As of June 2023, the current government incentives for solar energy vary from state to state. Some states offer tax breaks, while others offer rebates or other incentives. Here are some of the most common government incentives for solar energy:
- Federal tax credit: The federal government offers a tax credit of 30% for the cost of solar panels installed on residential and commercial properties. This tax credit is available through 2023.
- State tax credits: Many states offer tax credits for solar energy. The amount of the tax credit varies from state to state.
- Rebates: Some states offer rebates for solar energy. The amount of the rebate varies from state to state.
- Net metering: Net metering is a program that allows homeowners and businesses to sell excess electricity back to the grid. This can help to offset the cost of solar energy.
- Property tax exemptions: Some states offer property tax exemptions for solar energy systems. This can help to reduce the cost of owning a solar system.
It is important to note that government incentives can change, so it is always best to check with your local government to see available incentives.
In addition to government incentives, several private companies offer financing options for solar energy. These options can make it easier for homeowners and businesses to afford solar panels.
Here are some of the most common private financing options for solar energy:
- Loans: Several companies offer loans for solar energy. The terms of the loan will vary from company to company.
- Lease financing: Lease financing is a popular option for solar energy. With lease financing, you do not own the solar panels but pay a monthly fee to use them.
- PPAs: PPAs are another popular option for solar energy. With a PPA, a solar company owns and installs the solar panels on your property, and you agree to purchase the electricity they generate.
The best financing option for you will depend on your circumstances. It is essential to compare the options available to you before deciding.