2023 Solar Incentives Guide for Stuart, FL - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Stuart.
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 Stuart?
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 mitigate the cost of installing solar panels on your home. These financial incentives are in place to encourage more Americans to switch to renewable energy. Different types of incentives, including discounts, cash back or monthly utility bill credits, may be available to you. Certain incentives may be offered by the state of Florida, by your utility company or by county or municipality, while other incentives are federal. Categories of solar incentives include:
- Net Metering: You can sign a net metering agreement with your Stuart utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your utility bill each month.
- Rebates: Rebates, or cash back after a purchase, are usually applied prior to any solar tax credits being calculated. Solar rebates might be provided by your local utility company, by your county or by your state.
- Tax Exemptions: Your solar panel system might qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to exclude the added value of the solar panels 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.
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 think about solar incentives, you probably think of federal incentives first. The Federal Solar Investment Tax Credit, or ITC, is the most well-known federal solar incentive. The ITC offers a tax credit for a set percentage of the cost of your solar system.
The ITC applies to the value of solar panels installed on your primary or secondary residence in the United States. The solar panels have 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, equipment, labor and accessories), although the covered amount has fluctuated slightly 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 amount you can claim.
Talking to your local Stuart solar panel installer is the best way to understand how the ITC may apply to your situation.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Homeowners are now eligible for a credit equal to 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 begin to decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the expansion to the program 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. To understand how the new Clean Energy Credit applies to you, get in touch with your local Stuart solar installation expert.
State & Local Solar Incentives
Not all solar incentives are federal; rebates, tax credits and more might also be offered at the local or state level. Incentives might be offered by your county or municipality, or by the state of Florida. Some incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Stuart
You can receive solar incentives from the Florida government and the federal government, as well as from your local utility company. This increase in availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Contact 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 Stuart home.
EcoWatch's Stuart, FL Solar Incentives FAQs
My home already has solar panels. Does my system qualify for any incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the recently increased 30% tax credit under the Inflation Reduction Act. If you had your system installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the year it was installed. Talking to the company that installed your solar system, or any local Stuart solar installer, can help you learn more about what incentives you can apply for.
How much can I save annually on my electric bill if I install solar panels on my Stuart home?
After adding solar panels to your Stuart home, you can expect to save approximately $1,087.10 per year, or approximately $20,654.98 over 20 years.
Who installs solar panel systems near me?
To find the right solar panel installer for you, check out our guide to the top solar companies in Stuart.
Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both tax credits and rebates towards the cost of your solar panels. Depending on precisely which incentives you are eligible for, they may apply in a different order. Make sure that you speak with your solar installer or a local tax professional to verify that you are claiming the correct incentives and getting the most money possible.
Can I use a combination of multiple types of renewable energy to power my home?
Yes, you can employ multiple types of renewable energy to power your home, such as a combination of solar and wind power. You can also combine renewable energy generation with a backup source of non-renewable energy. Make sure that you discuss your proposed plan with your local Stuart solar panel installer, so that you understand what you'll need and what types of incentives you will or won't qualify for.
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.