2024 Solar Incentives Guide for Pine Castle, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Pine Castle.
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 Pine Castle?
Property Tax Abatement for Renewable Energy Property
Non-Residential: 80% of the added value
Florida PACE programs
Lakeland Electric - Residential Energy Efficiency Loan Program
Orlando Utilities Commission - Residential Energy Efficiency Rebate Program
Energy Star Windows: $1.50 per sq. ft.
Ceiling Insulation Upgrade: $0.10 per sq. ft.
Heat Pump: $90-$1,630 per unit
Duct Repair/Replacement: 100% of cost up to $100
A/C Proper Sizing w/ R-30 Attic Insulation: $90
Energy Star Heat Pump Water Heater: 100% of cost up to $500
Solar Thermal Water Heater: 100% of cost, up to $900
Solar PV System Battery: $2,000
Orlando Utilities Commission - Solar Programs
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" covers a wide range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Incentives may include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered by the federal government, while others are offered by the Florida government or your specific utility company, county or municipality. Types of solar incentives might include:
- Tax Exemptions: Your solar panel system may qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when you are calculating property taxes on your house.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have a net metering agreement with your Pine Castle utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some areas, this credit is dollar-for-dollar, while in other places you may be refunded a percentage of the value.
- Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the federal government. Tax credits are different from tax deductions.
- Rebates: Solar rebates may be provided by your local utility company, or by your county or state. These rebates work as cash back that is applied after you purchase solar panels and before tax credits are calculated.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
Federal incentives are the type of incentives that you are most likely to have some knowledge of. An incentive many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a predetermined percentage of your solar system's cost.
The ITC applies to solar panels installed on your primary or secondary residence in the United States. The solar system has to have been installed on a property you own after January 1, 2006, for you to claim the credit. The ITC originally paid out 30% of all system costs (panels, labor, equipment and accessories), although the covered amount has fluctuated over time between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.
To find out exactly how much money the ITC could save you, contact your local Pine Castle solar panel installer.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now dubbed the Clean Energy Credit. The Clean Energy Credit lasts until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit. The amount will be decreased slightly each year until the end of the current program. The program expansion 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. To understand how the new Clean Energy Credit will apply to you, get in touch with your local Pine Castle solar installers.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more might also be offered at the state and local level. Incentives may be offered by your county or municipality, or by the state of Florida. Some incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Pine Castle
The nationwide use of solar energy has gone up tremendously in the past 15 years, in part due to the proliferation of solar incentives. You may get these incentives from the Florida government, the federal government or your local utility company. If you're prepared to make the switch to solar energy, calling your local Pine Castle solar panel installation expert is a great first step.
EcoWatch's Pine Castle, FL Solar Incentives FAQs
How much can I save on my electric bill annually if I add solar panels to my house in Pine Castle?
Generally, Pine Castle homeowners who install solar panels save around $1,144.18 per year, or around $21,739.46 over 20 years after making the switch.
What are some environmental benefits of installing solar panels on my house?
Solar energy is a renewable energy source — by changing where you get your energy, you can help reduce the strain on our planet's resources. You can also lower your home's CO2 emissions by 450 pounds yearly, or around 9,000 pounds over 20 years.
How long until the federal solar tax credit ends?
The federal solar tax credit, formerly known as the ITC and now titled the Clean Energy Credit, is scheduled to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
Can I use a combination of multiple types of renewable energy to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Make sure you go over your ideas with your local Pine Castle solar installation expert. They can help you with the plan for your project and educate you on the various incentives that you will or won't qualify for.
What if I add a solar system to a vacation home, rental property or commercial property? Do I still qualify for incentives?
Many solar incentives are intended to apply to a property located within the United States that you own, and most secondary residences will fall under this distinction. There may be other solar incentives available for commercial properties, depending on the details. We recommend talking to your local solar installer and/or tax professional to best understand what incentives may apply to your specific situation.
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.