One of the most common complaints about transitioning a home into solar power is the cost. But if you’re interested in making the switch, there are a variety of tax credits and incentives designed to help you make things a bit less pricey.
Here’s Five Fast Facts on Solar Power Incentives:
- ☀️ Cha-ching - Solar isn’t cheap. The average cost to install panels at your house is $17,000, but pricing can go as high as $25,000. That makes the transition a no-go for many of us.
- 🌞 Gimme Credit - The Federal Solar ITC is available to anyone who pays federal taxes. A portion of your installation costs can be claimed on your return. The credit is currently 26%, but will drop to 22% in 2024. It will expire in 2025 unless congress chooses to renew it.
- ⛅ The List - The list of qualifying projects is pretty broad and includes everything from solar electric to water heaters to geothermal heat pumps to fuel cell projects.
- 🔋 Rebate Rebate - Some utility companies offer rebates. They could be anything from direct cash payments based on eligibility to per-watt or per-kilowatt-hour incentives.
- ⚡ Look Over There - Depending on where you live, states, counties, cities, and municipalities offer incentives and rebates. There’s a database you can check for eligibility and an up-to-date list of requirements, as well.
🔥Bottom line: Some of you would rather die than have anything to do with renewable energy. And that’s totally fine. I’d rather die than go vegan, so I get it. But for those of you who are willing to make the jump to solar, it’s good to know there are ways to lessen the hit to your bank account.
Do you know anyone who is going solar?
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