2024 Solar Incentives Guide for Durham, NH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Durham.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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What Solar Tax Credits, Incentives, and Rebates are Available in Durham?
Local Option - Property Tax Exemption for Renewable Energy and Electrical Energy Storage
Residential Small Renewable Energy Rebate Program
Eversource - Residential Energy Efficiency Rebate Program
LED Light Fixture: $5
Heating/Cooling Equipment: Up to $400
Heat Pump Water Heaters: Up to $600
Clothes Dryers: up to $200
Clothes Washer: Up to $50
Dehumidifier: $25
ENERGY STAR Homes: $4,000
Natural Gas Heating Equipment: Up to $1,500
Natural Gas thermostats: Up to $100
Pool Pumps: Up to $500
Refrigerator and Freezer Recycling: $30
Refrigerators: Up to $75
Room Air Conditioner: $20
Room Air Purifiers: $40
Residential Solar Water Heating Rebates
Residential Bulk-Fed Wood-Pellet Central Boilers and Furnace Rebate Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to mitigate the cost of installing a solar panel system on your home. These financial incentives are in place to encourage more people to switch to renewable energy. Solar incentives can include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are offered by the federal government, some by the New Hampshire government and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Rebates: Rebates, or partial refunds after a purchase, are normally given prior to any solar tax credits being calculated. These rebates can be offered by your local utility company, by your state or by your county.
- Tax Exemptions: Your solar panels could qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you exclude the value added by your solar panels when calculating property taxes on your house.
- Net Metering: You can sign a net metering contract with your Durham utility company, that may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your utility bill each month.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the federal government.
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Federal Solar Incentives
When you hear the term "solar incentives," federal incentives might be the first thing that comes to mind. One of the incentives that most people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a predetermined percentage of the cost of your solar system.
The ITC applies to solar systems installed after January 1, 2006, on a primary or secondary residence in the United States that you own. Originally, the tax credit was for 30% of the total cost – for panels, accessories, equipment and labor – although that amount may range from 26-30%, depending on the installation date of your solar system. There is no cap on the amount you can claim.
Your local Durham solar panel installer can give you more information about the ITC and how it applies to your situation.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Under the new program, solar installation projects begun after January 1, 2022, and finished by December 31, 2032, might qualify for a 30% tax credit. This credit amount will then see a slight annual decrease until the current Clean Energy Credit expires in 2035. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. The best way to fully understand how the new Clean Energy Credit will apply to you is to speak with your local Durham solar panel company directly.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. Similar to federal incentives, these may include rebates, tax credits and more. Certain incentives are offered for only a limited time, while others are ongoing. Your local incentives may come from the New Hampshire government, or from your specific county or municipality.
Next Steps for Installing Solar in Durham
Solar incentives may come from the New Hampshire government, the federal government or your local utility company. The growing number of available incentives has facilitated the nationwide growth of solar energy use in the last 15 years. Your local Durham solar panel installer can give you more information about which incentives you might qualify for, and get you on track to switch to renewable energy today.
EcoWatch's Durham, NH Solar Incentives FAQs
How do I know if I qualify for solar incentives?
It's a good idea to talk to your local Durham solar installer for a better understanding of which incentives your project may qualify for. Typically, solar incentives apply to new solar systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, such as those given by the state of New Hampshire, might have other requirements.
I already have solar panels installed. Are there any incentives that I qualify for?
If your solar system was installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If you installed your system between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the exact installation date. Speaking with the company that installed your system, or any local Durham solar installer, can help you learn what incentives you can apply for.
Who installs solar panels near me?
To find the right solar panel installer for you, check out our guide to the top solar companies in Durham.
What are some environmental benefits of installing solar panels on my house?
You can lower your carbon footprint by 200 pounds of CO2 a year by switching to solar panels. This adds up to around 4,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that making the switch reduces the drain on our planet's resources.
When does the federal solar tax credit end?
The federal solar tax credit, formerly called the ITC and now named the Clean Energy Credit, is slated to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
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.