Some common types of Solar rebates and incentives that may be available include:
1. Federal Investment Tax Credit (ITC): This tax credit allows homeowners and businesses to deduct a percentage of the cost of installing a Solar energy system from their federal taxes. The ITC currently allows for a deduction of 26% of the cost of the system, but this percentage is set to decrease in the coming years.
2. State and local rebates: Many states and local governments offer rebates or incentives for installing Solar energy systems. These can vary widely depending on the location, but may include cash rebates, performance-based incentives, or property tax exemptions.
3. Solar Renewable Energy Credits (SRECs): Some states have SREC programs that allow homeowners and businesses to earn credits for the electricity generated by their Solar panels. These credits can then be sold or traded on the open market, providing additional income for Solar system owners.
4. Net Metering: Net metering policies allow Solar energy system owners to receive credit for excess electricity generated by their system that is fed back into the grid. This can help offset utility bills and provide additional savings over time.
5. Incentives for low-income households: Some programs offer additional incentives or assistance for low-income households to help make Solar energy more accessible and affordable.
In addition to these financial incentives, there may also be other benefits to installing a Solar energy system, such as increased property value, energy independence, and environmental benefits. It is important to carefully research and consider all of the available options before making a decision about installing Solar panels.
