The declining cost of solar over the last decade has made installing a solar power system more affordable for homeowners. Those looking to lower their energy bills and carbon footprint can do so with fewer upfront costs, but it is still an investment.
To make it easier for home and business owners to switch to solar power, the federal, state, and local government branches have created tax incentives and rebates for individuals looking to make their lives a little greener. You may even be able to receive some offers from your local utility companies as well!
There is a solar panel rebate and tax incentive out there for you! Want to know more about your options and if you may be eligible? Keep reading! We’ll go over what you should know.
What Type of Tax Incentives and Rebates Are Available?
If you install a solar panel system at your home, you are likely eligible for tax credits and rebates from multiple levels of government and possibly your utility company. If you meet the criteria, you may get some money back for your solar PV system, depending on when it was installed or when you are planning to install it.
The federal government has implemented tax incentives for installing solar panels. If your system was or will be installed between January 1, 2006, and December 31, 2023, you fully own the system, and it’s at your primary or secondary residence, you may be eligible for this tax credit.
The ITC (Investment Tax Credit) allows individuals to deduct twenty-six percent of the total cost of their solar energy system from their federal taxes.
Some states have additional tax credits and rebates you can claim after you’ve installed your solar panel system. You can apply for these in addition to the Federal ITC tax incentive.
Certain states also have rebates you can explore. These are usually one time only and may be time-sensitive. If you claim a state rebate, it likely will not reduce your federal tax credit.
How Do You Claim a Solar Panel Rebate?
If you want to claim a solar panel rebate and use solar power for your home, it’s a good idea to work with a reputable company like Blue Raven Solar. Good solar companies will help you maximize your chances of claiming the federal tax credit and help you through the steps and the forms required.
Solar Energy: Good for the Environment, Good for Your Wallet
If you are thinking about adding a solar panel system to your home, a solar panel rebate may be in the cards for you. Not only will you be helping the environment by putting renewable energy into your home and the grid, but you can get some money back for doing it, depending on where you live.
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