There’s a literal wealth beyond all the benefits that solar energy brings to the table, and believe us, you’ll want to know the many other ways that making the switch to solar can benefit you. We’ve got the lowdown on solar rebates, programs to give you money back on your taxes, and incentives that turn the financial impact of using solar panels into a much greener opportunity. Listed below are the details!
The Solar Investment Tax Credit Ends Soon
A few years ago, the solar industry received a wonderful extension of the Solar Investment Tax Credit, or ITC. A great solar incentive for both businesses and homeowners, it allows anyone to receive 30 percent back of the cost of solar panel installation from their taxes for the next year. That’s an opportunity to save several thousands of dollars for solar adopters. If your solar lighting system costs ten thousand dollars, you’ll receive 3 thousand back. The unfortunate part is that it diminishes every year. Currently, it’s at 30 percent. In the near future, it will reduce itself. It’s unknown if the price of solar will drop enough to make up for the reduction in tax credit, so the best time to take advantage of the solar rebate is actually now. This kind of solar incentive can fatten your wallet. Maybe come tax time you can treat yourself to a few hundred steak dinners in a row. That’s a reward a lot of us will gladly take.
What in the Heck is a SREC?
A Solar Renewable Energy Credit (SREC) is a unit of solar energy totaling 1,000 kilowatts per hour. Consider them a commodity–they’re often sellable to energy companies for a pretty penny. However, they’re based on a market price so the more abundant SRECs are, the less return you’ll get on them. So if you’re the only individual on the block with a SREC, chances are you can sell it back to an energy company–money for basically doing nothing. You can let the solar panels power your house and pay your bills at the same time. Just be aware that you’re required to register your solar installation in order to get the benefits, and each state has different laws in regards to registration.
Super Solar Savings by State
Be sure to research what your state might provide in terms of solar incentives! Each state has itrs own solar rebates and small avenues where you can claim tax benefits or money simply by going solar. Some states have cash rebates you can apply for. There are also solar programs called Performance-Based Incentives where solar adopters are actually paid to produce a certain energy threshold. There are, as with anything, several rules and regulations that must be adhered to in order to see the benefits produced.
We think that these nifty solar rebates are, by far, strong enough reasons to go solar. The future seems less expensive, and it lies with using our own sun to power our lights. We hope you’ve enjoyed these small bits of information if you’re looking to go to solar. Contact us to learn more about what we do at Greenshine New Energy.