2023 Solar Incentives Guide for Moorpark, CA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Moorpark.
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 May 04, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Moorpark?
Property Tax Exclusion for Solar Energy Systems and Solar Plus Storage System
Western Riverside Council of Governments - Home Energy Renovation Opportunity (HERO) Financing Program
Minimum financing: $5,000
The financing may not exceed fifteen percent (15%) of the market value of the property, up to the first seven hundred thousand dollars ($700,000) of the property’s market value, and ten percent (10%) of the remaining value of the Property above seven hundred thousand dollars ($700,000) minus any PACE assessment on the property The total amount of any annual property taxes and assessments shall not exceed five percent (5%) of the property's fair market value, determined at the time program financing is approved.
Local Option - Municipal Energy Districts
Self-Generation Incentive Program
Incentives will step down over time. See below for incentive amounts.
Renewable Market Adjusting Tariff (ReMAT)
LADWP - Feed-in Tariff (FiT) Program
Base price will step down over time as certain MW goals are met
California Solar Initiative - Solar Thermal Program
Single Family Residential Incentives:
Systems that displace natural gas: $29.85 per estimated therm displaced
Systems that displace electricity or propane: Funding has been exhausted
Systems that displace natural gas: $20.19 per estimated therm displaced
Systems that displace electricity or propane: $0.42 per estimated kWh displaced *** Note, funding has been exhausted in this category for SCE and PG&E
Solar Pool heating: $5.00 per estimated therm displaced
Federal Residential Renewable Energy Tax Credit
The term "solar incentives" generally refers to financial incentives put in place by solar companies and the government to encourage people to use renewable energy by making solar panels more affordable. You may be eligible for various types of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the California government and others from the federal government. You might qualify for any of the following types of solar incentives:
- Solar Renewable Energy Certificate (SREC): Generally, solar systems that produce over a threshold (usually small) amount of electricity qualify for SRECs or similar performance-based incentives. SRECs and similar incentives are typically provided by your state government. SRECs can be sold to your utility company or another buyer, and this is usually considered part of your taxable income.
- Rebates: Rebates, or cash back after a purchase, are typically applied before any solar tax credits are calculated. These rebates might be given by your local utility company, by your county or by your state.
- Net Metering: Be sure to speak to your Moorpark utility company about signing a net metering agreement. This allows you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Credits: Tax credits decrease, dollar-for-dollar, the amount of income tax you owe the federal government. Tax credits differ from tax deductions.
- Tax Exemptions: These can come in the form of property tax exemptions, which allow you to exclude the value of your solar system when paying taxes on your home. They may also include exemptions on sales tax at the time of purchase.
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have heard of. The solar incentive that you're most familiar with is probably 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 initially applied to 30% of the total cost of installing solar panels, although it has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total cost of installation includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum amount you can claim. The ITC can be applied to solar systems installed after January 1, 2006 on your primary or secondary residence. The residence must be in the United States and owned by you.
To best understand how the ITC might apply to you, speak to your local Moorpark solar panel installation expert and ask for more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. Homeowners can now receive a credit of 30% of the total costs of solar system installation for projects started after January 1, 2022 and completed before the end of 2032. The credit percentage will then begin to decrease on a yearly basis until the Clean Energy Credit ends in 2035. Starting in 2023, it will also be easier to qualify for credits for energy storage systems under this new program.
More information about the new Inflation Reduction Act can be found here. The easiest way to fully understand how the new Clean Energy Credit applies to you is to talk with your local Moorpark solar panel installation expert.
State & Local Solar Incentives
In addition to federal solar incentives, there are often also state ones. Rebates, tax credits and more might be available at a more local level. Certain incentives are ongoing, while others are available for a limited time. They may be offered by the California government, or by your county or municipality.
Next Steps for Installing Solar in Moorpark
The nationwide use of solar energy has gone up tremendously in the past 15 years, in part due to the growth in the number of solar incentives. You can obtain these incentives from your local utility company, the federal government or the California government. Your local Moorpark solar panel installation company can help you learn more about which incentives you may qualify for, and get you started on the path to switching to renewable energy today.
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EcoWatch's Moorpark, CA Solar Incentives FAQs
If my house already has solar panels, can I still claim incentives?
Your best bet is to talk to the company that installed your solar panels — or speak to a local Moorpark solar installer — to clarify which incentives you may qualify for. If your system was installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much can I save annually on my electric bill if I install solar panels on my Moorpark home?
Once you add solar panels to your Moorpark home, you can anticipate savings of approximately $1,310.51 per year, or approximately $24,899.75 over the next 20 years.
What are the highest-rated solar panel installation companies near me?
To find the top solar panel installation companies near you, take a look at our article on Moorpark's top solar panel companies.
When does the federal solar tax credit end?
The Clean Energy Credit (formerly named the federal solar tax credit, or ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I use both solar and another type of renewable energy to power my home?
Yes, you can employ multiple types of renewable energy to power your home, such as a combination of geothermal and solar. You can also use both renewable energy sources and a backup source of non-renewable energy. You should discuss your proposed plan with your local Moorpark solar installation expert, to get an understanding of what will be needed and what incentives you may or may 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.