Top 4 Money-Saving Benefits of Solar Power Rebates
If you’re thinking of installing solar panels on your roof, then you need to look into solar power rebates.
There are countless benefits to going solar. From the month-to-month savings on utility bills to lowering your carbon footprint for our ailing planet, you can feel really good about the decision to install solar panels.
However, many people are discouraged from going solar because of the price tag for installation. What few people understand is that solar power rebates can help you offset the cost by a huge amount.
In this post, we’re going to look at 4 money-saving benefits of solar power rebates that you shouldn’t overlook. Read on and you’ll see that going solar isn’t as expensive as you thought it was.
1. Saving More Money With the ITC
The federal investment tax credit is the biggest solar incentive out there. It was put in place to aid those going solar with the costs of installation and solar panels and is worth a 26% tax incentive. This means that the rebate will offset what you owe in taxes.
For that reason, the more you spend on your solar panels with reputable companies like Blue Raven Solar, the more you’ll save with the ITC. If you were thinking about a 5-kW system because of price, you might be able to consider a 10-kW one with the ITC taken into account.
The 26% ITC is around for another year, until the end of 2022. After that, it’s going down to 22% until 2024, when it’s gone forever.
2. State Tax Rebate
Depending on where you live, you may be eligible for a state rebate. These function in a similar fashion to the ITC, but they differ from state to state. Either way, they aren’t affected by whether or not you claim the ITC, so whatever you get from your state is on top of the ITC.
3. Cash Credits
In the immediate aftermath of installing your solar panel system, you may be eligible for a one-time cash credit from your state government, municipal government, or even the local utility company. These often disappear quickly, so you’ll have to act fast if you want that little bit of extra cashback.
The reason that they’re only available for a short time is usually that municipalities are trying to promote the switch to solar. Once a certain number of people have switched over, the rebates disappear. They may reduce the cost by another 10-15% on top of everything else.
Some states have committed to requiring utility companies to procure a certain percentage of their energy from solar. If you live in one of these, then you’ll be eligible for solar renewable energy certificates for how much energy your solar panels produce.
The utility companies will purchase your SREC’s in order to comply with the state’s energy regulations and you can make thousands of extra dollars every year.
Solar Power Rebates Make Solar Cheaper
Now that you know all of the financial benefits of the various solar power rebates that you can apply for, you can see that embracing solar energy isn’t as expensive as you may have thought. If you can take advantage of all of these rebates, you may be able to cut your installation costs in half. Once you start saving on your monthly bills, you’ll be making money from your panels in no time.
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