Benefits of Solar Power: The Government Incentives You Need to Know
March 16, 2023
Most homeowners trying to figure out how to switch to solar power have heard it comes with some appetizing incentives, but unfortunately, there’s a lot of misinformation out there about the subject. Not to worry—that’s where Freedom Solar Power comes in.
In our last piece, Going Solar: The Smart Choice for Your Home and Wallet, we introduced some of the benefits homeowner’s experience when they switch to solar, chief among them, the big picture savings. But many of you may still be asking yourself, “Should I switch to solar energy?” For those of you with doubts, we’ve got good news for you—we’ve only shown you the tip of the iceberg as it pertains to the many benefits that come with making the switch to solar power. Let’s get into all the solar incentives available to you from your city or state, the federal government solar incentives that you’ll really appreciate come tax season, and talk about how solar can power your life and home
Welcoming Solar Energy Into Your Home
Let’s start with the practical usage opportunities that a switch to solar can provide. You don’t have to have extreme or niche energy needs to get value out of a switch to solar like a detached dwelling unit or an electric vehicle (though, being able to charge your electric vehicle independently at home is a helpful incentive of solar in itself). All the everyday electronics that make up your lifestyle can be supported by solar energy, this includes home entertainment systems, appliances, wearables, or your totally tricked out work-from-home set up. Everything that’s powered by the energy sources you rely on now can be used with even more appreciation once you switch to solar power.
Incentives— Everyone’s Favorite Word
The tax incentives for solar have always been appealing to homeowners, but as solar power becomes more popular, these incentives have grown in value. On average, taxpayers who go solar will receive almost a third of the cost of their system back through their tax return. For those of you who don’t speak solar, allow us to translate: cha-ching. Let’s make sense of the government incentives for solar power, starting at the federal level.
Is there a federal government solar incentive already in place? Most definitely. Federal solar incentives continue to be prioritized by the government as green and sustainable energy sources stay at the top of the climate change conversation. The Federal Solar Tax Credit, an opportunity for owners to have the purchase and installation costs of their systems subsidized, is being extended past its previous 2023 end date by the Inflation Reduction Act. If we had to guess, federal government solar incentives are likely to continue increasing over time as more homeowners see the benefits of making a switch to solar. Our guide to federal government solar panel incentives goes even deeper on the ways the government encourages homeowners to opt in on energy independence.
The state you reside in plays a substantial role in the incentives you can receive from making the switch to solar. Some states offer tax exemptions to help owners save on the purchase costs of a system while others protect owners from paying increased property taxes to reflect the value that solar panels add to their home. While certain states make this information clear and readily available like the ones in our state-by-state guide, homeowners in other states will have to do some independent research—with Freedom Solar’s support—to figure out what tax incentives for solar you can expect to receive.
Most homeowners don’t believe in leaving a single dollar on the table and want to make sure every incentive they can get for their solar energy commitment is capitalized on. Many cities offer incentives in the form of a rebate, some of which reportedly go as high as $2,500. It’s a lot to unpack, we know; the Freedom Solar Power team will happily work with you to understand the best incentives in the markets that we operate in. Trust us, we love a bargain just as much as the next person.
One day, you’ll look back on your decision to switch to solar power and the investment will reveal itself as the best one you’ve ever made as a homeowner. The solar incentives available to you are plentiful, and your team at Freedom Solar Power is every bit as committed to locking them in for you on your switch-to-solar journey. In our next piece, Solar Savvy: Choosing the Right Panels and Determining the True Cost, we’ll get into the difference between individual types of solar panels and which ones will give you the most bang for your buck long term. And if your curiosity has been piqued and you’re looking for a deep dive on how to switch to solar, click below and download our handy project planner.
See you on the bright side.
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Featured image from Pexels.
