Part of the benefits that people get when they have solar panel installation is rebates from the government. Deciding to invest in a solar panel for your home can be a wise decision since you can even get government rebate and incentives for solar panels.
Are There Any Government Rebates For Solar Panels?
Federal government provides a solar tax credit called investment tax credit (ITC) since solar panels are considered to be an investment. ITC is equal to 26% of the full amount of the solar panel homeowners purchase. Homeowners can deduct the cost from their taxes and in an instant solar panel buyers can benefit monetarily by simply deciding to have solar panel installation. Can you imagine how big the deduction is on solar panel installation? You have to take note however that you should pay by cash or would prove that your mortgage is directly under your name and not other payment arrangements. That’s why if you are planning to have a solar panel system better start saving to be able to get the investment tax credit.
What Financial Incentives Are Available To Offset The Cost Of Solar Installation?
Apart from the investment tax credit, the government gives more incentives to homeowners who want to shift to solar energy as their source of power. This is to encourage more people to use renewable energy and to support their campaign on saving the environment.
- Credits From State Tax
Some states offer other incentives aside from the ITC. They allow people to deduct some amount of their solar panel purchase to their State tax. Not all States offer this though, so you have to verify it first with your location. Federal and state incentives for going solar are given so people can be motivated to go solar.
- Cash Rebates
Rebates can come from your States , from your solar panel company or from your community depending on the programs you have.Some rebates are only available for a limited period of time, if you have one in your area make sure to redeem it. You can also ask your solar panel company if they have one and have them discuss their mechanics.
- Solar Renewable Energy Certificates
In some States’ legislation they require their utilities to generate a certain percent of their electricity from a solar panel. As a solar panel user you can get solar renewable energy certificates (SRECs), the utilities will then offer to buy your SRECs to be able to meet the requirement the legislation is asking from them. In a year you can earn hundreds or thousands of dollars!
How To Get Free Solar Panels From The Government?
Apart from the tax incentives, the government has made a program where people can avail federal tax breaks and can get a free panel for free. However, you have to be qualified to receive one, most of the ones granted belong to the middle class who can’t afford the cost of a solar panel system. The government makes guidelines and checks the applications of those who want to be part of the grants.
Homeowner’s Guide To Going Solar
- Know your Energy Need
Monitoring your energy consumption can be a good start before getting solar panel installation. By knowing how much energy your household needs , you can be able to determine how many solar panels you will need. You can ask the assistance of solar panel technicians to measure your energy usage for you or they are skilled enough to give estimates on how many panels you will need.
- Check on Company’s Offer
Do they offer a warranty? Do they use quality materials in installing solar panel systems? These are just a few of the questions you have to ask your solar panel provider. Discuss with your solar provider the details of the solar panel system they will be installing before proceeding to avoid issues in the future.
Understanding the benefit of solar panels to your home and knowing about government rebates and incentives for solar panels can help you decide easily if you indeed need a solar panel at your home. Analyze the details then get all the rebates and incentives available and make your life more convenient by using solar as your source of energy.