2024 Solar Incentives Guide for Lauderhill, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Lauderhill.
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.
Get a free quote from one of our trusted Lauderhill solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Lauderhill?
Property Tax Abatement for Renewable Energy Property
Non-Residential: 80% of the added value
Florida PACE programs
Lakeland Electric - Residential Energy Efficiency Loan Program
City of Lauderhill - Revolving Loan Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to make renewable energy usage more affordable through financial incentives to help people install solar panels on their homes. Incentives may include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are provided by the federal government, while others are provided by the Florida government or your specific utility company, county or municipality. Some broad categories of solar incentives include:
- Tax Exemptions: Tax exemptions can come in one of two forms. First, there is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption, which allows you to ignore the added value of your solar system when paying property tax on your home.
- Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar system. States or counties will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually be deducted from the total price before any tax credits are calculated.
- Net Metering: Net metering is an incentive you can get once your solar system is up and running. If you have a net metering agreement with your Lauderhill utility company, they will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this credit is dollar-for-dollar, while in others you may be refunded a percentage of the value.
- Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the federal government. Tax credits are different from tax deductions.
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 likely to be the first thing that you think of when thinking about solar incentives. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to a specified percentage of the money you spend on solar panels for your home.
The ITC applies to the total cost of solar system installation, including the panels themselves as well as accessories, equipment and labor. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence located in the United States that you own. 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? Contact your local Lauderhill solar panel installation expert to get more information.
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. 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. This percentage will decrease annually after 2032 until the Clean Energy Credit ends in 2035. The expansion to the program also makes it easier to get credit for energy storage systems, starting in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Lauderhill solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it may apply to you.
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 as well. These incentives may be handled by your county or municipality, or by the Florida government. Some incentives may be ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Lauderhill
There are many kinds of solar incentives: those provided by local utility companies, those offered by the federal government and those provided by the Florida government, to name a few. The use of solar energy has increased tremendously in the last 15 years, partially due to these incentives. When you're prepared to switch over to solar energy, talking to your local Lauderhill solar panel installation expert is an excellent place to start.
EcoWatch's Lauderhill, FL Solar Incentives FAQs
If I already have solar panels, can I still claim incentives?
If your solar system was installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If you had your system installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the year it was installed. Reaching out to the company that installed your system, or any local Lauderhill solar installer, can help you learn what incentives you can apply for.
How much can I save annually on my electric bill if I add solar panels to my Lauderhill home?
On average, homeowners in Lauderhill who install solar panels save about $1,084.40 per year, or approximately $20,603.69 over 20 years after making the switch.
Who installs solar panels near me?
To learn about the best solar panel installers near you, read our article on Lauderhill's top solar panel companies.
What are some environmental benefits of installing solar panels on my home?
You can decrease your carbon footprint by 450 pounds of CO2 a year when you install solar panels. This adds up to roughly 9,000 pounds over 20 years. Solar is also a renewable energy source, which means that switching your home over reduces the drain on our planet's resources.
If I trade in my appliances for ones that can utilize solar energy, are there any benefits that I can claim?
With the passage of the new Inflation Reduction Act, there are a number of new financial incentives that are available when you make eco-friendly improvements to your home. More details about 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.