HomeNews & UpdatesThe Ultimate Guide to Rebates and Federal Tax Credit for Solar

The Ultimate Guide to Rebates and Federal Tax Credit for Solar

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Did you know that Idaho is a great state for solar energy? It’s true. Even though it’s not in the Southwest, with constant heat and sunshine, you can still maximize solar efficiency at your Idaho home, replacing your electric bill. You can also take Rebates and Federal Tax Credit for Solar energy.

And even if your electric bill isn’t replaced completely, it will be greatly reduced. This is because solar panels have become much more efficient in the last few years. So even if you’re in an area without as much sunlight, you can still generate a tone of power for your home.

And the best part? You can get a tax credit for solar panel installations. In fact, there are multiple solar incentives and rebate programs available to help you save money when you purchase solar panels and have them professionally installed.

Keep reading to learn how you can save thousands on your new solar energy system.

The Ultimate Tax Credit for Solar Panel Installation

Tax Credit for Solar

The best way to save money is with the federal energy tax credit. This tax credit is offered by the federal government and comes back to you when you file your next tax return.

Through this incredible program, you’ll get a 26% tax credit on your total solar installation cost. Considering that a solar energy system will likely cost around $10,000, that will save you thousands of dollars.

Currently, the government plans to reduce the tax credit to 22% for systems installed in 2023 before phasing out entirely in 2024. So now is a great time to install solar panels.

To get the solar tax credit, you’ll want to ensure you work with reputable solar providers to install the system. Don’t worry; the tax credit covers the cost of installation, too, not just the panels themselves.

Local Rebate Programs

Idaho residents can take advantage of the Residential Alternative Tax Deduction. With this, you can deduct 40% of the total cost of your solar installation, including both equipment and labour costs, from your personal income taxes.

Then, for the next three years, you can deduct up to 20% of the total cost each year, for a maximum deduction of up to $20,000. This makes Idaho one of the most attractive states for going solar.

Net Metering

One of the biggest benefits of going solar is the net metering program. If your solar system is connected to your power grid, which is where you get traditional electricity from, you can sell your excess electricity.

At peak times of the day, especially during summer, most solar-powered homes generate more electricity than they can use. So instead of wasting it, you can sell it to your utility provider in exchange for credits. Then, when you don’t generate enough electricity through your panels, such as nighttime, you draw electricity from the power grid again.

But instead of paying for it, you use up any credits you’ve earned. At the end of the year, you may even receive a check for any unused credits.

Don’t Miss Out

There’s never been a better time to install solar panels at your home. Not only will you feel great knowing that you are taking part in the environmental solutions that will leave the plane,t but you will also save a ton of money in the process.

Make sure to have your solar energy system installed as soon as possible, so you can take advantage of the federal tax credit for solar panels before it’s gone.

Looking for more information about this? Check out the rest of our blog to keep reading.

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