2024 Solar Incentives Guide for Milford, DE - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Milford.

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.
Get a free quote from one of our trusted Milford solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated April 21, 2024

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

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

Delmarva Power - Green Energy Program Incentives

Incentive Type:
Rebate Program
Solar PV
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

Incentive Type:
Solar Renewable Energy Credit Program
Market bid price for the first 10 years, $35 for the next 10 years.

Sustainable Electric Utility (SEU)- SREC Purchase Program

Incentive Type:
Solar Renewable Energy Credit Program
Upfront payment of $450/kW in exchange for the first 20 years of SRECs created by a solar system

Solar Renewable Energy Credits (SRECs) Spot Market Program

Incentive Type:
Solar Renewable Energy Credit Program
Varies based on market conditions; as of October 2014 the SRECs were trading at approximately $55 per MWh in SREC marketplace.

Delaware Electric Cooperative - Green Energy Program Incentives

Incentive Type:
Rebate Program
PV:
Class A and Class B: $0.50 for first 5kW, $0.20 after 5kW
Non-Profit: $1.05 for first 5kW, $0.52 after 5kW

Solar Thermal (water and radiant space heating), 20% of installed costs

Wind: $0.85/W

Fuel Cells: 20% of installed costs

Geothermal Heat Pumps: $700 - $800 per ton (varies by size)

DEMEC Member Utilities - Green Energy Program Incentives

Incentive Type:
Rebate Program
See summary below

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

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


Solar incentives mitigate the cost of installing solar panels on your home. These financial incentives are intended to encourage more homeowners to switch to renewable energy. You may qualify for several kinds of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Delaware and others from the federal government. Types of solar incentives might include:

  • Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
  • Net Metering: Net metering becomes relevant after your solar system is up and running. If you've signed a net metering agreement with your Milford utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this is a dollar-for-dollar credit, while in others you may receive a refund equivalent to a percentage of the value.
  • Solar Renewable Energy Certificate (SREC): SRECs can be sold to your utility company (or other buyers) for cash that is generally considered part of your taxable income. Generally, there is a small threshold of energy production to meet before your solar system is eligible for SRECs or similar performance-based incentives. SRECs and similar incentives are generally handled by your state government.
  • Tax Exemptions: These could come in the form of property tax exemptions, which let you exclude the value of your solar system when calculating the taxes you pay on your house. You could also look for exemptions on sales tax at the time of purchase.
  • Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar panels. States or counties will also sometimes offer limited-time rebates. Any rebates you receive will usually come off the total price before any tax credits are calculated.

Best National Provider

SunPower

★★★★★
5.0
  • 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

★★★★★
4.0
  • Many financing options
  • Family-owned and -operated
  • Makes charitable contributions
  • Limited service area
  • Relatively short workmanship warranty

Best Technology

Tesla Energy

★★★★★
3.2
  • 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

Federal solar incentives are likely the first thing that you think of when you think about solar incentives. A federal incentive that most people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a given percentage of the cost of your solar system.

The ITC applies to solar panels installed after January 1, 2006, on a primary or secondary residence in the United States that you own. Initially, the credit applied to 30% of the total cost – for panels, equipment, labor and accessories – although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the amount you can claim.

Wondering how the ITC applies to your specific situation? Get in touch with your local Milford solar panel installation expert to get 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. The Clean Energy Credit lasts until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit. This amount will then decrease slightly each year until the end of the current program. The expansion to the program also makes it easier to get credit for energy storage systems, beginning in 2023.

Click here to learn more about the new Inflation Reduction Act. Your local Milford solar panel company can answer your questions and explain how the new Clean Energy Credit applies to you.

State & Local Solar Incentives

Some solar incentives may be provided at the state and local level. Like with federal incentives, these could include tax credits, rebates and more. These incentives might be handled by your county or municipality, or by the Delaware government. Some are available for a limited time, while others are ongoing.

Next Steps for Installing Solar in Milford

There are many kinds of solar incentives: those offered by local utility companies, those given by the federal government and those given by the Delaware government, to name a few. Solar energy utilization has grown enormously in the last 15 years, thanks to these incentives. Reach out to your local solar panel installation company today to learn more and to save the most money possible on solar panels for your Milford home.

EcoWatch's Milford, DE Solar Incentives FAQs

How much can I save annually on my electric bill if I add solar panels to my Milford home?

After adding solar panels to your home in Milford, you can anticipate savings of about $897.66 per year, or around $17,055.63 over 20 years.

What are some environmental benefits of adding solar panels to my home?

You can lower your carbon footprint by 300 pounds of CO2 annually by switching to solar panels. This adds up to approximately 6,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that making the switch lessens the drain on our planet's resources.

If I switch my appliances out for ones that can utilize solar energy, are there any benefits I can claim?

The new Inflation Reduction Act includes provisions for a number of incentives meant to reward homeowners for making eco-friendly upgrades. Some incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.

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 — for example, a combination of solar and geothermal. You can also use both renewable energy sources and a backup source of non-renewable energy. Be sure to discuss your proposed plan with your local Milford solar panel installer, so that you understand what you'll need 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.

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