2023 Solar Incentives Guide for Fayetteville, GA - Tax Credits & Rebates

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

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

Solar incentives are designed to make renewable energy usage more affordable through financial incentives for those who install solar panels on their homes. Incentives could include things like discounts, cash back or monthly utility bill credits. Some incentives are offered by the federal government, while others are offered by the Georgia government or by your specific utility company, county or municipality. Types of solar incentives might include:

• Rebates: Rebates, or cash back after a purchase, are usually given prior to any solar tax credits being calculated. These rebates may be offered by your local utility company, by your state or by your county.
• Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the government. Tax credits are different from tax deductions.
• Tax Exemptions: Your solar panel system could qualify for both sales tax and property tax exemptions. Sales tax exemptions are effective at the time of purchase. Property tax exemptions allow you to ignore the value added by your solar panels when calculating property taxes on your house.
• Net Metering: You may be able to sign a net metering contract with your Fayetteville utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your utility bill each month.

Federal Solar Incentives

When thinking about solar incentives, federal incentives may be 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 provides a credit on your taxes equal to a predetermined percentage of your solar system's cost.

The ITC applies to the total cost of solar panel installation, including the panels themselves as well as accessories, labor and equipment. This credit can be claimed for panels installed after January 1, 2006 on a primary or secondary residence that you own and that is located in the United States. Originally set at 30% of total costs, the credit has fluctuated over time, and you may qualify for different amounts depending on when your project was completed. There is no maximum amount you can claim.

To understand exactly how much money the ITC could save you, get in touch with your local Fayetteville solar panel installation expert.

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 has increased the current credit up to 30% for solar installations undertaken between January 1, 2022 and December 31, 2032. At this point, the credit percentage will decrease slightly each year until the end of the program in 2035. The program expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.

Click here to learn more about the new Inflation Reduction Act. The best way to fully understand how the new Clean Energy Credit might apply to you is to reach out to your local Fayetteville solar panel installation expert with your questions.

State & Local Solar Incentives

Some solar incentives are often also provided by state and local governments. Like with federal incentives, these could include rebates, tax credits and more. These incentives might be offered by the Georgia government, or by your county or municipality. Certain incentives are available for a limited time, while others are ongoing.

Next Steps for Installing Solar in Fayetteville

You can apply for solar incentives from the Georgia government and the federal government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped increase nationwide solar energy use enormously. Reaching out to your local Fayetteville solar panel installation company is the right first step towards getting all the incentives you qualify for when you switch to solar energy.