2023 Solar Incentives Guide for Glendale, CO - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Glendale?

Source: https://www.dsireusa.org/

The term "solar incentives" covers a wide range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Different types of incentives, like cash back, discounts or credit towards your monthly utility bill, may be available to you. Certain incentives may be provided via the state of Colorado, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:

• Tax Exemptions: These can come in the form of property tax exemptions, which let you ignore the value of your solar system when paying taxes on your house. You could also look for exemptions on sales tax at the time of purchase.
• Net Metering: Don't forget to talk with your Glendale utility company about signing a net metering contract. This allows you to get a 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: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
• Rebates: Rebates, or partial refunds after a purchase, are typically applied prior to any solar tax credits being calculated. Rebates might be given by your local utility company, by your state or by your county.

Federal Solar Incentives

Federal solar incentives are likely to be the first thing that you think of when thinking about solar incentives. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a certain percentage of your solar system's cost.

The ITC was originally for 30% of the cost of installing a solar system, and has fluctuated slightly over the last few years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The cost of installation includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum claim amount. The ITC can be applied to solar panels installed after January 1, 2006 on your primary or secondary residence. The residence must be owned by you and in the United States.

Your local Glendale solar panel installation expert can offer more information about the ITC and how it applies to your situation.

In August 2022, the ITC (now referred to as the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. The Clean Energy Credit is valid until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit. The amount will then decrease slightly on a yearly basis until the current program ends. Starting in 2023, the program expansion will also make it easier to get credit for energy storage systems.

Click here to learn more about the new Inflation Reduction Act. To fully understand how the new Clean Energy Credit will apply to you, get in touch with your local Glendale solar installation company.

State & Local Solar Incentives

In addition to those provided at the federal level, there are often also state solar incentives. Rebates, tax credits and more can be offered at a more local level. These incentives — which may be given by the state of Colorado, or by your county or municipality — may be offered on an ongoing basis, or for only a limited time.

Next Steps for Installing Solar in Glendale

You can apply for and receive solar incentives from the federal government and the Colorado government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Contact your local solar panel installation company today to discover more about the various programs and to save as much money as possible on solar panels for your Glendale home.