Do you want to learn more about solar incentives and rebates?
The federal government wants its constituents to use sustainable energy. It’s why they’re offering federal solar tax credit, solar panel rebates, and more to households using solar panels. Today, the United States has over 2 million residential, commercial, and utility-scale solar installations.
If you’re on a budget but also want to go solar, you’re in luck. Keep reading to learn about the various solar panel incentives and financing options.
What Are Solar Panel Rebates and Tax Credits?
The cost of solar panel units and installation can be expensive. However, getting a solar panel system allows you to apply for rebates. These support the upfront costs of installing a solar power system.
Solar federal tax credits work the same way. As said before, the federal, state and local governments want you to go solar. Thus, they make solar energy more affordable and accessible to you.
Who Has Eligibility for Rebates and Tax Credits?
Not everyone can get solar tax credits and rebates. You’ll only qualify for these incentives if you meet the following criteria. To become eligible for federal ITC, you must:
- Be a solar panel system owner
- Have it installed between 2006 and 2023
- Have the system installed at your house
- Use it for the first time
Depending on the state or municipal rules, these qualifications may differ.
Certain utility companies also have different qualifications for other renewable energy households. If you’re looking for solar panel units to guarantee your eligibility, visit Blue Raven Solar or similar businesses.
What Are the Different Solar Incentives?
Most solar incentives are available after installing your solar panel system. You can also get solar panel financing. It gives financial leeway when buying a solar panel system.
Federal Investment Tax Credit (ITC)
Once you use solar energy, the federal government will let you keep part of your tax payment as a credit. If you install the solar panel system before 2023, the ITC returns 26% of the cost. It brings the average cost of solar panel installation to $12,000 after tax incentives.
Rebates offer another reduction to the total cost of a solar panel system. Check your area, state, municipality, or utility company for upfront rebates. These rebates can reduce the solar panel system cost by 10%-20%.
Other Solar Incentives
Cash rebates and federal ITC are the usual incentives for solar energy users. If you want to reduce your costs more, consider the other solar panel rebates:
- State Tax Credits
- Performance-Based Incentives (PBI)
- Solar renewable energy certificates (SRECs)
- Subsidized loans
- Tax exemptions
Research online to find and apply for these rebates. Prepare your requirements before applying. It guarantees your eligibility for these incentives.
Get Affordable Solar Panel Systems Today
You don’t need to pay expensive costs to make your solar-powered home a reality. All you need is to apply for solar panel rebates and tax credits.
Are you looking for more ways to save on bills? Read our other posts now.