2023 Solar Incentives Guide for Golden, CO - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Golden.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Golden?
Property Tax Exemption for Residential Renewable Energy Equipment
Sales and Use Tax Exemption for Renewable Energy Equipment
Eagle County - Energy Smart Colorado Renewable Energy Rebate Program
PV: 50% up to $500
Solar Thermal: 50% of project costs
50% of project costs
City of Boulder - Solar Sales and Use Tax Rebate
Roaring Fork Valley - Energy Smart Colorado Renewable Energy Rebate Program
Solar Water Heat: $25% of cost
Solar Thermal Tune-up: 25% of project cost
Micro-hydro and Geothermal: 25% of cost
Property Tax Exemption for Community Solar Gardens
Xcel Energy - Solar*Rewards Program
Medium-sized Systems 25.1-500 kW: $0.0375/kWh
Large Systems (>500kW): Determined through competitive bid
Local Option - Sales and Use Tax Exemption for Renewable Energy Systems
Local Option - Property Tax Exemption for Renewable Energy Systems
Efficiency Works - Residential Energy Efficiency Rebate Program (Offered by 4 Utilities)
Insulation: Up to $1,815
Duct Sealing: $200 (gas-heated homes only)
Window Replacement: Up to $1,000
Air Handler Blower Motor: $150
Whole House Mechanical Ventilation: 20% of cost
Heat Pumps: $500
Replacement Furnace: $300-$500 (gas-heated homes only)
Ductless Mini-Split: $250/head
Replacement Gas Boiler: $300 (gas-heated homes only)
Replacement Water Heater: $100-$500
AC System: $150-$500
Whole House Fan: $275
Evaporative Cooler: $500
United Power - Residential Energy Efficient Appliance Rebate Program
New Energy Star Refrigerator/Freezer: $30
Refrigerator/Freezer Recycling: $75
New Energy Star Clothes Washer: $40
New Energy Star Dishwasher: $20
New Electric Thermal Storage Units (on automated Time-of-Day control panel): $4-$16/kW
New Electric Thermal Slab (on automated Time-of-Day control panel): $4-12/kW
Water Heaters: $20-$400
Terminal Unit for Heat Pump A/C Units: $75-$85/Unit
Heat Pumps: $100-$450/ton
Geothermal Heat Pumps: $200-$500/ton
Air Conditioners: $100-$150
Xcel Energy - Residential Energy Efficiency Financing
Xcel Energy - Residential Energy Efficiency Rebate Programs
Natural Gas Furnace: $300
EC Motor in New or Existing Furnace: $100
Air Conditioning/Air Source Heat Pump: $300-$600
Mini-Split Heat Pump: $300
Water Heater: $70-$450
Evaporative Cooling: $200-$1,200
Attic Insulation: $350-$600
Wall Insulation: $350-$600
Air Sealing, bypass sealing, and weather-stripping: $175-$450
Ground Source Heat Pump: $300/ton
Smart Thermostat: $50
Xcel Energy - Home Performance with ENERGY STAR
Air Sealing/Bypass Sealing/Weather-Stripping: $250-$550
High Efficiency Lighting: 30% of cost
Wall Insulation: $450-$700
Evaporative Cooling System: $325-$1200
Central Air Conditioner (New): $400 - $700
Central Air Conditioner (Trade In): $550
Ground Source/Geothermal Heat Pump: $300 per ton
Electric Heat Pump Water Heater: $550
Programmable Thermostat: $25
High Efficiency Furnace: $400
Electrically Commuted Motor: $125
Tankless Water Heater: $200
Standard Tank Water Heater: $100
ENERGY STAR Refrigerator: $15
ENERGY STAR Clothes Washer: $30
Residential Energy Upgrade (RENU) Loan Program
Green Colorado Credit Reserve
Xcel Energy - Solar*Rewards Community Program
Determined through competitive bid. RFP released on March 3, 2016
Eagle, Garfield, Gunnison, Lake, and Pitkin Counties - Energy Smart Colorado Loan Program
Federal Residential Renewable Energy Tax Credit
Solar incentives encourage people to switch to renewable energy by offering incentives meant to lower the financial burden of solar panel installation and use. The incentives may include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the state of Colorado and some by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Tax Exemptions: Sales tax exemptions are effective at the time of purchase for your solar system. Property tax exemptions let you exclude the added value of your solar system when you're calculating the amount of property tax you need to pay on your home.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you have a net metering agreement with your Golden utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this is a dollar-for-dollar credit, while in others you might make back a percentage of the value.
- Rebates: A solar rebate is a partial refund after the purchase of your solar panels. These might be offered by your local utility company, your county or your state. The rebates are usually applied before calculating tax credits.
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have heard of. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to a specified percentage of the money you spend installing solar panels.
The ITC can be applied to solar systems installed after January 1, 2006 and allows you to deduct from your taxes a percentage of the total cost of solar panels, labor, accessories and equipment. You can claim this credit for a solar panel system installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum amount you can claim.
Wondering how the ITC applies to your specific situation? Get in touch with your local Golden solar panel installation expert to get more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now called the Clean Energy Credit. Homeowners are now eligible for a credit equal to 30% of the total solar system installation costs for projects that began after January 1, 2022 and will be finished by the end of 2032. The percentage will then decrease on a yearly basis until the Clean Energy Credit expires in 2035. The expansion to the program also makes it easier to get credit for energy storage systems, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. The easiest way to understand how the new Clean Energy Credit will apply to you is to get in touch with your local Golden solar panel company.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Like with federal incentives, these might include tax credits, rebates and more. Some incentives are ongoing, while others may only be available for a limited time. Incentives might be given by the Colorado government, or by your county or municipality.
Next Steps for Installing Solar in Golden
Solar energy use nationwide has significantly increased in the past 15 years, in part due to the proliferation of solar incentives. You might receive these incentives from the federal government, the Colorado government or your local utility company. Getting in touch with your local Golden solar panel installation expert is the best first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Golden, CO Solar Incentives FAQs
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