2024 Solar Incentives Guide for Hillsboro, OR - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Hillsboro.
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 Hillsboro?
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 help mitigate the cost of installing solar panels on your home. This category of financial incentives is in place to encourage more homeowners to switch to renewable energy. Various types of incentives, including cash back, discounts or monthly utility bill credits, might 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. You might qualify for any of the following types of solar incentives:
- Net Metering: Net metering factors in once your solar system is up and running. If you've signed a net metering agreement with your Hillsboro utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this credit is dollar-for-dollar, while in others you might make back a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (A tax credit is different from a tax deduction.)
- Tax Exemptions: Your solar panel system might qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you ignore the value that solar panels add when calculating property taxes on your home.
- Rebates: Solar rebates can be provided by your local utility company, or by your county or state. These rebates work as cash back that is applied after your purchase of solar panels and before tax credits are calculated.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
When thinking about solar incentives, federal incentives may 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 specified percentage of the money you spend on your solar system.
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, accessories, labor and equipment. You can receive this credit for a solar panel system installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum claim amount.
Your local Hillsboro solar panel installer can provide you with more information about the ITC and how it might apply to your situation.
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. The Clean Energy Credit re-raises the credit up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. After this, the percentage will decrease slightly each year until the program expires in 2035. The expansion to the program also makes it easier to get credit for energy storage systems, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. The easiest way to understand how the new Clean Energy Credit will apply to you is to get in touch with your local Hillsboro solar panel installation expert.
State & Local Solar Incentives
Federal solar incentives are not your only option; rebates, tax credits and more might also be offered at the state and local level. Certain incentives are offered for only a limited time, while others are ongoing. Your local incentives may come from your county or municipality, or from the Oregon government.
Next Steps for Installing Solar in Hillsboro
The expanding number of available solar incentives has helped tremendously increase the nationwide adoption of solar energy over the past 15 years. You might qualify for solar incentives from your local utility company, the Oregon government or the federal government. Speaking with your local Hillsboro solar panel installation company is an excellent first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Hillsboro, OR Solar Incentives FAQs
How can I find out if I qualify for different solar incentives?
It's a good idea to talk to your local Hillsboro solar installer for a better understanding of which incentives your project will qualify for. In most cases, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, like those given by the state of Oregon, may have additional requirements.
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 panels – or speak to a local Hillsboro 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 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%.
What are some environmental benefits of installing solar panels on my home?
Solar energy is a renewable energy source — by changing where you get your energy, you help reduce the strain on our planet's resources. A solar system can also reduce the CO2 emissions from your home by 40 pounds a year, or around 800 pounds over 20 years.
What if I am planning to add a solar system to a rental property, vacation home or commercial property? Can I still qualify for incentives?
Many solar incentives apply to a property you own that is located within the United States, and most secondary residences will 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 fully understand what incentives may 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.