No matter how you choose to finance your switch to solar energy, it is an investment. We know you want to reduce costs wherever you can to stretch your funds as far as possible. Luckily in the push for cleaner energy, the government has offered a variety of incentives for solar projects. These incentives vary widely from federal to municipal levels to cover both residential and commercial projects, ensuring more people can take advantage of them.
Federal Government Solar Panel Incentive
The federal government has set up an Investment Tax Credit (ITC) for those making the switch to solar energy. The ITC is available for solar projects in your home or business as a 30% federal tax credit.
However, the federal solar tax credit won’t be around long! 2019 is the last year to receive the full 30% credit. Then it falls each year before being phased out completely for homeowners. The solar tax credit will drop to 26% in 2020 and then fall to 22% in 2021. But in 2022, the tax credit is ZERO for homeowners! Commercial properties will still be eligible for the ITC but at just 10%.
Other Solar Energy Incentive Programs
The ITC is not the only incentive available when you invest in solar energy. Many states and municipalities and even some private companies offer additional programs. These programs vary from tax credits to rebates on smart technology. In fact, the push for greener energy has resulted in incentives beyond those for solar energy. Installing energy-efficient appliances and other green initiatives may come with rewards.
If you want to find more programs and incentives in your area, visit the Database of State Incentives for Renewables & Efficiency. This site compiles a list of incentives and programs available in each state. Visit today, enter your zip code, and review what options are available in your area.
For example, in our home state of California, PG&E offers a Residential Energy Efficiency Rebate program. This particular program provides a smart thermostat and water heater to qualifying households. In addition, our zip code shows a Marin County Residential Rebate Program which provides rebates on specific energy-efficient appliances.
There have never been more incentives for switching to solar energy! However, with the federal tax credit expiring soon, you’ll receive the biggest benefit by acting quickly. Contact us to make the switch today!