2024 Solar Incentives Guide for Royal Palm Beach, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Royal Palm Beach.
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.
Get a free quote from one of our trusted Royal Palm Beach solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Royal Palm Beach?
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" covers a wide range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Solar incentives can include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the state of Florida and some by your utility company, county or municipality. Some broad categories of solar incentives include:
- Tax Exemptions: Tax exemptions may come in two forms. First, there is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption, which allows you to ignore the added value of your solar system when calculating property tax for your house.
- Net Metering: You can sign a net metering contract with your Royal Palm Beach utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then subtract this value from your utility bill each month.
- Tax Credits: Tax credits reduce, dollar-for-dollar, the amount of income tax you owe the federal government. These differ from tax deductions.
- Rebates: Rebates, or partial refunds after a purchase, are usually applied before any solar tax credits are calculated. Rebates might be offered by your local utility company, by your state or by your county.
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
Federal incentives are the kind of incentives that you are most likely to have heard of. The Federal Solar Investment Tax Credit, or ITC, is probably the most commonly known federal solar incentive. The ITC offers a tax credit for a specific percentage of the cost of your solar system.
The ITC applies to solar panels installed on your primary or secondary residence in the United States. The solar system must have been installed after January 1, 2006, on a property you own for you to be eligible for the credit. The ITC originally paid out 30% of all system installation costs (panels, accessories, labor and equipment), although this amount has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the claim amount.
To best understand how the ITC will apply to you, reach out to your local Royal Palm Beach solar panel installer and request more information.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). For solar systems installed between January 1, 2022, and December 31, 2032, homeowners may be eligible for a credit equal to 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the expansion will also make claiming credit for energy storage systems easier than ever before.
More information about the new Inflation Reduction Act can be found here. To understand how the new Clean Energy Credit will apply to you, talk to your local Royal Palm Beach solar installation expert.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. As with federal incentives, these can include tax credits, rebates and more. These solar incentives — which might be provided by your county or municipality, or by the state of Florida — might be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Royal Palm Beach
Nationwide solar energy use has gone up significantly in the past 15 years, in part due to the growth in the number of solar incentives. You might receive these incentives from your local utility company, the Florida government or the federal government. Call your local solar panel installation company today to find out more information and to save the most money possible on solar panels for your Royal Palm Beach home.
EcoWatch's Royal Palm Beach, FL Solar Incentives FAQs
How can I learn if I qualify for certain solar incentives?
Typically, solar incentives apply to:
- a new solar panel system
- installed on a property that 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, could have additional qualifications. Speak with your local Royal Palm Beach solar installer to learn more about what incentives your project may qualify for.
How much can I save on my electric bill annually if I add solar panels to my house in Royal Palm Beach?
Once you add solar panels to your Royal Palm Beach home, you can expect to save around $1,083.63 per year, or about $20,588.93 over the next 20 years.
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 your home's CO2 emissions by 450 pounds annually, or roughly 9,000 pounds in 20 years.
I want to switch my appliances out for ones that are more energy-efficient. Are there any benefits I can get?
The new Inflation Reduction Act includes provisions for several incentives designed to reward homeowners for making eco-friendly upgrades. Some 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.