2023 Solar Incentives Guide for North Fort Myers, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in North Fort Myers.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in North Fort Myers?
Solar and CHP Sales Tax Exemption
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
Solar incentives are intended to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. Different kinds of incentives, including cash back, discounts or credit towards your monthly utility bill, may be available to you. Certain incentives may be handled by the Florida government, by your utility company or by county or municipality, while other incentives are federal. Some broad categories of solar incentives include:
- Tax Credits: Tax credits lower, dollar-for-dollar, the amount of income tax you owe the federal government. These are different from tax deductions.
- Net Metering: Be sure to talk to your North Fort Myers utility company about signing a net metering contract. This will allow you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. 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 would allow you to exclude the value added by your solar panels when paying property tax on your house. You may also qualify for an exemption on sales tax at the time of purchase.
- Rebates: Rebates, or cash back after a purchase, are usually applied prior to any solar tax credits being calculated. Solar rebates may be provided by your local utility company, by your county or by your state.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have some familiarity with. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of the cost of your solar system.
The ITC applies to solar systems 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, equipment, labor and accessories – although the percentage may range from 26-30%, depending on the installation date of your solar system. There is no cap on the claim amount.
Your local North Fort Myers solar panel installer can provide you with more information about the ITC and how it applies to your situation.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it the Clean Energy Credit). Homeowners can now receive 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. The credit percentage will then decrease on a yearly basis until the Clean Energy Credit ends in 2035. Starting in 2023, the expansion will also make claiming credit for energy storage systems easier than ever before.
Click here to learn more about the new Inflation Reduction Act. Your local North Fort Myers solar panel installer can answer any questions you have and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Tax credits, rebates and more may be available at a more local level. These solar incentives — which may be provided by your county or municipality, or by the state of Florida — may be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in North Fort Myers
Solar energy use nationwide has gone up significantly in the past 15 years, in part thanks to the growth in the number of solar incentives. You might receive these incentives from the federal government, the Florida government or your local utility company. Your local North Fort Myers solar panel installer can help you learn more about which incentives you might qualify for, and get you on track to switch to renewable energy today.
EcoWatch's North Fort Myers, FL Solar Incentives FAQs
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