How Do Solar Rebates Work?
Beyond the great benefits of solar panels at your home or business, there are a variety of government incentives as well. Most take the form of solar tax rebates and credits. However, they can be confusing to the average person because most of us don’t understand how taxes really work anyways. When you get a solar panel installation with Energy Concepts, we’ll be sure to walk you through the latest incentives, but if you want to just learn more, we’d love to share some more info through this blog post!
Every State Is Different
Just like anything related to the law, every state is a little bit different. Where we are located, in California, there are dozens and dozens of incentives depending on which part of the state you live in. In some communities, getting solar panels is required for every new construction. Others merely hope to incentivize cleaner energy by offsetting installation costs.
No matter where you live check for local rebates. There are a variety of sites where you can enter your zip code and learn the relevant info for your area.
The Federal Tax Credit
The main solar tax credit is known as the ITC, or Investment Tax Credit. It’s been around for years at this point, but is getting lower and lower every year. While the current administration might be more friendly to renewable energy, we still have no idea if the ITC is set to be reinstated when it runs out. It’s currently set to end at the end of 2023. Additionally, it will be a greater incentive in 2021 and 2022 before it will drop by 4% in 2023, so keep that in mind!
If you’re interested in a home or commercial solar panel installation, we’d love to help! Contact our team at (559) 458-2504 or fill out an online form and we can come out to assist you as soon as possible!