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. As of 2021, the ITC is set at 26% for systems installed before 2023.
2. State and local incentives: Many states and local governments offer additional incentives for installing Solar panels, such as cash rebates, grants, or performance-based incentives. These incentives can vary widely depending on where you live.
3. Solar Renewable Energy Certificates (SRECs): Some states have programs that allow Solar system owners to earn credits for the electricity their system produces, which can then be sold to utilities or other entities to meet renewable energy targets.
4. Net metering: Net metering policies allow Solar system owners to earn credits for excess electricity they generate and send back to the grid. These credits can offset electricity bills during times when the Solar system is not producing enough power.
5. Property tax exemptions: Some states offer property tax exemptions for Solar energy systems, reducing the overall cost of installing Solar panels.
6. Incentives for low-income households: Some programs offer additional incentives or financial assistance for low-income households to help make Solar energy more accessible.
It is important to research and take advantage of these incentives to help offset the upfront costs of installing a Solar energy system and make the switch to clean, renewable energy more affordable.
