2024 Solar Incentives Guide for Punta Gorda, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Punta Gorda.
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 Punta Gorda?
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
Source: https://www.dsireusa.org/
Solar incentives are meant to help mitigate the cost of installing solar panels on your home. Financial incentives like these are in place to encourage more Americans to switch to renewable energy. You might be eligible for various kinds of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Florida and others from the federal government. Categories of solar incentives include:
- Tax Exemptions: Sales tax exemptions go into effect at the point of sale for your solar system. Property tax exemptions let you exclude the added value of your solar system when you calculate how much property tax you need to pay on your home.
- Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
- Net Metering: Net metering factors in after your solar system is up and running. If you have a net metering agreement with your Punta Gorda utility company, it will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some locations, this credit is dollar-for-dollar, while in other places you may get refunded a percentage of the value.
- Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar panels. States or counties will also sometimes offer limited-time rebates. Any rebates you receive will usually be deducted from your total price 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
When thinking about solar incentives, federal incentives might be the first thing that comes to mind. You may have heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit that reduces your taxes by a certain percentage of the money you spend installing solar panels.
The ITC applies to the total cost of installing solar panels, including the panels themselves as well as equipment, labor and accessories. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own and that is located in the United States. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum amount you can claim.
Speaking with your local Punta Gorda solar panel installation expert is the best way to understand how the ITC may apply to you.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now titled the Clean Energy Credit. Now, solar installation projects started after January 1, 2022, and completed by the end of 2032, might qualify for a 30% tax credit. This credit amount will then see a slight annual decrease until the end of the current Clean Energy Credit in 2035. The expansion also makes it easier to get credit for energy storage systems, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. To understand how the new Clean Energy Credit applies to you, get in touch with your local Punta Gorda solar installation expert.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. As with federal incentives, these could include rebates, tax credits and more. Incentives may be handled by your county or municipality, or by the state of Florida. Some incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Punta Gorda
Solar incentives can come from your local utility company, the Florida government or the federal government. The growing number of incentives available has helped nationwide use of solar energy increase greatly in the last 15 years. Reach out to your local solar panel installation company today to discover more about the various programs and to save as much money as possible on solar panels for your Punta Gorda home.
EcoWatch's Punta Gorda, FL Solar Incentives FAQs
How much will a solar system save me annually on my electric bill in Punta Gorda?
After adding solar panels to your Punta Gorda home, you can anticipate savings of around $1,129.83 per year, or approximately $21,466.71 over 20 years.
What are some of the environmental benefits of switching to solar energy?
You can lower your carbon footprint by 450 pounds of CO2 annually when you switch to solar panels. This adds up to roughly 9,000 pounds over 20 years. Solar is also a renewable energy source, which means that switching your home over lessens the drain on our planet's resources.
How long until the federal solar tax credit ends?
The federal solar tax credit, formerly called the ITC and now called the Clean Energy Credit, is scheduled to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
I want to trade in my old appliances for ones that are more energy-efficient. Are there any incentives I can claim?
With the passage of the new Inflation Reduction Act, there are a number of new financial incentives to encourage you to make eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
What if I add solar panels to a rental property, vacation home or commercial property? Do I still qualify for incentives?
While we recommend talking to your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many incentives apply to a second home, provided that it is in the United States and owned by you. There may be additional incentives available for commercial properties specifically, depending on the details.
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.