Solar Incentives and Rebates at your Door!
Everything is bigger and better in Texas, and that includes the benefits of going solar. Our state has been ranked a top 10 solar state. Because of this, a numerous number of incentives and rebates are offered to those who choose the bright path of solar energy.
What are some incentives offered in Texas?
First and foremost, net metering is when your utility lets you receive credit for the excess energy your panels produce. So if your panels overproduce on a certain day and aren’t generating enough energy on another day (such as at night or on a not-so-sunny day), you can use the net metering credits from overproduction instead of using extra electricity provided by your utility. Texas doesn’t have a mandatory net metering policy in place, but many energy providers offer you that anyway.
Federal Income Tax Credit for Solar Energy
The federal income tax credit (also known as the investment tax credit) is one of the best incentives given out to solar panel owners. It allows you to cut down solar panel installation costs by 30% from your federal taxes! The tax credit isn’t just limited to homeowners as commercial panel owners can reap these benefits as well. IRS Form 5695 shows you how you would calculate the credit you could receive.
Solar Rights Law
One of the biggest concerns our costumers have is if their HOA’s will give them problems about panel installation. You’ll be glad to know that thanks to a law that went into effect in 2015, homeowners cannot be prohibited or restricted by your neighborhood’s Homeowners Association from installing solar panels. So if you’re worried about that being a problem, you can go in with assurance that they can’t tell you no.
Texas has over 150 programs that offer incentives. Click here to browse through the list provided by DSIRE.
Are there any rebates?
Although our state doesn’t have a statewide rebate program out there, many electric providers offer it on their own. For example, if your home is powered by Oncor, you are qualified for a cash rebate of up to $538.38/kilowatt. Oncor costumers can also collect up to $0.2519/kWh on solar energy produced.
Solar panels increase the value of your home so people are often worried about an increase in their property taxes as well. In Texas, you won’t have to worry about that thanks to the renewable energy tax exemption. This means that panel owners won’t have to fear paying additional taxes because of the increased value panels add to their homes.
If you’re interested in solar energy and want to take advantage of the incentives and rebates offered, give us a call so we can strengthen your confidence in going solar today!
(O) 1(855) 60-1SOLAR (601-7652)