valley home?
Typically, Palm Valley homeowners who install solar panels save about $1,097.64 per year, or around $20,855.10 over 20 years after making the switch.
When does the federal solar tax credit end?
The federal solar tax credit, previously called the ITC and now named the Clean Energy Credit, is scheduled 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.
Can I use a combination of solar and another type of renewable energy to power my home?
Yes, you can utilize multiple types of renewable energy to power your home — for example, a combination of solar and geothermal. You can also use both renewable energy sources and a backup source of non-renewable energy. You should discuss the details of your plan with your local Palm Valley solar panel installer, to make sure you know what you'll need and what types of incentives you may or may 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.