Some common Solar rebates and incentives that may be available to homeowners include:
1. Federal Investment Tax Credit (ITC): This incentive allows homeowners to deduct a percentage of the cost of their Solar installation from their federal taxes. As of 2021, the ITC offers a 26% tax credit for Solar installations. However, this percentage is set to decrease in future years, so it is important to take advantage of this incentive as soon as possible.
2. State and local rebates: Many states and local governments offer additional rebates or incentives for installing Solar panels. These incentives can vary widely by location, so it is important to research what is available in your area.
3. Solar Renewable Energy Certificates (SRECs): Some states have programs that allow homeowners to earn credits for the Solar energy their panels generate. These credits can be sold on the open market, providing homeowners with an additional source of income.
4. Net metering: Net metering programs allow homeowners to receive credit for excess Solar energy their panels generate that is fed back into the grid. This can help offset electricity costs during times when Solar production is low, such as at night or on cloudy days.
5. Property tax exemptions: Some states offer exemptions or reductions in property taxes for homeowners who install Solar panels on their property. This can help offset some of the upfront costs of installing a Solar system.
By taking advantage of these rebates and incentives, homeowners can significantly reduce the cost of installing Solar panels and make renewable energy more accessible and affordable.
