2023 Solar Incentives Guide for Bryant, AR - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Bryant.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Bryant?
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Federal Residential Renewable Energy Tax Credit
The phrase "solar incentives" refers to a range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Incentives could include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are offered federally, while others are handled by the state of Arkansas or by your utility company, county or municipality. Some solar incentives you might qualify for are:
- Rebates: Solar rebates can be provided by your local utility company, or by your county or state. These rebates work as cash back that is applied after you purchase solar panels and before tax credits are calculated.
- Tax Credits: Tax credits reduce, dollar-for-dollar, the total amount of tax you owe the federal government. Tax credits are different from tax deductions.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have a net metering agreement in place with your Bryant utility company, they will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in others you might be refunded a percentage of the value.
- Tax Exemptions: Tax exemptions can come in one of two forms. First, there is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption, which allows you to exclude the added value of your solar system when calculating property tax for your house.
Federal Solar Incentives
When people think of solar incentives, federal incentives are likely the first thing that comes to mind. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a percentage of your solar system's cost.
The ITC applies to solar panels installed on your primary or secondary residence in the United States. The solar system must have been installed on a property you own after January 1, 2006 for you to be eligible for the credit. The ITC initially covered 30% of all installation costs (panels, accessories, equipment and labor), although this amount has fluctuated over the last few years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.
To better understand how the ITC may apply to your situation, get in touch with your local Bryant solar panel installer and ask for more information.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. With the new provisions, solar installation projects that are completed between 2022 and 2032 can qualify for a 30% tax credit. This percentage will then decrease slightly each year until the end of the current Clean Energy Credit in 2035. The program expansion also makes credits for energy storage systems even easier to claim, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. To understand how the new Clean Energy Credit will apply to you, get in touch with your local Bryant solar installation company.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. As with federal incentives, these might include rebates, tax credits and more. These incentives — which might be provided by the state of Arkansas, or by your county or municipality — might be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Bryant
There are a number of different solar incentives: those given by local utility companies, those given by the federal government and those given by the Arkansas government, to name a few. Solar energy use has grown enormously in the last 15 years, thanks to these incentives. Contact your local solar panel installation expert today to find out more information and to save the most money possible on solar panels for your Bryant home.
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- Best solar battery on the market
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- Customer service varies by local dealer
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EcoWatch's Bryant, AR Solar Incentives FAQs
How can I learn if I qualify for different solar incentives?
Broadly, solar incentives apply to:
- a new solar panel system
- installed on property that you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including those run by the Arkansas government or by your county/municipality, might have additional qualifications. Speak with your local Bryant solar installer to find out what incentives your project will qualify for.
How much will solar panels save me annually on my electric bill in Bryant?
Typically, Bryant homeowners who install solar panels save about $868.23 per year, or about $16,496.29 over 20 years after they make the switch.
Who installs solar panel systems near me?
To find the right solar panel installer for you, check out our guide to Bryant's top solar panel companies.
If I change out my appliances for ones that use solar energy, are there any incentives I can claim?
With the passage of the new Inflation Reduction Act, there are a number of new financial incentives to encourage you to make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I use both solar and another type of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you talk through your ideas with your local Bryant solar installation expert. They can help you as you plan for your project and also help you understand the various incentives that you might or might not qualify for.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.