2024 Solar Incentives Guide for Viera West, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Viera West.
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 Viera West?
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" broadly refers to financial incentives implemented by the government and by solar companies to encourage the adoption and use renewable energy by making installing and using solar panels more affordable. The incentives may include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are provided by the federal government, some by the state of Florida and some by your specific utility company, county or municipality. Some broad categories of solar incentives include:
- Net Metering: Net metering becomes relevant once your solar system is up and running. If you have a net metering agreement with your Viera West utility company, they will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some areas, this is a dollar-for-dollar credit, while in others you might be refunded a percentage of the value.
- 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.)
- Tax Exemptions: These might come in the form of property tax exemptions, which can let you exclude the value added by your solar panels when paying taxes on your home. You could also look for exemptions on sales tax at the time of purchase.
- Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar system. States or counties will also offer limited-time rebates at various times. Any rebates you receive will usually come off your total price before tax credits are calculated.
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 some knowledge of. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a predetermined percentage of the cost of your solar system.
The ITC applies to the total cost of installing solar panels, including the panels themselves as well as equipment, labor and accessories. You can claim this credit for panels installed after January 1, 2006, on a primary or secondary residence that you own, as long as it is located in the United States. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.
Curious how the ITC might apply to your specific situation? Get in touch with your local Viera West solar panel installer to get more information.
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 now runs until 2035. American homeowners can now receive a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. The credit will then decrease annually until it expires. The expansion also makes claiming credit for energy storage systems easier than ever before, starting in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Viera West solar panel installer can answer any questions you have and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Tax credits, rebates and more can be offered at a more local level. Certain incentives are offered for only a limited time, while others are ongoing. These local incentives may come from your county or municipality, or from the Florida government.
Next Steps for Installing Solar in Viera West
The variety of solar incentives available has enormously increased the nationwide adoption of solar energy over the past 15 years. You might qualify for solar incentives from the Florida government, the federal government or your local utility company. If you're prepared to make the change to solar energy, getting in touch with your local Viera West solar panel installation expert is a great first step.
EcoWatch's Viera West, FL Solar Incentives FAQs
How much can I save annually on my electric bill if I install solar panels on my house in Viera West?
After adding solar panels to your home in Viera West, you can expect to save about $1,198.32 per year, or around $22,768.17 over the next 20 years.
Who installs solar panel systems near me?
To learn about the best solar panel installation companies near you, take a look at our article on Viera West's best solar panel companies.
What are the environmental benefits of switching to solar?
You can lower your carbon footprint by 500 pounds of CO2 annually by installing solar panels. This adds up to around 10,000 pounds over 20 years. In addition, solar power is a renewable energy source, meaning that making the switch lessens the drain on our planet's resources.
If I switch my appliances out for ones that use solar energy, are there any credits I can claim?
The new Inflation Reduction Act creates several new financial incentives for making eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I use multiple types of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you talk through your plan with your local Viera West solar installation expert. They can help you with the plan for your project and give you an understanding of 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.