Is your electric bill through the roof? If so, you need to switch to renewable energy. Solar power is the way to go.
Americans know it’s a good investment. The number of Americans who use solar power will more than triple in the next eight years.
Now’s the perfect time to install solar panels at home. You need to take advantage and make the best of solar incentives.
Learn how to do so by reading this article.
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What Are Solar Incentives?
Solar incentives help reduce solar panel investment costs by covering some of the installation costs. Solar incentives are available to homeowners and businesses that qualify.
The government offers various solar incentive programs. The government may refer to them as solar rebates or solar tax credits.
Some power utility companies offer their customers solar incentives. These differ from the ones the government offers.
The goal of these incentives is to boost interest in solar energy and encourage more people to go solar. These incentives are motivating people to install solar panels. Data shows 67% of homeowners who installed solar panels did so to get a solar investment tax credit.
The Federal Solar Tax Credit
The federal government offers its own solar tax credit. It’s available to all residents who pay federal taxes. If you qualify for this tax credit, you can claim it on your tax return.
This tax credit provides a 26% tax credit for the installation of a home solar panel system. This applies to project costs in 2022.
If you plan to take advantage of the federal solar tax credit, you shouldn’t wait too long. The credit drops to 22% in 2023. The credit will no longer be available in 2024 for homeowners.
Solar Panel Incentives by State
Your state may also offer solar incentives. California, Florida, and Illinois are among the states that have these incentives.
You should also check with your local government. Local solar incentives are often lucrative. Do make sure to do your research so you can get the most out of them.
Net Metering
As you read, some power utility companies have solar energy incentives. These are known as net metering programs. It allows you to sell excess solar electricity to your local utility company.
You can make a profit by doing this. The company will give you a credit for the excess solar electricity.
You may see your electricity bill go down to $0. You may even see negative electricity bills every month.
So don’t wait any longer to go solar. You can save with solar energy.
Check Out These Great Solar Incentives
Making the switch to solar energy is one of the best things you can do this year. These solar incentives can help offset the cost of installing solar panels. It’s a matter of finding the right one.
Make sure to explore the rest of our blog to continue reading more great articles.
It’s a matter of finding the right one.
Make sure to explore the rest of our blog to continue reading more great articles.
It’s a matter of finding the right one.
Make sure to explore the rest of our blog to continue reading more great articles.
