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

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

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

Solar incentives are intended to encourage homeowners to make the switch to renewable energy by offering incentives meant to lower the financial burden of solar panel installation and use. Various types of incentives, including discounts, cash back or credit towards your monthly utility bill, might be available to you. Certain incentives may be handled by the state of Georgia, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:

• Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
• Rebates: A rebate is a partial refund credited to your account after you've paid for your solar system. Rebates could be offered by your local utility company, your state or your county. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
• Tax Exemptions: Sales tax exemptions are applied 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 the amount of property tax you need to pay on your home.
• Net Metering: Net metering becomes relevant after your solar system is up and running. If you've signed a net metering agreement with your Winder utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this is a dollar-for-dollar credit, while in others you might receive a refund equivalent to a percentage of the value.

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Federal Solar Incentives

Federal incentives are the type of incentives that you are most likely to have heard of. The Federal Solar Investment Tax Credit, or ITC, is probably the best-known federal solar incentive. The ITC offers a tax credit for a specific percentage of your solar system's cost.

The ITC can be applied to the total cost of installing a solar system, including the panels themselves as well as equipment, labor and accessories. You can claim this credit for panels installed after January 1, 2006, on a primary or secondary residence that you own and that is located in the United States. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum amount you can claim.

To more fully understand how the ITC may apply to you, call your local Winder solar panel installation expert and request 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. The Clean Energy Credit has increased the current credit up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. At this point, the credit percentage will be reduced slightly each year until the end of the program in 2035. The expansion to the program also makes credits for energy storage systems even easier to claim, beginning in 2023.

Click here to learn more about the new Inflation Reduction Act. Your local Winder solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it will apply to you.

State & Local Solar Incentives

Not all solar incentives are federal; rebates, tax credits and more might also be offered at the local or state level. Incentives may be provided by the state of Georgia, or by your county or municipality. Certain incentives might only be available for a limited time, while others are ongoing.

Next Steps for Installing Solar in Winder

There are many kinds of solar incentives: those offered by local utility companies, those provided by the federal government and those given by the Georgia government, to name a few. Solar energy utilization has increased tremendously in the last 15 years, thanks to these incentives. If you're prepared to switch over to solar energy, reaching out to your local Winder solar panel installation expert is a great first step.