Solar Panel Rebates & Tax Incentives
Washington and Oregon have some of the best rebates in the country and switching over to solar power has never been more affordable. Our energy consultants are professionals in saving you the most amount of money with the current rebates available. Your free quote will reflect any rebates and tax credits you qualify for. Contact GreenLight Solar & Roofing today to see what incentives you will benefit from.
Federal Solar Tax Credit
The Investment Tax Credit for 2020 is currently a 26 percent federal tax credit claimed against the tax liability of residential and commercial and utility investors in solar energy property. The investment tax credit allows the homeowner to apply the credit to their personal income taxes. This credit is used when homeowners purchase solar systems and have them installed on their homes. The credits can be used within 5 years from the date of installation.
A tax credit is a dollar-for-dollar reduction in the income taxes that a person or company would otherwise pay the federal government. The ITC is based on the amount of investment in solar property. For example, if the final cost to install solar panels is $10,000, you will receive $2,600 back in federal tax credits.
Washington State Solar Incentives
With high electricity prices and net metering, solar incentives have traditionally been the most important factor for whether home solar power makes financial sense. In Washington all equipment for solar energy systems smaller than 100 kilowatts in size, which is equivalent to an averaged sized home, is exempt from state and local sales tax. This saves thousands on most projects.
The Washington state solar incentive program rewards homeowners 6.5% to 10.4% for going solar in the form of a sales tax exemption. The exemption covers all sales tax paid on the purchase and installation of solar energy systems that generate up to 100 kilowatts (kW) AC of electricity. For a typical sized system this is a $2,000, or more, incentive. In addition to the federal solar tax credit that returns 26% of the system cost, solar technology is better and affordable. The Washington state tax exemption for solar is good through December of 2029. Now is a great time to own your energy source!
For more information regarding the Washington state solar energy system sales tax exemption visit Washington State’s Department of Revenue or click here.
Oregon State Solar Incentives
Oregon actually does get plenty of sunshine for making solar power, and it’s more affordable than you may think. Cash incentives from Energy Trust, Oregon solar rebates and federal tax credits can offset as much as fifty percent of your solar installation costs.
Oregon Energy Trust Incentive
Over 11,000 homeowners across Oregon are making their own solar power. Join them in taking control of your energy costs—and improving your home’s value—with clean, renewable energy from the sun. The Oregon Energy Trust provides homeowners and businesses cash incentives based on the size of your solar array and your utility company. These cash incentives apply directly to the cost of the solar system and are reimbursed to the Energy Trust Trade Ally after the job is completed.
For customers of Portland General Electric and Pacific Power, there is a current incentive of $0.30/W up to $2,400. Contact us today to see what incentives you may qualify for. For more information visit Energy Trust of Oregon.
Oregon Solar + Storage Rebate Program
Oregon state had created a new solar and solar plus storage rebate program at the Oregon Department of Energy. The program issues rebates for solar electric systems and paired solar and solar storage systems for residential customers and low-income service providers in Oregon. ODOE has $2 million allocated for rebates and program administration. To check on the status of the remaining funds available please visit the Oregon.gov website or click here.
Solar Net Energy Metering
A common question when considering solar is, “What happens if I produce more energy than I consume? Does my energy company pay me for it?”. Well, no, your energy company won’t send you a check, however you do get credit for your excess energy! Net Metering works like this: Your meter will begin to sping backward when you are producing more energy than you are consuming. If in one billing cycle your solar system is generating 1,000 kilowatt-hours of solar power but you are only consuming 750 kilowatts, than you earn 250 kilowatt-hours woth of solar energy credits. These credits can be used when you’re using more energy than you are producing, such as winter or night time.
Rural Energy America Program
The REAP program provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for renewable energy systems or to make energy efficiency improvements. Agricultural producers with at least 50 percent of their gross income coming from agricultural operations or small businesses in eligible rural areas may apply.
Agricultural producers can be in any area, but businesses must be in an area other than a city or town with a population of greater than 50,000 inhabitants and the urbanized area of that city or town to be considered eligible. To check city eligibility click here. Applications for this program are accepted year-round. To find your local office click here, or visit the USDA Rural development section of the U.S. Department of Agriculture.
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