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

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

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

Solar incentives are meant to help mitigate the cost of installing a solar panel system on your home. Financial incentives like these are designed to encourage more people to make the switch to renewable energy. The incentives can include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are handled by the federal government, some by the state of Georgia and some by your utility company, county or municipality. Types of solar incentives might include:

• Rebates: Rebates, or partial refunds after a purchase, are normally applied prior to any solar tax credits being calculated. These rebates can be offered by your local utility company, by your state or by your county.
• Net Metering: You can sign a net metering agreement with your Newnan utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your utility bill each month.
• Tax Credits: Tax credits decrease, dollar-for-dollar, the amount of income tax you owe the federal government. These differ from tax deductions.
• Tax Exemptions: These could come in the form of property tax exemptions, which can let you exclude the value added by your solar panels when paying property tax on your home. You could also look for exemptions on sales tax at the time of purchase.

Federal Solar Incentives

When someone says "solar incentives," you probably think of federal incentives first. A federal incentive that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a specified percentage of the cost of your solar system.

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

To better understand exactly how much money the ITC could save you, speak with your local Newnan solar panel installer.

In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. The new Clean Energy Credit extends until 2035. You can now apply for a 30% credit for solar systems that began installation on or after January 1, 2022 and will be done by December 31, 2032. The credit will then see a slight annual decrease until it expires. Starting in 2023, the program expansion will also make claiming credit for energy storage systems easier than ever before.

Click here to learn more about the new Inflation Reduction Act. The best way to fully understand how the new Clean Energy Credit will apply to you is to speak with your local Newnan solar panel installers directly.

State & Local Solar Incentives

There are often state solar incentives available in addition to federal ones. Rebates, tax credits and more can be offered at a more local level. Some incentives are ongoing, while others may only be available for a limited time. They may be given by your county or municipality, or by the Georgia government.

Next Steps for Installing Solar in Newnan

Solar incentives may come from your local utility company, the federal government or the Georgia government. The growing number of available incentives has helped nationwide use of solar energy increase greatly in the last 15 years. If you're prepared to make the switch to solar energy, getting in touch with your local Newnan solar panel installation expert is a great first step.