Some common types of Solar incentives and rebates include:
1. Federal Investment Tax Credit (ITC): This incentive allows homeowners to deduct a portion of the cost of installing a Solar energy system from their federal taxes. The ITC currently offers a 26% tax credit for systems installed through 2022.
2. State and local rebates: Many states and local governments offer rebates or incentives for installing Solar energy systems. These can vary greatly depending on where you live.
3. Solar Renewable Energy Credits (SRECs): Some states have programs that allow homeowners to earn credits for the electricity generated by their Solar panels. These credits can then be sold to utility companies to meet renewable energy requirements.
4. Net metering: Net metering allows homeowners with Solar panels to receive credits on their electricity bills for the excess energy they generate and send back to the grid. This can help offset the cost of electricity purchased from the grid when Solar production is low.
5. Property tax exemptions: Some states offer property tax exemptions for homeowners who install Solar energy systems, reducing the overall cost of the installation.
6. Grants and low-interest loans: Some states or local governments offer grants or low-interest loans to help homeowners finance the installation of Solar energy systems.
It’s important to research and understand the specific incentives and rebates available in your area to make the most of the financial benefits of installing a Solar energy system.
