Are you aware that the energy job sector boomed within the United States last year by almost 5%?
The reason for this is that more and more Americans are realizing that solar energy is the way of the future. If you’re on the fence about switching to solar panels, then you may be swayed when you learn how much money you can save and make.
Are you wondering why it’s worth the investment? Keep reading to learn all about the most current solar energy rebates, incentives, and tax credits.
Table Of Contents
Federal Tax Credit
If you’ve never heard of it before, you’ll be glad to know that the federal solar tax credit is something you can take advantage of when filing your taxes. Rather than a tax deduction, the tax credit is a method of reducing your overall taxes.
This is accomplished by claiming the credit and outlining what you spent on the solar panel installation process. Just be sure you’re claiming the solar energy systems you paid for within that tax year and not another.
Another wonderful aspect of the federal tax credit is that there’s no max limit. That way, you can claim the full cost instead of only part of it.
Solar Incentives
One of the most common solar incentives is known as a solar renewable energy certificate (SREC). If you live in a participating state, then you can rack up SRECs based on the amount of power your solar panel system generates.
Your participating state will then buy the SRECs from you. The purpose of this incentive is to increase the amount of clean energy that’s produced instead of relying wholly on non-renewable energy sources.
There’s also the possibility of a performance-based incentive. Instead of buying SRECs, the participating state will pay you by the kilowatt-hour.
Solar Energy Rebates
Aside from tax credits and incentives, there’s the option of getting a hefty rebate from either the state, the municipality, or the utility company. The worth of the rebate can range anywhere from 10% to 20%.
It’s important to keep your eyes peeled because these rebates are often temporary. After a certain quota is hit in your area, they’ll disappear. If you manage to get a rebate, you’ll be glad to know that they are almost always up-front.
Are you thinking about getting solar panels in Detroit? If so, check it out.
Are You Ready to Get Solar Energy Rebates?
Now that you’ve learned all about the most current solar energy rebates, incentives, and tax credits, you can invest in solar panels and reap the many benefits. Be sure to tell your friends and loved ones why they should make the switch to clean and independent energy too.
Solar panels are just one investment you can make to level up your home and life in general. We publish content on the latest and greatest tech, fashion, guns, fitness tricks, and so much more. To avoid missing out, you should sub to our newsletter or save our URL in your browser.
