Some common types of Solar rebates and incentives that may be available in certain states include:
1. Federal Investment Tax Credit (ITC): This credit allows homeowners 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 on the cost of the system, but this percentage is set to decrease in the coming years.
2. State and local rebates: Some states and local governments offer cash rebates or incentives for installing Solar panels. These rebates can help offset the upfront cost of installing a Solar energy system.
3. Solar Renewable Energy Credits (SRECs): In some states, homeowners can earn credits for the electricity generated by their Solar panels, which can then be sold to utility companies to meet renewable energy requirements.
4. Net metering: Net metering programs allow homeowners to receive credit for excess electricity generated by their Solar panels that is fed back into the grid. This can help offset electricity costs during times when the Solar panels are not producing enough electricity.
5. Property tax exemptions: Some states offer property tax exemptions for homeowners who install Solar panels, allowing them to save on property taxes based on the increased value of their home due to the Solar energy system.
These are just a few examples of the types of Solar rebates and incentives that may be available in your area. Be sure to research what programs are available in your state and consult with a qualified Solar installer to maximize your savings on Solar energy.
