Condo owners in Miami, such as yourself, are facing a unique set of environmental struggles. Historic winds and waves are crashing into your precious properties, so reinforcing them is critical. Climate resiliency improvements are available from local and federal governments through sustainable upgrades and incentives. Discover what is available for Miami residents so your assets stay protected while reducing their carbon footprint.
Why Condo Owners Need Government Incentives
Around 87.9% of downtown Miami properties are facing flood risks, increasing to over 90% in the next 30 years. Rainfall is getting heavier, and the chances of hurricanes hitting coastlines are higher than ever. Extreme heat is another concern, making cooling equipment in buildings work overtime and shortening their lifespan.
Condos are often located in vulnerable areas. While the beachfront view is ideal, government incentives could install sustainable upgrades to keep structures safer against these stressors.
What Is Available in Miami?
The following eco-conscious programs and incentives are available to Condo owners in Miami.
Property Assessed Clean Energy (PACE) Financing
PACE is an alternative financing option for green home improvements where condo owners can repay through property taxes. For eligible renovations and upgrades, owners could get qualified in minutes without putting a single dollar down. It also makes funding more accessible by eliminating credit score requirements. It funds diverse projects, including but not limited to:
Septic conversions
Roofing
Flood mitigation
Generators
Miami-Dade County Green Building Program
The city’s County Office of Resilience started the Sustainable Buildings Program in 2007. This certification program helps property organizers from all backgrounds follow an industry-recommended path. While it does not provide tax credits or financial boons, receiving certification could make you eligible for additional certifications, such as LEED.
Federal Tax Incentives
The Inflation Reduction Act was the most pivotal climate legislation in American history. Its future is uncertain with current governmental shifts. However, taxpayers can still claim thousands of dollars in incentives for clean energy equipment and home upgrades.
Property owners will want to focus on the Energy Efficiency Home Improvement Credits, which allow installation of green power systems like solar panels or geothermal systems. Heat pumps have an average expectancy of 25 years without excessive maintenance, whereas conventional systems may only last a decade.
The credits and deductions also cover energy audits, weatherization to doors and windows, upgraded water heaters and more.
Florida Power and Light (FPL) Incentives
FPL is an electric utility provider and one of the largest in the U.S. It serves millions of accounts and offers various power-related incentives for its customers. If you are a customer, you can save $2,150 on energy-efficient air conditioning, $1,420 on ceiling insulation and more. The program also funds electric vehicle charging installations, rooftop solar and energy-savings tips to cut your condo’s energy consumption.
City Building and Land Use Benefits
Green buildings in Miami may have additional requirements, but the city does offer benefits to help move the process along as quickly as possible. Permitting is a common barrier for any condo development, but Miami waives fees and expedites issuing for environmentally friendly enhancements.
It also changed its zoning codes to promote walkability and smarter land use. As a result, condo property managers can get density bonuses for going above and beyond Miami 21 Code’s expectations when responding to sea level rise and climate mitigation.
How to Use the Benefits for Sustainable Upgrades in Condos
The cost of living in Florida will rise because of natural disasters and extreme weather, and residents already pay on average $60 more than the rest of the U.S.
Therefore, condo managers should apply and install these sustainable upgrades as fast as possible. Every program has a different process. FPL advantages are available to customers, so you may need to sign up your condo with this utility. Many of the federal credits are qualified tax deductions for eligible technologies.
If you have any questions regarding specific program acceptance and eligibility, you can request consultations or seek guidance from a tax professional to ensure compliance.
Then, you can feel free to install your new, eco-friendly machinery and curb energy consumption with the insights you have learned from auditors and certification experts.
Eco-Conscious Condo Care
The city of Miami evokes a vacation mindset, but it is just as susceptible to natural challenges as any other coastal city. You must take advantage of government incentives and programs to get the best deals on sustainable upgrades for your condo. These will lower energy use, make materials more resilient and lengthen the life cycle of the building.
As the world moves toward a more environmentally aware construction and building sector, now is a better time than ever to take advantage of these upgrades.
Evelyn Long is a writer that specializes in housing market trends. She is also the founder of Renovated Magazine, where she writes essential resources for renters and homeowners. She has contributed to several other sites like the National Association of Realtors and Realty Executives.