2024 Solar Incentives Guide for Newport, OR - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Newport.
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 Newport?
Solar + Storage Rebate Program
Renewable Energy Systems Exemption
Columbia River PUD - Solar PV Net Metering Rebate
State Energy Loan Program
Consumers Power, Inc - Residential Energy Efficiency Rebate Program
Duct Sealing: $250
Insulation: 25% of cost up to $500
Heat Pumps: $500 (Upgrades); $2,000 (New)
Heat Pump Commissioning and Controls: $300
Ductless Heat Pumps: $500 - $1,000
Marathon Water Heater: $749 - $1,359
Heat Pump Water Heater: $300 - $600
Low Flow Shower Heads: Free
Clothes Washers: $30
Clothes Dryer: $50
Smart Power Strips: Free
LED Light bulbs: discounts vary
Smart Thermostat: $100
Energy Star New Home: $1,200
Central Lincoln People's Utility District - Renewable Energy Incentive Program
Solar Water Heating: $800/system
Hydro Electric: $0.05/kWh/Yr
Central Lincoln People's Utility District - Residential Energy Efficiency Rebate Programs
Clothes Washer: $50
Clothes Dryer: $50
Smart Thermostat: $100
Light Fixture: $5/fixture
Heat Pump Water Heater: $300 - $500
Home Heating
Heat Pump: $500 - 1,400
Heat Pump Controls: $300
PTCS Duct Sealing: $200 - $250
Ductless Heat Pump: $750 - $1,000
Weatherization
Energy Star Windows: $3/sq. ft.
Energy Star Doors: $40/door
Attic Insulation: $0.20 - $0.60/sq. ft.
Floor Insulation: $0.30/sq. ft.
Wall Insulation: $0.50/sq. ft.
Energy Star Manufactured Homes: $1,200 - $1,400
Renewable Energy
Solar Thermal: $800/systemResidential Solar Electric: $500/kWDCCommercial Solar Electric: $500/kWDCWind Electric: $500/kWDCMicro Hydro Electric: $0.05/kWh/Yr
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" covers a range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You may qualify for several kinds of incentives, such as discounts, cash back or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the Oregon government and others from the federal government. Some broad categories of solar incentives include:
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions allow you to exclude the added value of your solar system when you're calculating the amount of property tax you need to pay on your house.
- Tax Credits: Tax credits reduce, dollar-for-dollar, how much income tax you owe the government. These differ from tax deductions.
- 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 you pay for solar panels and before tax credits are calculated.
- Net Metering: You can sign a net metering contract with your Newport utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then deduct this value from your utility bill each month.
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 you think about solar incentives, you probably think of federal incentives first. An incentive many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a specified percentage of your solar system's cost.
The ITC applies towards solar systems installed after January 1, 2006, and lets you deduct from your taxes a percentage of the total cost of solar panels, accessories, labor and equipment. This credit can be claimed on solar panels 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 certain projects may qualify for only 26%, depending on the details. There is no maximum claim amount.
Curious how the ITC might apply to your specific situation? Reach out to your local Newport solar panel installation expert to get more information.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as renaming it to the Clean Energy Credit). For solar system installations that begin after January 1, 2022, and are completed by the end of 2032, homeowners may be eligible for a credit equal to 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit expires in 2035. The expansion to the program also makes claiming credit for energy storage systems easier than ever before, starting in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Newport solar panel installer can answer any questions you have and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
In addition to those provided at the federal level, there are often also state solar incentives. Tax credits, rebates and more can be offered at a more local level. Incentives may be offered by your county or municipality, or by the state of Oregon. Some incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Newport
You can apply for and receive solar incentives from the federal government and the Oregon government, as well as from your local utility company. This increase in availability of solar initiatives in the past 15 years has helped increase solar adoption nationwide. When you're prepared to make the switch to solar energy, talking to your local Newport solar panel installation expert is a great first step.
EcoWatch's Newport, OR Solar Incentives FAQs
If I installed solar panels on my house a few years ago, can I still claim incentives?
If your solar system was installed after January 1, 2022, you may qualify for the recently 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 date of installation. Speaking with a representative from the company that installed your solar system, or any local Newport solar installer, can help you learn more about what incentives you might want to apply for.
How much will solar panels save me annually on my electric bill in Newport?
Typically, homeowners in Newport who install solar panels save around $1,087.46 per year, or about $21,749.27 over 20 years after they make the switch.
What are the best solar panel installation companies near me?
To find the best solar panel installer in your area, check out our guide to the top solar companies in Newport.
Can I claim incentives for adding 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, and most secondary residences fall under this distinction. Other solar incentives may be available for commercial properties, depending on the specifics. We recommend talking to your local solar installer and/or tax professional to better understand what incentives 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.