2024 Solar Incentives Guide for Sunny Isles Beach, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Sunny Isles 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 Sunny Isles 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" generally refers to financial incentives put in place by solar companies and the government to encourage the use of renewable energy by making solar panels more affordable. The incentives can include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are handled by the federal government, some by the Florida government and some by your utility company, county or municipality. Some broad categories of solar incentives include:
- Tax Exemptions: Sales tax exemptions are applied at the time of purchase for your solar system. Property tax exemptions allow you to exclude the added value of your solar system when calculating how much property tax you need to pay on your house.
- Rebates: Solar rebates can be offered by your county or state, or by your local utility company. These rebates are essentially cash back that is applied after your purchase of solar panels and before tax credits are calculated.
- Tax Credits: Tax credits decrease, dollar-for-dollar, the total amount of tax you owe the federal government. Tax credits are different from tax deductions.
- Net Metering: You can sign a net metering agreement with your Sunny Isles Beach utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your monthly utility bill.
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
Federal solar incentives are probably the first thing that comes to mind when thinking about solar incentives. You may have heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to a certain percentage of the money you spend on solar panels for your home.
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 claim amount.
Your local Sunny Isles Beach solar panel installation expert can provide you with more information about the ITC and how it applies to your situation.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. For solar system installations that begin after January 1, 2022, and are completed by the end of 2032, homeowners may be eligible for a credit equal to 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit expires in 2035. The expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. To better understand how the new Clean Energy Credit applies to you, talk to your local Sunny Isles Beach solar installation company.
State & Local Solar Incentives
Tax credits, rebates and more can be claimed at multiple levels. Along with federal solar incentives, there are often state and local ones, too. These incentives might be distributed by your county or municipality, or by the Florida government. Certain incentives are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Sunny Isles Beach
There are many kinds of solar incentives: those offered by the federal government, those provided by the Florida government and those provided by local utility companies, to name a few. The use of solar energy has grown enormously in the last 15 years, thanks to these incentives. We recommend talking to your local Sunny Isles Beach solar installation expert for more information about these incentives and to be sure that you're getting all the money you can for your solar system.
EcoWatch's Sunny Isles Beach, FL Solar Incentives FAQs
My home already has solar panels installed. Do I qualify for any incentives?
You should plan to talk to a representative from the company that installed your solar panels – or get in touch with a local Sunny Isles Beach solar installer — to learn about which incentives you may qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
What are the best solar panel installation companies near me?
To find the right solar panel installer for you, check out our guide to the top solar companies in Sunny Isles Beach.
Can I receive incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order your incentives will be applied in could vary depending on which incentives you receive but generally yes, you can claim multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to verify you are claiming all possible incentives and applying them in the correct order.
Can I use solar and another type of renewable energy in combination 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. Make sure you discuss your plan with your local Sunny Isles Beach solar installation expert. They can help you with the plan for your project and also help you understand the various incentives that 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.