An increasing number of homeowners are looking to solar as a way of offsetting bill costs, minimizing their carbon footprint, and securing their homes against potential blackouts. While solar is becoming more affordable every year, many homeowners are still hesitant to make the investment.
At Solar-Verse, we provide affordable solar panel installation and assessments for homeowners and businesses in the mid-Atlantic. Schedule a free consultation with us to see how our services can benefit you.
If you’re interested in having a solar system installed in your home, check out these four ways you can save money while also saving the planet.
1. Federal Tax Credits
The best way to make solar more affordable for your home is by taking advantage of tax credits.
Since 2006, the federal government has offered tax credits for homeowners who install solar panels at their primary or secondary residences. This means you could pay less in taxes just for using solar power in your home.
The credit is called the Solar Investment Tax Credit, and it is one of many reasons why more people are investing in solar systems.
In order to qualify for the federal tax credit, you have to meet the following requirements:
- You are applying for the year you had the panels installed
- The solar system is new
- The home with the solar panels is in the US
- You own the solar system and are not leasing
- The solar equipment must be installed in either your primary residence, secondary residence, or at a community project site.
2. State Incentives
Most states offer a variety of incentives to their residents for installing solar systems in their homes.
A few of these incentives are as follows:
- State tax credits: These tax credits are similar to their federal counterparts, except they provide an opportunity to lower your state taxes instead of your federal ones.
- State rebates: Depending on your state, your government may provide a rebate for a portion of the upfront costs of purchasing and installing your solar panels. The rebates could be as much as 20% of the installation cost.
- Solar Renewable Energy Certificate (SREC): If you allow the state to track your energy production, you may be eligible for SRECs. These SRECs can be purchased by buyers for varying prices.
Rates and availability of these incentives vary depending on your state, so be sure to research your state’s options.
3. Subsidized Loans
Another option that varies by the state is government subsidized loans. This could assist you in the upfront cost of installing your solar system.
If you have any questions about these loans, contact us to discuss your options.
4. Utility Rebates
Utility rebates may be available from your local utility company or provider. They exist to encourage local homeowners to invest in their own solar systems. If your system generates enough energy, they could offer you rebates or subsidies.
Affordable Solar Systems For Mid-Atlantic Residents
That concludes our list of four ways to make solar more affordable for homeowners. Whether you’re looking to install affordable solar panels in your primary residence or working on a community-based project, we hope you found some ways to save money in this guide.
Solar-Verse provides affordable solar panel installation and assessments for homeowners and businesses in the mid-Atlantic, including North Carolina, Maryland, South Carolina, Virginia, DC, Pennsylvania, New Jersey, and Delaware.
We’re working toward a brighter future. Schedule a free consultation with us to see how our services can benefit you, your wallet, and the planet.