Some common types of Solar rebates and incentives that may be available include:
– Federal Investment Tax Credit (ITC): This is a federal tax credit that 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 allows for a 26% credit for systems installed through 2022.
– State and local rebates: Many states and local governments offer rebates or incentives for installing Solar panels. These can vary widely by location and may include cash rebates, performance-based incentives, or property tax incentives.
– Net metering: Net metering allows homeowners and businesses with Solar panels to receive credit for excess electricity generated by their system that is fed back into the grid. This can help offset electricity costs and potentially earn money for excess energy produced.
– Solar renewable energy certificates (SRECs): Some states have programs that allow homeowners and businesses to earn SRECs for every megawatt-hour of electricity generated by their Solar panels. These certificates can be sold on the open market, providing additional revenue for Solar energy system owners.
– Grants and low-interest loans: Some states or local governments offer grants or low-interest loans to help offset the upfront costs of installing Solar panels. These programs can make Solar energy more affordable for homeowners and businesses.
It’s important to take advantage of these incentives and rebates to help reduce the cost of installing Solar panels and make renewable energy more accessible for more people. By researching available programs and consulting with Solar installers, homeowners and businesses can make informed decisions about going Solar and maximizing their savings.
