Solar Energy Incentives: Your Questions Answered￼
Solar energy is appealing for many reasons. It’s a renewable energy source, it’s better for the environment, and there are often incentives for making the switch. The idea of solar energy incentives intrigues many people. But there is often some confusion about what those incentives are and who qualifies for them. Luckily, you’ve found the solar energy experts at Renewables Worldwide who can answer your questions!
Let’s take a look at the incentives you can get from switching your energy source to community solar.
When it comes to incentives or tax breaks from the government, most of them are aimed at residential solar setups. Community solar is a relatively new development in the solar power industry, and in many ways, the government has yet to catch up. In some states, you may be eligible for an investment tax credit (ITC) for joining a community solar farm. It’s worth looking into because you could get a tax credit for as much as 30% of the installation cost if you go for it between now and 2033. Even if you miss that (relatively long) window, the tax credit will still be substantial. After 2033, it drops to 26%.
Solar Renewable Energy Certificates
Another incentive available to people who use community solar is a solar renewable energy certificate (SREC). SRECs are performance-based incentives that give the owner of a solar system the opportunity to earn income from selling renewable energy certificates (RECs, we know it’s confusing, we wish they had different names, too). The value of the RECs is based on how much energy the solar system generates. However, unless you own the community solar project, you probably won’t directly receive those kickbacks. But because the income from SRECs will lower the cost of operating the community solar system, it will likely lower your costs, too.
Explore Energy Incentives from Community Solar
If you have been considering switching to solar energy, Renewables Worldwide can help. We can assist you in finding a community solar project to join so you can reduce your carbon footprint and your energy bills. Whether the solar energy incentives that benefit you are tax breaks or lower bills, you’ll find that making the switch to solar was worth it.