Solar Incentives & Rebate
To promote solar panels, the government rewards people with various incentives and rebates. Whether you’re a homeowner or a business owner, you can reap the benefits of these incentives and rebates. By handing out rewards for solar energy systems, the government is working towards cleaner air, lower energy costs, and lower fossil fuel emissions.
Federal Tax Credit
In 2005, the Energy Policy Act was put in place to encourage the country to move towards cleaner and more efficient energy sources. This act provided the Federal Investment Tax Credit which is a 30% tax incentive on your total solar system cost. Although this has been in place for over ten years, the percentage is about to be lowered. In 2021, the credit will be reduced to 22%. For those thinking about moving to solar energy, now it the most lucrative time to do so. To get the biggest tax credit possible, contact us at (208) 810-8459 to get your solar before 2021.
On top of Federal tax credits, you may also receive incentives from your state. While these incentives vary from state to state, they are still very substantial and help further encourage
people to purchase solar systems.
A Solar Renewable Energy Credit is something that homeowners can continually earn as their solar system generates more electricity. These credits can be saved and sold to utilities whenever the homeowner would like. The value of these credits varies depending on the market. When the SRECS are in high demand, the credits will go for a much higher price. Unfortunately, they aren’t many states that have this system yet. Only 9 states are rewarding SRECS and Idaho isn’t one of them.