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

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

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 convert their home partially or fully to renewable energy. Various types of incentives, like cash back, discounts or credit towards your monthly utility bill, may be available to you. Some incentives may be provided via the state of Georgia, by your utility company or by county or municipality, while other incentives are federal. Categories of solar incentives include:

• Net Metering: Net metering becomes relevant once your solar panels are up and running. If you've signed a net metering agreement with your Mountain Park 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 credit is dollar-for-dollar, while in others you may be refunded a percentage of the value.
• Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
• Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually come off your total price before tax credits are calculated.
• Tax Exemptions: These might come in the form of property tax exemptions, which allow you to ignore the value added by your solar panels when paying taxes on your house. You may also qualify for an exemption on sales tax at the time of purchase.

Federal Solar Incentives

When thinking about solar incentives, you likely think of federal incentives first. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain 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 equipment, accessories and labor. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence located in the United States that you own. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.

Talking to your local Mountain Park solar panel installation expert is the best way to understand how the ITC may apply to you.

In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now referred to as the Clean Energy Credit. 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. 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 speak with your local Mountain Park solar panel installers directly.

State & Local Solar Incentives

In addition to federal solar incentives, there are often also state ones. Tax credits, rebates and more may be available at a more local level. Incentives might be handled by your county or municipality, or by the state of Georgia. Certain incentives might only be available for a limited time, while others are ongoing.

Next Steps for Installing Solar in Mountain Park

Nationwide solar energy use has gone up tremendously in the past 15 years, in part thanks to the growth in the number of solar incentives. You may get these incentives from your local utility company, the federal government or the Georgia government. Call your local solar panel installation company today to learn more and to save the most money possible on solar panels for your Mountain Park home.