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

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

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

The phrase "solar incentives" includes 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 can include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered by the federal government, while others are handled by the state of Georgia or by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:

• Net Metering: Make sure you speak to your Rome utility company about signing a net metering contract. This allows you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
• Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions let you ignore the added value of your solar system when you're calculating how much property tax you need to pay.
• Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (A tax credit is different from a tax deduction.)
• Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. The value of a rebate will usually be deducted from the total price before any tax credits are calculated.

Federal Solar Incentives

Federal solar incentives are likely to be the first thing that you think of when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is the most commonly known federal solar incentive. The ITC offers a tax credit for a predetermined 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. Originally, the tax credit was for 30% of the total cost — for panels, equipment, labor and accessories — although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.

Reaching out to your local Rome solar panel installer is the best way to learn more about how the ITC may apply to you.

In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. For solar systems installed between January 1, 2022 and December 31, 2032, homeowners may be eligible for a credit for 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit expires in 2035. The expansion to the program also makes it easier to get credit for energy storage systems, beginning 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 Rome solar installers.

State & Local Solar Incentives

Some solar incentives are often also offered at the local or state level. Similar to federal incentives, these may include rebates, tax credits and more. Some incentives are ongoing, while others might only be available for a limited time. These incentives might be offered by the Georgia government, or by your county or municipality.

Next Steps for Installing Solar in Rome

The nationwide use of solar energy has gone up tremendously in the past 15 years, in part thanks to the growth in the number of solar incentives. You can obtain these incentives from the federal government, the Georgia government or your local utility company. We suggest talking to your local Rome solar installation company for more information about these incentives and to make sure that you're getting the most money possible for your solar panels.