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.
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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 phrase "solar incentives" refers broadly to financial incentives put in place by solar companies and the government to encourage people to use renewable energy by making installing and using solar panels more affordable. Solar incentives could 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 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, which is applied when you purchase solar panels. The second is property tax exemption. This allows you to ignore the added value of your solar system when paying property tax on your home.
- Net Metering: Make sure you talk to your Royal Palm Beach utility company about signing a net metering agreement. This will allow you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
- 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.)
- Rebates: A rebate is a partial refund after the purchase of your solar panels. These might be offered by your local utility company, your state or your county. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
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. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit that reduces your taxes by a predetermined percentage of the money you spend on your solar system.
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. The credit initially covered 30% of the total cost – for panels, labor, equipment and accessories – although the percentage may range from 26-30%, depending on the installation date of your solar system. There is no cap on the claim amount.
Talking to your local Royal Palm Beach solar panel installer is the best way to learn more about how the ITC applies to you.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). The new Clean Energy Credit extends until 2035. American homeowners can now apply for a 30% credit for solar systems that began installation after January 1, 2022, and are completed by the end of 2032. This new credit will then see a slight annual decrease until its expiration. Beginning 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. Your local Royal Palm Beach solar panel installer can answer any questions you have and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives may be offered at the local or state level. Like with federal incentives, these can include rebates, tax credits and more. Certain incentives are ongoing, while others might only be available for a limited time. These incentives may be given by the Florida government, or by your county or municipality.
Next Steps for Installing Solar in Royal Palm Beach
Solar energy use nationwide has significantly increased in the past 15 years, in part thanks to the proliferation of solar incentives. You can obtain these incentives from your local utility company, the Florida government or the federal government. Talking to your local Royal Palm Beach solar panel installation company is an excellent first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Royal Palm Beach, FL Solar Incentives FAQs
How do I know if I qualify for solar incentives?
It's a smart idea to get in touch with your local Royal Palm Beach solar installer to get an understanding of which incentives your project will qualify for. Typically, solar incentives apply to new solar systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those provided at the level of the Florida government, might have other requirements.
How much will solar panels save me on my electric bill in Royal Palm Beach annually?
After adding solar panels to your house in Royal Palm Beach, you can anticipate savings of around $1,083.63 per year, or around $20,588.93 over the next 20 years.
What are some environmental benefits of installing solar panels on my house?
You can lower your carbon footprint by 450 pounds of CO2 annually when you install solar panels. This adds up to around 9,000 pounds in 20 years. Solar is also a renewable energy source, which means that making the switch reduces the drain on our planet's resources.
If I change out my appliances for ones that can utilize solar energy, are there incentives that I can claim?
The new Inflation Reduction Act creates several new financial incentives for making eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found 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.