2024 Solar Incentives Guide for Vero Beach, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Vero 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 Vero 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/
Solar incentives are meant to encourage homeowners to make the switch to renewable energy by offering incentives that lower the financial burden of solar panel installation and use. Various kinds of incentives, including discounts, cash back or credit towards your monthly utility bill, might be available to you. Some incentives may be provided via the Florida government, by your utility company or by county or municipality, while others are federal. Some broad categories of solar incentives include:
- Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you have in place a net metering agreement with your Vero Beach utility company, it will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this is a dollar-for-dollar credit, while in other areas you may make back a percentage of the value.
- Tax Exemptions: Sales tax exemptions are applied at the time of purchase for your solar system. Property tax exemptions allow you to ignore the value that your solar panels add when you calculate the amount of property tax you need to pay on your home.
- Rebates: Rebates, or cash back after a purchase, are typically given before any solar tax credits are calculated. Solar rebates may be given by your local utility company, by your state or by your county.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government. (A tax credit is different from a tax deduction.)
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 solar incentives are probably the first thing that you think of when thinking about solar incentives. 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 certain 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 that you own in the United States. Initially, the credit applied to 30% of the total cost – for panels, labor, accessories and equipment – although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the amount you can claim.
Contacting your local Vero Beach solar panel installer is the best way to understand how the ITC may apply to you.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). Under the new program, solar installation projects started after January 1, 2022, and completed by the end of 2032, may be eligible for a 30% tax credit. The amount of the credit will then decrease slightly each year until the current Clean Energy Credit expires in 2035. The program expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. The best way to understand how the new Clean Energy Credit might apply to you is to reach out to your local Vero Beach solar panel company with your questions.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Like with federal incentives, these can include tax credits, rebates and more. Some incentives are ongoing, while others are only available for a limited time. Solar incentives may be given by your county or municipality, or by the Florida government.
Next Steps for Installing Solar in Vero Beach
Solar incentives can be offered by your local utility company, the Florida government or the federal government. The variety of solar incentives available has facilitated the nationwide growth of solar energy use in the last 15 years. Reaching out to your local Vero Beach solar panel installation expert is a great first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Vero Beach, FL Solar Incentives FAQs
What are the best solar panel installation companies near me?
To find the best solar panel installer in your area, check out our guide to the top solar companies in Vero 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 might vary depending on which incentives you receive but typically yes, you can claim multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to confirm you are claiming all possible incentives and applying them in the correct order.
Can I use a combination of solar and another type of renewable energy to power my home?
Yes, you can use multiple types of renewable energy to power your home, such as a combination of solar and wind power. You can also combine renewable energy generation with a non-renewable backup source of energy. Be sure to discuss your plan with your local Vero Beach solar panel installer, to make sure you know what you'll need and what types of incentives you will or won't qualify for.
What if I add a solar system to a vacation home, rental property or commercial property? Do I still qualify for incentives?
Many solar incentives apply to a property you own that is located within the United States; most secondary residences will fall under this distinction. Other solar incentives may be available for commercial properties, depending on the details. We recommend getting in touch with your local solar installer and/or tax professional to fully understand what incentives apply to your specific situation.
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.