2024 Solar Incentives Guide for Beaverton, OR - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Beaverton.
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 Beaverton?
Solar Electric Incentive Program
Solar + Storage Rebate Program
Renewable Energy Systems Exemption
Columbia River PUD - Solar PV Net Metering Rebate
Portland General Electric - Residential Energy Efficiency Rebate Program
Efficient Heat Pumps: $700
Heat Pump Controls: $250
Ductless Heat Pump: $800
Smart Thermostat: $50-$100
Heat Pump Water Heaters: $500 (special pricing available at certain retailers as well)
State Energy Loan Program
New Homes Incentive Program
Solar ready incentive: up to $200
Custom Renewable Energy Projects
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. Different kinds of incentives, such as cash back, discounts or monthly utility bill credits, may be available to you. Some incentives may be provided via the state of Oregon, by your utility company or by county or municipality, while other incentives are federal. Types of solar incentives might include:
- Net Metering: You may be able to sign a net metering agreement with your Beaverton utility company that will apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then deduct this value from your monthly utility bill.
- Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
- Tax Exemptions: Your solar panel system might qualify for both sales tax and property tax exemptions. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions allow you to exclude the added value of the solar panels when you are calculating property taxes on your house.
- Rebates: Solar rebates might be provided by your county or state, or by your local utility company. These rebates work as cash back that is applied after you purchase a solar system and before tax credits are calculated.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
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 likely the most well-known federal solar incentive. The ITC provides you with a tax credit for a specific percentage of your solar system's cost.
The ITC initially applied to 30% of the total cost of solar panel installation, and has fluctuated slightly over the last few years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total installation cost includes the panels themselves as well as the cost of accessories, labor and equipment. There is no maximum claim amount. 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.
Speaking with your local Beaverton solar panel installer is the best way to learn more about how the ITC applies to you.
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. With the new provisions, solar installation projects begun after January 1, 2022, and finished by December 31, 2032, might qualify for a 30% tax credit. This percentage will then decrease slightly each year until the end of the current Clean Energy Credit in 2035. Starting in 2023, the expansion will also make it easier to get credit for energy storage systems.
Click here to learn more about the new Inflation Reduction Act. To best understand how the new Clean Energy Credit will apply to you, get in touch with your local Beaverton solar installation company.
State & Local Solar Incentives
Tax credits, rebates and more can be claimed at multiple levels. On top of federal solar incentives, there are often state and local ones, too. The incentives — which may be provided by your county or municipality, or by the state of Oregon — could be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Beaverton
You can qualify for solar incentives from the federal government and the Oregon government, as well as from your local utility company. The increased availability of solar initiatives over the last 15 years has helped increase solar adoption nationwide. When you're ready to make the switch to solar energy, talking to your local Beaverton solar panel installation expert is an excellent place to start.
EcoWatch's Beaverton, OR Solar Incentives FAQs
I already have solar panels. Does my system qualify for any incentives?
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 your system was installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the year it was installed. Talking to the company that installed your system, or any local Beaverton solar installer, can help you understand what incentives you qualify for.
Who installs solar panel systems near me?
To find the best solar panel installer in your area, check out our guide to Beaverton's best solar panel companies.
What are some of the environmental benefits of switching to solar?
You can lower your carbon footprint by 40 pounds of CO2 a year by installing solar panels. This adds up to approximately 800 pounds over 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 get any financial incentives when I add solar panels to a vacation home, rental property or commercial property?
While we recommend getting in touch with your local solar installer and/or tax professional to better understand what solar incentives apply to you, many incentives can be claimed on a second home, so long as that home is in the United States and owned by you. There may be other incentives available for commercial properties specifically, depending on the details.
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.