The promise of solar power is energy independence. Part of that great promise is the ability to save money, or even get paid for the energy homeowners produce to sell back to the grid. However, prior to being able to produce energy to sell back to the electric company, there are a host of energy rebates that homeowners can take advantage of in order to start saving faster. Both states and the federal government offer energy efficiency incentives in the form of energy rebates that homeowners can take advantage of immediately.
The Various Kinds of Energy Rebates Available
There are a variety of energy rebates that homeowners are able to take advantage of in order to save money. When homeowners install solar panels, they’re able to realize many benefits. Whether homeowners apply for grant funding for energy efficient projects, or government services aimed at saving homeowners money, there are multiple ways in which homeowners can save. This includes the following types of energy rebates:
• Cash Energy Rebates- Many local governments, state governments, manufacturers and electric or utility companies offer cash incentives to use energy efficient products or appliances. These are the most readily available energy rebates available to homeowners seeking to save money on their electricity or power bills.
• Tax Credits- Tax credits are still available to homeowners seeking energy rebates for purchasing qualifying Energy Star appliances that are approved for the year. When filing taxes, the federal government can offer tax credits for the purchase of energy efficient products, whether solar or Energy Star appliances. As tax season looms, we can all use additional tax deductions in order to help save money.
• Federal Solar Incentives- Since 2006, the federal government has offered energy rebates for homeowners who have solar power systems. This has traditionally been approximately 30%, but as time progresses, this will soon dissipate. This is why the time to act is now. Homeowners are encouraged to take advantage of these important energy rebates now before the tax benefits are gone. Unfortunately, this benefit will reduce to 26% in 2020 and 22% in 2021. After 2021, the residential solar credits will disappear altogether, although commercial entities will reduce to a permanent 10%.
• State Energy Rebates- There are multiple states that offer additional tax and cash energy rebates. Depending upon homeowners’ state where their residence is located, there may be rebate incentive programs that could even pay for a residential solar power system.
There are a variety of energy rebates available to savvy homeowners who are ready to take advantage of time sensitive rebates in addition to money offered back by either manufacturers or Energy Star products. To find out more about these opportunities, contact Top Tier Home Energy at (949) 296-2296.