2024 Solar Incentives Guide for Newnan, GA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Newnan.
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 Newnan?
Biomass Sales and Use Tax Exemption
Georgia Power - Home Energy Efficiency Improvement Program
Central AC Replacement: $50
Air/Duct Sealing: $300
Attic Insulation: $250
Heat Recovery Water Heater with Heat Pump: $250
Heat Pump Water Heater: $250
Solar Water Heater: $250
Home Energy Assessment: $150
Smart Thermostat: $75
Heat Pump conversion: $250
Multifamily
Central AC Replacement: $25
Air/Duct Sealing: $150
Attic Insulation: $125
Heat Recovery Water Heater with Heat Pump: $250
Heat Pump Water Heater: $250
Solar Water Heater: $250
Home Energy Assessment: $75
Smart Thermostat: $38
Heat Pump conversion: $125
Central Georgia EMC - Residential Energy Efficiency Home Plus Loan Program
Diverse Power - Energy Efficient New Construction Rebate Programs
Dual Fuel Heat Pump: $100/system
Geothermal Heat Pump: $350/ton
Waste Heat Recovery: $300/house
Electric Water Heater: $100/unit
Diverse Power - Energy Efficient Existing Homes Rebate Program
Electric to Electric Heat Pump Change Out: $100 - $200/system
Gas to Electric Heat Pump Change Out: $300 - $400/system
Dual Fuel Heat Pump: $250 - $300/system
Geothermal Heat Pump: $250/ton
Water Heaters
Electric to Electric Water Heater Change Out: $75 - $150/ system
Gas to Electric Water Heater Change Out: $300 - $500/system
Waste Heat Recovery Unit: $250/house
Thermostats
Programmable Thermostats: $25
Insulation
Insulation: $300 - $500/house
Duct Sealing
Reduce Leakage greater than or equal to 20%: $600
Reduce Leakage greater than or equal to 25%: $800
Reduce Leakage greater than or equal to 30%: $1,000
Coweta-Fayette EMC - SmartChoice Home Program
Programmable Thermostat: $50
Electric Vehicle Charging Station: $100
Heat Pump/Air Conditioner: $100
Heat Pump Water Heater: $250
Solar Water Heater: $250
Coweta-Fayette EMC - Residential Energy Efficiency Rebate Program
Electric Vehicle Charging Station: $100/unit
Heat Pump/Air Conditioner Replacement: $100/unit
Heat Pump Water Heater/Solar Water Heater: $250
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" covers a range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Incentives might include things like discounts, cash back or credit on your utility bill each month. Some incentives are handled federally, while others are offered by the state of Georgia or by your specific utility company, county or municipality. Categories of solar incentives include:
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions allow you to exclude the value added by your solar system when you calculate how much property tax you need to pay.
- Rebates: Solar rebates might be offered by your state or county, or by your local utility company. These rebates are essentially partial refunds that are applied after your purchase of a solar system and before tax credits are calculated.
- Net Metering: Net metering is an incentive you can get once your solar panels are up and running. If you've signed a net metering agreement with your Newnan utility company, they will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in others you may make back a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (This is different from a tax deduction.)
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Federal Solar Incentives
Federal solar incentives are likely to be the first thing that comes to mind when you think about solar incentives. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a predetermined percentage of the cost of your solar system.
The ITC was originally for 30% of the cost of solar system installation, although that number has fluctuated slightly over the last few years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total installation cost includes the panels themselves as well as the cost of equipment, labor and accessories. There is no maximum amount you can claim. The ITC applies to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
Have questions about how the ITC applies to your specific situation? Get in touch with your local Newnan solar panel installation expert to get more information.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was bolstered by the passage of the Inflation Reduction Act. For solar systems installed between January 1, 2022, and December 31, 2032, homeowners may be eligible for a credit equal to 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit ends in 2035. Starting in 2023, the expansion to the program will also make it easier to get credit for energy storage systems.
Click here to learn more about the new Inflation Reduction Act. The best way to fully understand how the new Clean Energy Credit applies to you is to speak with your local Newnan solar panel installation expert directly.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Like with federal incentives, these may include tax credits, rebates and more. These solar incentives — which might be handled by the state of Georgia, or by your county or municipality — might be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Newnan
There are a variety of solar incentives: those provided by local utility companies, those offered by the federal government and those given by the Georgia government, to name a few. Solar energy utilization has grown enormously in the last 15 years, partially due to these incentives. Call your local solar panel installer today to find out more information and to save the most money possible on solar panels for your Newnan home.
EcoWatch's Newnan, GA Solar Incentives FAQs
If I already have solar panels, can I still claim incentives?
Your best bet is to talk to the company that installed your system – or get in touch with a local Newnan solar installer — to clarify which incentives you might qualify for. If your system was installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much can I save on my electric bill annually if I add solar panels to my house in Newnan?
When you add solar panels to your Newnan home, you can expect to save about $980.03 per year, or around $18,620.50 over 20 years.
What are the highest-rated solar panel installation companies near me?
To find a top-rated solar panel installer, check out our guide to the best solar companies in Newnan.
How long until the federal solar tax credit ends?
The federal solar tax credit, formerly known as the ITC and now titled the Clean Energy Credit, is slated to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
Can I claim incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can claim both rebates and tax credits towards the cost of your solar panels. Depending on precisely which incentives you are eligible for, they may apply in a different order. Make sure that you talk to your solar installer or a local tax professional to verify that you are claiming the correct incentives and that you're getting the most money possible.
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.