Texas Solar Incentives
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Top Texas Solar Incentives and Rebates
There are many benefits to using solar power for your home or business. However, the costs of installing solar panels on your home or business often make a person hesitate to harness the sun’s power. While there are several factors at play when it comes to installing solar panels, including the utility company’s metering policies and your energy costs, there are also financial incentives like solar power rebates. You may have some higher costs initially, but with the financial incentives offered by Texas for going solar, it tends to balance out pretty quickly.
Federal Solar Incentives
The Solar Investment Tax Credit is a federal tax credit that was enacted in 2006. It is a 26 percent tax credit for solar power systems on both residential and commercial properties that acts as a dollar-for-dollar reduction in the income taxes an individual or business owner would pay the federal government. Thanks to this tax credit, the solar industry in the United States has grown by over 10,000 percent. The Solar Investment Tax Credit will be dropping to 22 percent in 2023, and it is set to go down to ten percent in 2024. This means that the sooner you have solar panels installed, the more you can save.
Texas Solar Incentives
There is not a statewide tax credit for Texas yet, but most utility companies offer incentives for homes and businesses going solar, as well as for adding battery backup and making home improvements that help with energy efficiency. The availability of these incentives varies throughout the state, but many utility companies offer a rebate on a price per watt basis for going green with energy.
While some utility companies offer a rebate for solar power, others use net metering. Net metering is an arrangement between the utility company and property owner that allows any overproduced solar energy to be sold back to the power grid. The money from this is typically applied as a credit in the next bill. Unfortunately, net metering is not available everywhere, so it is something you need to contact your utility company directly to find out if they offer it.
Some cities also offer their own incentives for solar power. For example, in Austin, there is a property tax exemption for homeowners with solar power. Here is a list of the sites for the other solar incentives and rebates available in Texas.
If you are ready to start saving on solar power, contact Solur Power today for a free quote at (956) 304-1440. You can also fill out the form on this page, and we will be in touch with you shortly.