Solar Incentives & Rebates in 2024: Do You Qualify?
Are you considering installing solar panels on your home or business? The US government offers a range of tax credits and incentives to encourage the adoption of renewable energy technologies.
Solar Investment Tax Credit (ITC)
The federal government offers a solar investment tax credit (ITC) for individuals and businesses that install solar panels. The ITC allows you to claim a credit for 30% of the cost of your solar panel installation in 2024.
The Investment Tax Credit (ITC) is a federal tax credit in the United States that provides a credit for businesses and individuals who invest in certain types of energy property. The ITC is designed to encourage investment in renewable energy technologies, such as solar panels, wind turbines, and geothermal heat pumps, by reducing the cost of such investments through tax credits.
Who can use the ITC?
The ITC is available for both residential and commercial investments in renewable energy technologies. For individuals, the credit can be claimed on their personal income tax return, while for businesses, the credit can be claimed against the business's income tax liability. The amount of the credit depends on the type of renewable energy technology and the year in which it was installed.
The ITC has been an important policy tool for promoting the adoption of renewable energy technologies in the United States, and has been responsible for significant growth in the solar industry. It has been extended and modified several times over the years.
How much tax credit can I get?
PV systems installed between 2022 and 2032 are eligible for a 30% tax credit. In 2033 the tax credit will be reduced to 26% and to 22% in 2034.
What if I already installed Solar Panels in 2022?
If you’ve already installed a system in 2022, your tax credit has increased from 22% to 30% if you haven’t already claimed it.
Other types of Solar Incentives
Each state offers their own program to help homeowners cover the costs to go solar, including: tax credits, rebates, low-interest loans, property tax relief and Solar Renewable Energy Certificates (SREC).
These programs can be combined with the ITC. If you want the highest possible discount on your solar panels, make sure to check your local state programs.
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See if you qualify for Government incentives in your area and find out if your home is eligible for solar.