2023 Solar Incentives Guide for Port St. Lucie, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Port St. Lucie.
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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What Solar Tax Credits, Incentives, and Rebates are Available in Port St. Lucie?
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
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
Solar incentives are designed to mitigate the cost of installing solar panels on your home. Financial incentives like these are in place to encourage more homeowners to switch to renewable energy. You might be eligible for several types of incentives, such as cash back, discounts or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Florida government and others from the federal government. Categories of solar incentives include:
- Rebates: Solar rebates may be offered by your local utility company, or by your county or state. These rebates are essentially cash back that is applied after you pay for solar panels and before tax credits are calculated.
- Tax Exemptions: Your solar panels may qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when calculating property taxes on your home.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Net Metering: Net metering is an incentive you can get once your solar panels are up and running. If you have a net metering agreement with your Port St. Lucie utility company, the company will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some places, this credit is dollar-for-dollar, while in other places you may receive a refund equivalent to a percentage of the value.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have heard of. One of the incentives that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a specified percentage of your solar system's cost.
The ITC can be applied to solar systems installed after January 1, 2006 and lets you deduct from your taxes a percentage of the total cost of solar panels, equipment, labor and accessories. This credit can apply towards a solar panel system installed on a primary or secondary residence that you own in the United States. The original claim amount was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum amount you can claim.
To know exactly how much the ITC could save you, speak with your local Port St. Lucie solar panel installer.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now dubbed the Clean Energy Credit. With the new provisions, solar installation projects that are completed between 2022 and 2032 may be eligible for a 30% tax credit. This percentage will then decrease slightly each year until the current Clean Energy Credit expires in 2035. The program expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Port St. Lucie solar panel installer can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
There are more than just federal solar incentives; rebates, tax credits and more may be offered at the local or state level. Certain incentives are offered for only a limited time, while others are ongoing. These local incentives could come from your county or municipality, or from the Florida government.
Next Steps for Installing Solar in Port St. Lucie
There are a variety of solar incentives: those provided by the federal government, those provided by the Florida government and those provided by local utility companies, to name a few. The use of solar energy has increased tremendously in the last 15 years, partially due to these incentives. Call your local solar panel installer today to learn more and to save the most money possible on a solar system for your Port St. Lucie home.
EcoWatch's Port St. Lucie, FL Solar Incentives FAQs
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