2024 Solar Incentives Guide for South Bradenton, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in South Bradenton.
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 South Bradenton?
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 encourage people to switch their home over to renewable energy by providing incentives meant to lower the financial burden of solar panel installation and use. You may be eligible for various types 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: Tax exemptions can come in two forms. The first is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when calculating property tax for your home.
- Rebates: Rebates, or partial refunds after a purchase, are usually given prior to any solar tax credits being calculated. Rebates might be offered by your local utility company, by your state or by your county.
- Net Metering: You can sign a net metering contract with your South Bradenton utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your utility bill each month.
- Tax Credits: Tax credits decrease, dollar-for-dollar, the amount of income tax you owe the federal government. These differ from tax deductions.
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SunPower
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Best Solar Financing
Blue Raven Solar
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Momentum Solar
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Federal Solar Incentives
When thinking about solar incentives, you likely think of federal incentives first. A federal incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a predetermined percentage of your solar system's cost.
The ITC was originally for 30% of the cost of installing solar panels, although it has fluctuated slightly over time between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total installation cost includes the panels themselves as well as the cost of accessories, equipment and labor. There is no maximum claim amount. The ITC can be applied to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
To know exactly how much the ITC could save you, get in touch with your local South Bradenton solar panel installation expert.
The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit extends until 2035. American homeowners are now eligible for a 30% credit for solar systems installed between 2022 and 2032. This credit will then decrease annually until it expires. 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. Your local South Bradenton solar panel company is the best resource for answering your questions regarding the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more can be offered at a more local level. The incentives — which might be handled by the state of Florida, or by your county or municipality — might be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in South Bradenton
The expanding number of solar incentives available has helped tremendously increase the use of solar power nationwide over the past 15 years. You might qualify for solar incentives from your local utility company, the federal government or the Florida government. We suggest talking to your local South Bradenton solar installation expert for more information about these incentives and to ensure that you're getting all the money you can for your solar system.
EcoWatch's South Bradenton, FL Solar Incentives FAQs
How do I learn if I qualify for certain solar incentives?
It's a smart idea to get in touch with your local South Bradenton solar installer to get an understanding of which incentives your project may qualify for. Generally, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, like those provided at the level of the Florida government, might have additional requirements.
How much can I save on my electric bill annually if I add solar panels to my house in South Bradenton?
After adding solar panels to your South Bradenton home, you can anticipate savings of around $1,065.30 per year, or approximately $20,240.74 over the next 20 years.
Can I claim incentives both towards the initial cost of solar panels, and later as reimbursement?
The order that incentives will be applied in could vary depending on which incentives you are claiming but in most cases yes, you can receive multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to confirm you are claiming all the incentives you're eligible for and applying them in the correct order.
What if I am planning to add solar panels to a vacation home, rental property or commercial property? Will I still qualify for incentives?
While we recommend speaking with your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many apply to a second home, provided that it is in the United States and owned by you. There may be additional 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.