2024 Solar Incentives Guide for Raceland, LA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Raceland.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Raceland?
Home Energy Loan Program (HELP)
New Orleans City - Energy Smart Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" covers 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. These incentives could include cash back, upfront discounts or credit towards your monthly utility bill. Some incentives are provided by the federal government, some by the state of Louisiana and some by your specific utility company, county or municipality. Some broad categories of solar incentives include:
- Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. The value of a rebate will usually come off the total price before tax credits are calculated.
- Tax Exemptions: These can come in the form of property tax exemptions, which allow you to ignore the value of your solar system when paying property tax on your home. They may also include exemptions on sales tax at the time of purchase.
- Net Metering: Net metering is an incentive you can get after your solar system is up and running. If you've signed a net metering agreement with your Raceland utility company, it will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some areas, this credit is dollar-for-dollar, while in other areas you might get refunded a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
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Federal Solar Incentives
Federal solar incentives are probably the first thing that comes to mind when you think about solar incentives. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of your solar system's cost.
The ITC originally covered 30% of the cost of solar system installation, although that number has fluctuated slightly over time 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 amount you can claim. The ITC can be applied to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.
Your local Raceland solar panel installer can provide more information about the ITC and how it might apply to your situation.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit extends until 2035. American homeowners can now receive a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. The total credit will then decrease annually until the date of expiration. Beginning in 2023, it will also be easier to obtain credits for energy storage systems under this new program.
More information about the new Inflation Reduction Act can be found here. Your local Raceland solar panel installer can answer your questions and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
Federal solar incentives are not your only option; tax credits, rebates and more might also be offered at the local or state level. Some incentives are ongoing, while others might only be available for a limited time. These incentives might be provided by the Louisiana government, or by your county or municipality.
Next Steps for Installing Solar in Raceland
You can apply for and receive solar incentives from the federal government and the Louisiana government, as well as from your local utility company. The growing availability of solar initiatives in the past 15 years has helped increase solar adoption nationwide. We recommend talking to your local Raceland solar installation expert for more information about these incentives and to make sure that you're getting the largest number possible for your solar system.
EcoWatch's Raceland, LA Solar Incentives FAQs
How do I learn if I qualify for certain solar incentives?
It's best to speak with your local Raceland solar installer for a better understanding of which incentives your project may qualify for. Generally, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) within a specified date range. Some incentives, such as those given by the state of Louisiana, may have additional requirements.
I already have solar panels. Do I qualify for any incentives?
An excellent idea would be to talk to the company that installed your solar panels – or speak to a local Raceland solar installer — to learn about which incentives you may qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
What are some of the environmental benefits of switching to solar energy?
You can reduce your carbon footprint by 400 pounds of CO2 a year by switching to solar panels. This adds up to approximately 8,000 pounds in 20 years. In addition, solar power is a renewable energy source, which means that switching your home over reduces the drain on our planet's resources.
Can I use both solar and another type of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Be sure to go over your ideas with your local Raceland solar installer. They can help you with the plan for your project and give you an understanding of various incentives that you will or won't qualify for.
Can I receive any incentives when I add solar panels to a vacation home, rental property or commercial property?
Many solar incentives are intended to apply to a property you own that is located within the United States; most secondary residences fall under this distinction. There may be other solar incentives available for commercial properties, depending on the details. We recommend talking to your local solar installer and/or tax professional to better understand what incentives will apply to your specific situation.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.