But, home solar power systems can save you a significant amount of money in the long term. Plus, there are several rebates and tax credits to help encourage homeowners to take the plunge and begin producing renewable energy. There are benefits at the federal, state and local level that may earn you money back for installing a qualifying system.earns you a federal tax credit. That means you’ll get a credit for your income taxes that actually lowers your tax bill.
You can qualify for the ITC for the tax year that you installed your solar panels as long as the system generates electricity for a home in the United States. The system must be located at your primary or secondary U.S. residence or for an off-site community solar projectSeveral states and Puerto Rico offer solar incentives in addition to the federal ITC to encourage homeowners to install solar. Each state has different incentives in place, but there are a few common ones: tax credits, rebates and renewable energy certificates. States with a high number of solar incentives include California, Texas, Minnesota and New York.
to get in on the incentive before it runs out. A state government rebate can reduce your solar costs by 10% to 20%.A Solar Renewable Energy Certificate , sometimes referred to as a Solar Renewable Energy Credit, is another type of state-level solar incentive. After you install your solar power system and register it with the appropriate state authorities, they will track your system’s energy production and periodically offer you SRECs as a benefit.
Advisor this is terrible news
Advisor