563(Ratings & Reviews) Solar Incentives
As more and more people recognize the benefits of using renewable energy sources, there has been a growing interest in solar power. At i5 Exteriors Solar Solutions, we specialize in helping homeowners in the Pacific Northwest area make the switch to solar energy. One of the most significant advantages of solar energy is the various incentives available to help offset the cost of installation. Here are three of the most popular solar incentives available today.
FEDERAL TAX CREDIT
The federal solar tax credit is a government incentive that allows homeowners to deduct a percentage of the cost of their solar panel system from their federal taxes. The current tax credit is set at 26% of the total system cost, making solar energy more affordable for many homeowners. This incentive applies to both residential and commercial solar panel installations and can be used to offset the cost of the equipment, installation, and related expenses.
NET-METERING
Net-metering is a program that allows homeowners to sell excess solar energy back to their utility company. When your solar panels generate more energy than your home uses, the excess energy is fed back into the grid. In return, you receive a credit on your utility bill. This program can significantly reduce your energy costs and can even lead to negative electricity bills in some cases.
LOCKED IN ELECTRICITY RATES
One of the most significant advantages of solar energy is that it provides a stable source of electricity that is not subject to the fluctuations of the energy market. By installing solar panels on your home, you can lock in your electricity rates and avoid the rising costs of non-renewable energy sources. This means that you can save money on your energy bills over time and protect yourself from future rate hikes.
Oregon Incentives and Financing
ENERGY TRUST CASH INCENTIVE
The Energy Trust of Oregon is a nonprofit organization that works to promote energy efficiency and renewable energy in Oregon. As part of their efforts, they offer cash incentives to homeowners who install solar panels on their homes. The amount of the cash incentive varies based on the size of the solar panel system and the amount of energy it generates. The Energy Trust cash incentive is available to homeowners in Oregon and can be used to offset the cost of solar panel installation.
PROPERTY TAX INCENTIVES
Many states offer property tax incentives to homeowners who install solar panels on their homes. These incentives typically work by exempting the added value of the solar panel system from your property taxes. This means that you can enjoy the benefits of solar energy without seeing an increase in your property taxes. In some cases, property tax incentives can be combined with other incentives to make solar energy even more affordable.
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