Some common types of Solar rebates that may be available include:
1. Federal Investment Tax Credit (ITC): The ITC allows homeowners to deduct a percentage of the cost of installing a Solar energy system from their federal taxes. As of 2021, the credit is set at 26% of the total system cost, but it is scheduled to decrease to 22% in 2023 before expiring for residential installations.
2. State and local incentives: Many states and local governments offer additional incentives for installing Solar panels, such as rebates, grants, or tax credits. These incentives can vary widely depending on where you live.
3. Utility rebates: Some utility companies offer rebates to customers who install Solar panels on their property. These rebates can help offset the upfront costs of installing a Solar energy system.
4. Solar Renewable Energy Certificates (SRECs): In some states, homeowners can earn SRECs by generating Solar energy. These certificates can be sold on the open market, providing an additional source of income for Solar system owners.
5. Net metering: Net metering programs allow homeowners to sell excess Solar energy back to the grid in exchange for credits on their electricity bills. While not a traditional Rebate, net metering can help offset the costs of installing a Solar energy system.
It is important to research and take advantage of any available Solar rebates to help make Solar energy more affordable and accessible for homeowners.
