2024 Solar Incentives Guide for Ruston, LA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Ruston.
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 Ruston?
Home Energy Loan Program (HELP)
New Orleans City - Energy Smart Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" refers broadly to financial incentives put in place by solar companies and the government to encourage increased use of renewable energy by making the installation and use of solar panels more affordable. Incentives could include things like discounts, cash back or monthly utility bill credits. Some incentives are provided by the federal government, while others are handled by the state of Louisiana or by your specific utility company, county or municipality. Categories of solar incentives 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.
- Net Metering: Be sure to speak to your Ruston utility company about signing a net metering agreement. This allows you to get a 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.
- Rebates: Solar rebates might be provided by your local utility company, or by your county or state. These rebates are essentially partial refunds that are applied after you purchase a solar system and before tax credits are calculated.
- Tax Exemptions: Your solar system may qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions let you ignore the value that solar panels add when calculating property taxes on your house.
Best Technology
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- Price-match guarantee
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- Some reported issues with customer service
- Customer service varies by local dealer
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some familiarity with. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a specified percentage of the money you spend installing solar panels.
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 systems installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.
To find out exactly how much the ITC could save you, contact your local Ruston solar panel installation expert.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. Homeowners can now qualify for a credit equal to 30% of the total solar system installation costs for projects started after January 1, 2022, and completed before the end of 2032. This percentage will then decrease on a yearly basis until the Clean Energy Credit ends in 2035. Starting in 2023, the program expansion will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. To fully understand how the new Clean Energy Credit might apply to you, reach out to your local Ruston solar installers.
State & Local Solar Incentives
There are more than just federal solar incentives; rebates, tax credits and more might also be offered at the state and local level. Some incentives are ongoing, while others may only be available for a limited time. These incentives might be offered by your county or municipality, or by the Louisiana government.
Next Steps for Installing Solar in Ruston
The nationwide use of solar energy has gone up tremendously in the last 15 years, in part thanks to the proliferation of solar incentives. You may get these incentives from your local utility company, the federal government or the Louisiana government. Call your local solar panel installer today to find out more information and to save the most money possible on solar panels for your Ruston home.
EcoWatch's Ruston, LA Solar Incentives FAQs
My home already has solar panels installed. Are there any incentives that I qualify for?
An excellent idea would be to talk to someone from the company that installed your solar system – or call a local Ruston solar installer — to clarify which incentives you may qualify for. If your system was installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much will solar panels save me on my electric bill in Ruston annually?
Generally, Ruston homeowners who install solar panels save about $592.12 per year, or about $11,250.30 over 20 years after making the switch.
What are the environmental benefits of switching to solar?
You can lower your carbon footprint by 350 pounds of CO2 a year by installing solar panels. This adds up to roughly 7,000 pounds over 20 years. Solar is also a renewable energy source, which means that making the switch reduces the drain on our planet's resources.
Can I use a combination of multiple types of renewable energy to power my home?
Yes, you can use multiple types of renewable energy to power your home — for example, a combination of wind and solar. You can also combine renewable energy generation with a non-renewable backup source of energy. Be sure to discuss the details of your plan with your local Ruston solar panel installer, so that you understand what you'll need and what kinds of incentives you will or won't qualify for.
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.