2024 Solar Incentives Guide for Claiborne, LA - Tax Credits & Rebates

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

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Solar incentives encourage people to make the switch to renewable energy by offering financial incentives meant to lower the burden of solar panel installation and use. Incentives can include things like discounts, cash back or credit on your utility bill each month. Some incentives are handled federally, while others are offered by the state of Louisiana or your utility company, county or municipality. Some solar incentives you might qualify for are:

• Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
• Tax Exemptions: These might come in the form of property tax exemptions, which let you exclude the value added by your solar panels when paying taxes on your house. They may also include exemptions on sales tax at the time of purchase.
• Net Metering: You can sign a net metering agreement with your Claiborne utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your monthly utility bill.
• Rebates: A solar rebate is a partial refund given after you've purchased your solar system. Rebates may be offered by your local utility company, your state or your county. The rebates are usually applied before calculating tax credits.

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Federal Solar Incentives

When thinking about solar incentives, federal incentives might be the first thing that comes to mind. You might have heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to a certain percentage of the money you spend on solar panels for your home.

The ITC applies towards solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, equipment, labor and accessories. You can claim this credit for a solar panel system installed on a primary or secondary residence in the United States that you own. The original amount you could claim was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum claim amount.

Talking to your local Claiborne solar panel installation expert is the best way to understand how the ITC applies to your situation.

In August 2022, the Inflation Reduction Act expanded and extended the ITC, now referred to as the Clean Energy Credit. The Clean Energy Credit bolsters the current credit, increasing it up to 30% for solar systems installed between 2022 and 2032. After this, the credit percentage will decrease slightly each year until the end of the program in 2035. The expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.

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

State & Local Solar Incentives

Not all solar incentives are federal; tax credits, rebates and more might also be offered at the local or state level. These solar incentives — which may be provided by the state of Louisiana, or by your county or municipality — might be offered for only a limited time, or on an ongoing basis.

Next Steps for Installing Solar in Claiborne

Nationwide solar energy use has gone up tremendously in the last 15 years, in part thanks to the growth in the number of solar incentives. You might receive these incentives from the federal government, the Louisiana government or your local utility company. When you're ready to make the change to solar energy, reaching out to your local Claiborne solar panel installation expert is a great first step.