2024 Solar Incentives Guide for Valdosta, GA - Tax Credits & Rebates

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

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

Solar incentives are meant to encourage people to switch to renewable energy by offering incentives meant to lower the financial burden of solar panel installation and use. You may qualify for several kinds of incentives, such as cash back, discounts or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of Georgia and others from the federal government. Some solar incentives you might qualify for are:

• Tax Credits: Tax credits reduce, dollar-for-dollar, how much income tax you owe the federal government. Tax credits differ from tax deductions.
• Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you've signed a net metering agreement with your Valdosta utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this credit is dollar-for-dollar, while in others you might make back a percentage of the value.
• Tax Exemptions: Tax exemptions may come in two forms. First, there is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when calculating property tax for your home.
• Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. Any rebates you receive will usually be deducted from the total price before tax credits are calculated.

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Federal Solar Incentives

Federal solar incentives are likely the first thing that you think of when you think about solar incentives. The solar incentive that you're most familiar with is probably 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 originally covered 30% of the total cost of solar system installation, although that number has fluctuated slightly over the years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The cost of installation includes the panels themselves as well as the cost of accessories, labor and equipment. There is no maximum claim amount. The ITC applies to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.

Have questions about how the ITC applies to your specific situation? Contact your local Valdosta solar panel installation expert to get more information.

The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Homeowners can now receive a credit equal to 30% of the total costs of solar system installation for projects started after January 1, 2022, and completed before the end of 2032. The percentage will then begin to decrease yearly 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.

More information about the new Inflation Reduction Act can be found here. The easiest way to fully understand how the new Clean Energy Credit might apply to you is to speak with your local Valdosta solar panel installation expert directly.

State & Local Solar Incentives

Some solar incentives are often also provided at the state and local level. Like with federal incentives, these might include tax credits, rebates and more. Incentives might be provided by your county or municipality, or by the state of Georgia. Certain incentives are available for only a limited time, while others are ongoing.

Next Steps for Installing Solar in Valdosta

Solar incentives can be offered by the Georgia government, the federal government or your local utility company. The growing number of solar incentives available has helped nationwide use of solar energy increase greatly in the last 15 years. Reaching out to your local Valdosta solar panel installation company is the right first step towards getting the most money possible when you switch to solar energy.