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

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

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

Solar incentives are intended to encourage people to switch their home over to renewable energy by offering incentives meant to lower the financial burden of solar panel installation and use. The incentives may include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are handled by the federal government, some by the Georgia government and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:

• Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government. (This is different from a tax deduction.)
• Rebates: A rebate is a partial refund given after you've purchased your solar system. Rebates may be offered by your local utility company, your county or your state. The rebates are usually applied before tax credits are calculated.
• Net Metering: Don't forget to talk with your Riverdale utility company about signing a net metering contract. This will allow you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You might receive either a dollar-for-dollar credit or a percentage of the value.
• Tax Exemptions: These can come in the form of property tax exemptions, which allow you to exclude the value of your solar system when paying property tax on your home. You may also qualify for an exemption on sales tax at the time of purchase.

Federal Solar Incentives

When thinking about solar incentives, federal incentives may be the first thing that comes to mind. One of the incentives many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a certain percentage of the cost of your solar system.

The ITC applies to the value of solar panels installed on your primary or secondary residence in the United States. The solar system has to have been installed after January 1, 2006 on a property you own for you to be eligible for the credit. Originally, the ITC covered 30% of all costs (panels, labor, accessories and equipment), although the covered amount has fluctuated slightly over the years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.

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

In August 2022, the Inflation Reduction Act expanded and extended the ITC, now titled the Clean Energy Credit. The Clean Energy Credit re-raises the credit up to 30% for solar systems installed between 2022 and 2032. After 2032, the credit percentage will be reduced slightly each year until the end of the program in 2035. The program expansion also makes it easier to get credit for energy storage systems, starting in 2023.

More information about the new Inflation Reduction Act can be found here. To fully understand how the new Clean Energy Credit will apply to you, talk to your local Riverdale solar installation company.

State & Local Solar Incentives

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

Next Steps for Installing Solar in Riverdale

Nationwide solar energy use has gone up significantly in the past 15 years, in part due to the proliferation of solar incentives. You might receive these incentives from the federal government, the Georgia government or your local utility company. Speak with your local solar panel installation expert today to learn more and to save the most money possible on solar panels for your Riverdale home.