2023 Solar Incentives Guide for Fort Pierce North, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Fort Pierce North.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Fort Pierce North?
Property Tax Abatement for Renewable Energy Property
Non-Residential: 80% of the added value
Florida PACE programs
Lakeland Electric - Residential Energy Efficiency Loan Program
Fort Pierce Utilities Authority - Residential Energy Efficiency Rebate Program
Insulation (New): $0.40 per square ft
Insulation (Added): $0.125 per square ft
ENERGY STAR Refrigerator: $50 per unit
ENERGY STAR Room Air Conditioner: $150 per unit
High Efficiency Central A/C: $500
Tank Water Heater: $300 - $550 per unit
Tankless Water Heater: $550 - $675 per unit
Clothes Dryer: $100 - $200 per unit
Range: $100 - $150 per unit
Furnace: $500 - $725 per unit
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to mitigate the cost of installing solar panels on your home. This category of financial incentives is intended to encourage more Americans to convert their home partially or fully to renewable energy. The incentives could include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are offered by the federal government, some by the Florida government and some by your specific utility company, county or municipality. Types of solar incentives might include:
- Rebates: Solar rebates may be provided by your local utility company, or by your county or state. These rebates are essentially cash back that is applied after you purchase a solar system and before tax credits are calculated.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (This is different from a tax deduction.)
- Net Metering: Make sure you talk with your Fort Pierce North utility company about signing a net metering agreement. This will allow you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: These may come in the form of property tax exemptions, which allow you to exclude the value added by your solar panels when paying property tax on your home. You could also look for exemptions on sales tax at the time of purchase.
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
When you hear the term "solar incentives," federal incentives might be the first thing that comes to mind. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of your solar system's cost.
The ITC covers solar systems installed after January 1, 2006 and under this program you can deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. You can receive this credit for a solar panel system installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum claim amount.
Contacting your local Fort Pierce North solar panel installation expert is the best way to understand how the ITC may apply to you.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). Homeowners can now qualify for a credit of 30% of the total costs of solar system installation for projects that began after January 1, 2022 and will be finished by the end of 2032. This percentage will then begin to decrease yearly until the Clean Energy Credit ends in 2035. Starting in 2023, the program expansion will also make claiming credit for energy storage systems easier than ever before.
More information about the new Inflation Reduction Act can be found here. Your local Fort Pierce North solar panel installation expert is the best person to answer your questions about the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. As with federal incentives, these can include rebates, tax credits and more. Incentives might be offered by your county or municipality, or by the state of Florida. Certain incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Fort Pierce North
The expanding number of available solar incentives has helped tremendously increase the nationwide adoption of solar energy over the past 15 years. You can get solar incentives from your local utility company, the federal government or the Florida government. If you're ready to switch over to solar energy, reaching out to your local Fort Pierce North solar panel installation expert is a great first step.
EcoWatch's Fort Pierce North, FL Solar Incentives FAQs
How can I learn if I qualify for specific solar incentives?
In most cases, solar incentives apply to:
- a new solar system
- installed on property that you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including those run by the Florida government or by your county/municipality, could have additional qualifications. Speak with your local Fort Pierce North solar installer to find out what incentives your project will qualify for.
If I installed solar panels on my house a few years ago, can I still claim incentives?
Your best bet is to talk to a representative from the company that installed your solar panels — or get in touch with a local Fort Pierce North solar installer — to learn about which incentives you may qualify for. If your system was installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much will a solar system save me annually on my electric bill in Fort Pierce North?
When you add solar panels to your Fort Pierce North home, you can expect to save approximately $1,153.90 per year, or approximately $21,924.10 over the next 20 years.
If I trade in my appliances for ones that use solar energy, are there incentives that I can claim?
The new Inflation Reduction Act introduces several incentives meant to reward homeowners who make eco-friendly upgrades. Some incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
Can I receive incentives both towards the initial cost of solar panels, and later as reimbursement?
The order in which incentives are applied could vary depending on which incentives you are eligible for but generally yes, you can claim multiple types of incentives for your solar project. Check with your solar installer or a local tax professional to verify you are claiming all the incentives you are eligible for and applying them in the correct order.
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.