Did you know that the Federal Solar Investment Tax Credit is valid for most homeowners until 2032?
Congress renewed the tax credit, which is helping many homes go green. Aside from this tax incentive that allows people to earn up to 30% of their investment back, there are other ways to save.
Read below to discover what solar incentives each state has to offer so you can make the most of your money!
Rhode Island
One of the best places to live for residential and commercial solar incentives is Rhode Island.
Rhode Island offers the CommerceRI’s Renewable Energy grant. Homeowners can earn up to $7,000 back in installation fees or get a rebate of nearly $1 per watt created. Under this grant, most homeowners save around $5,000, but it varies based on your wattage.
Property tax and sales tax exemptions can assist with solar financing and you don’t have to worry about your taxes increasing. If you have a large enough unit, you can participate in net metering and receive compensation for how much you feed to the grid.
New York
If you’re looking for residential solar panels, New York’s incentives can help you cover the costs.
The Sun Megawatt Block incentive is a program for homeowners to claim a certain amount of money per wattage created. Commercial businesses can also benefit from this tax rebate, but you’ll have to fill out the correct paperwork and apply.
The Solar Energy System Equipment Credit is great for smaller units. You can earn back 25% of solar panel costs or get a credit of up to $5,000 in the mail. This incentive is only permitted to those with new systems in place.
Another benefit of getting solar panels in the state of New York is that you won’t have to cover the 4% sales tax! If you want more ways to save, look into net metering and determine if your unit could help contribute to the grid.
North Carolina
North Carolina is a great place to install solar panels since it gets so much exposure to the sun.
The Duke Energy Solar Rebate helped many people pay for solar panels, but it ended last month. Certain communities and HOAs will cover some of the costs, but you will have to pay for part of it. If you own a business, there are several grants you can apply for and get up to 90% off on the overall cost!
To find out more about NC incentives, you should consult with installation teams for specific details. When a team assesses your home and creates a quote, you can ask them about the company or local incentives.
Iowa
Aside from the Federal Tax Credit, you can save money on solar panel costs with tax exemptions.
You don’t have to pay for property tax increases after installing your panels. Even if they raise the value of your property, you won’t have to pay more. The sales tax exemption prevents homeowners from paying the 6% statewide sales tax when buying new equipment and units.
Iowa is another state offering net metering programs to homeowners. People can sell excess solar energy to the power grid and earn credit back. Your monthly energy bills won’t fluctuate when you participate in this program and you never have to sell more than you need.
Maryland
There are several solar tax credits to take advantage of in Maryland.
When residents install a new panel system or shingles on their properties, they can get a rebate of $1,000. This is a simple rebate to qualify and apply for, so it doesn’t go unused. Net metering is a common practice in Maryland and homeowners are encouraged to contribute to the grid if they aren’t using all of their energy.
Maryland residents can receive Solar Renewable Energy Certificates (SRECs) as well. SRECs are given to residents each time they produce a megawatt-hour of sustainable energy. There is a marketplace to sell these credits and earn money for simply owning solar panels!
Like many other states, Maryland also omits sales and property taxes for homeowners when they install a new unit.
Colorado
Many utility companies and Colorado organizations assist homeowners with getting solar energy.
Colorado offers a solar rebate program, but smaller organizations are also encouraging people to go green. The Community Solar Gardens is a great option for residents that don’t own their homes but are renting. You can subscribe to Solar Gardens and saves money through this off-site solar community.
Net metering is offered to residents that contribute wattage to the power grid. You can even avoid the sales and property taxes for the state when you get panels installed.
New Mexico
There’s never a shortage of sunlight in New Mexico, making it a prime spot to install solar panels.
New Mexico homeowners can apply for the Solar Market Development Tax Credit to earn 10% back. Although there is a cap of this credit at $6,000, it can cover most of the installation costs. You’ll have to pay for sales tax on your unit, but property tax exemptions still apply in New Mexico.
The Sustainable Building tax credit offers more than $6 per square foot on your taxes when you install solar power units. You must get certified by the US Green Building Council, however, before you can earn this incentive.
Explore Solar Incentives & Save
Learning about the solar incentives in each state can help you save money in the long run.
Whether your state offers incentives or not, there are plenty of places to get assistance from. The east coast has been encouraging homeowners to go green and start using renewable energy. Now is a perfect time to explore your solar panel options and get a system installed.
With the help of the Federal Solar tax credit, grants, and rebate programs, you can pay very little.
Make sure you read our page for more content about switching to solar and sustainable forms of energy!
