2024 Solar Incentives Guide for Brookside, DE - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Brookside.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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What Solar Tax Credits, Incentives, and Rebates are Available in Brookside?
Delmarva Power - Green Energy Program Incentives
Residential: $0.70/W
Residenital Leased/PPA systems: Not eligible
Non-Residential (systems less than 6 kW): $0.50/W
Non-Residential (systems 6 kW or larger): $0.70/W
Non-Profit: $1.40/W
Wind
Residential: $0.85/W for first 5 kW, $0.25/W up to 50 kW
Non-Residential: $0.85/W for first 5 kW, $0.25/W up to 50 kW
Non-Profit: $1.75/W for first 5 kW, $1.00/W up to 50 kW
Solar Water Heating (SWH)
Residential: $1/kWh saved
Non-Residential: $1/kWh saved
Non-Profit: $2/kWh saved
GeoThermal Heat Pumps
Residential: $800/ton (first 2 tons), $700/ton (over 2 tons)
Non-Residential: $800/ton (first 2 tons), $700/ton (over 2 tons)
Non-Profit: $1,000/ton (first 2 tons), $800/ton (over 2 tons)
SREC Procurement Program
Sustainable Electric Utility (SEU)- SREC Purchase Program
Solar Renewable Energy Credits (SRECs) Spot Market Program
DEMEC Member Utilities - Green Energy Program Incentives
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are meant to help mitigate the cost of installing a solar panel system on your home. These financial incentives are in place to encourage more people to switch their home over to renewable energy. Various kinds of incentives, including discounts, cash back or monthly utility bill credits, may be available to you. Some incentives may be provided via the Delaware government, by your utility company or by county or municipality, while other incentives are federal. Some broad categories of solar incentives include:
- Solar Renewable Energy Certificate (SREC): SRECs and other performance-based incentives are typically handled at the state level. Once your solar system meets the qualification threshold (normally a small amount of energy production), you can receive SRECs that you can then sell to your utility company or other buyers. The money you receive is usually considered part of your taxable income.
- Net Metering: Make sure you talk to your Brookside utility company about signing a net metering contract. This allows you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when paying property tax on your home.
- Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. Any rebates you receive will usually be deducted from the total price before any tax credits are calculated.
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 familiar with is probably the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a percentage of your solar system's cost.
The ITC is applied to the total cost of solar panel installation, including the panels themselves as well as labor, equipment and accessories. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own, as long as it is located in the United States. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.
Have questions about how the ITC applies to your specific situation? Reach out to your local Brookside solar panel installation expert to get more information.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now titled the Clean Energy Credit. The Clean Energy Credit has increased the current credit up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. After 2032, the percentage will see a slight decrease annually until the end of the program in 2035. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. Your local Brookside solar panel installer can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Tax credits, rebates and more can be offered at a more local level. Certain incentives are ongoing, while others may only be available for a limited time. Incentives might be offered by your county or municipality, or by the Delaware government.
Next Steps for Installing Solar in Brookside
You can receive solar incentives from the federal government and the Delaware government, as well as from your local utility company. Growing availability of solar initiatives in the past 15 years has helped increase solar adoption nationwide. Contact your local solar panel installation expert today to learn more and to save the most money possible on a solar system for your Brookside home.
EcoWatch's Brookside, DE Solar Incentives FAQs
Who installs solar panels near me?
To discover the best solar panel installers near you, read our article on Brookside's top solar panel companies.
What are the environmental benefits of switching to solar energy?
You can lower your carbon footprint by 300 pounds of CO2 a year by switching to solar panels. This adds up to roughly 6,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that making the switch reduces the drain on our planet's resources.
When does the federal solar tax credit end?
The Clean Energy Credit (previously referred to as the federal solar tax credit, or the ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
What if I add a solar system to a rental property, vacation home or commercial property? Do I still qualify for incentives?
Many solar incentives apply to a property you own that is located within the United States; most secondary residences will fall into this category. There may be other solar incentives available for commercial properties, depending on the details. We recommend talking to your local solar installer and/or tax professional to better understand what incentives apply to your specific situation.
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.