There are quite a few factors that influence your total solar panel installation cost, including the size of your setup, your energy usage, and your utility company’s net metering policies. The good news is that solar rebates can drastically reduce the overall cost.
The federal government is on board with solar energy and gives incentives to anyone who harnesses this clean, sustainable form of energy. The Solar Investment Tax Credit (ITC) is a 30 percent tax credit for residential and commercial properties through December of 2019. The percentage rate decreases incrementally each year, dropping to 26 percent in 2020, then to 22 percent in 2021, and finally to 10 percent in 2022. So, the sooner you complete your solar panel installation, the more you’ll save overall.
While there are no direct solar incentives in Texas, there are state policies that protect homeowners who want to install solar, such as a property tax exemption for the increased appraisal value that solar panels add to your home.
Finally, local rebates for solar power are available in multiple utilities across the state, including Austin Energy, CPS Energy in San Antonio, and many other municipalities and co-ops. Once you’ve checked out all of these solar incentives, you can start harnessing the power of the abundant Texas sunshine.