2024 Solar Incentives Guide for Oak Grove, OR - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Oak Grove.
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 Oak Grove?
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 encourage people to switch their home over to renewable energy by providing incentives meant to lower the financial burden of solar panel installation and use. Incentives can include things like discounts, cash back or monthly utility bill credits. Some incentives are handled federally, while others are offered by the Oregon government or by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
- Tax Exemptions: These may come in the form of property tax exemptions, which allow you to ignore the value of your solar system when calculating the taxes you pay on your house. They may also include exemptions on sales tax at the time of purchase.
- Net Metering: Net metering factors in after your solar system is up and running. If you've signed a net metering agreement with your Oak Grove utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this is a dollar-for-dollar credit, while in others you may make back a percentage of the value.
- Rebates: Rebates, or partial refunds after a purchase, are normally given before any solar tax credits are calculated. Solar rebates can be provided by your local utility company, by your county or by your state.
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 people think of solar incentives, federal incentives might be the first thing that comes to mind. A federal incentive that most people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a certain percentage of the cost of your solar system.
The ITC covers solar systems installed after January 1, 2006, and allows you to deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. You can claim this credit for a solar panel system installed on a primary or secondary residence in the United States that you own. The original claim amount was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum amount you can claim.
To understand exactly how much money the ITC could save you, get in touch with your local Oak Grove solar panel installation expert.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit bolsters the current credit, increasing it up to 30% for solar installations undertaken between January 1, 2022, and December 31, 2032. After this, the credit percentage will decrease slightly each year until the program expires in 2035. The program expansion also makes credits for energy storage systems even easier to claim, starting in 2023.
More information about the new Inflation Reduction Act can be found here. The easiest way to understand how the new Clean Energy Credit will apply to you is to speak with your local Oak Grove solar panel installation expert directly.
State & Local Solar Incentives
There are more than just federal solar incentives; tax credits, rebates and more are often offered at the state and local level. Some incentives are ongoing, while others are offered for only a limited time. Your local incentives may come from your county or municipality, or from the Oregon government.
Next Steps for Installing Solar in Oak Grove
You can qualify for solar incentives from the Oregon government and the federal 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. We recommend talking to your local Oak Grove solar installation expert to learn more about these incentives and to ensure that you're getting the largest number possible for your solar panels.
EcoWatch's Oak Grove, OR Solar Incentives FAQs
My home already has solar panels. Do I qualify for any incentives?
If your solar panels were 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 may qualify for a tax credit between 26% and 30%, depending on the exact installation date. Reaching out to the company that installed your system, or any local Oak Grove solar installer, can help you learn more about what incentives you qualify for.
What are some environmental benefits of adding solar panels to my house?
Solar energy is renewable — by changing where you get your energy, you help lessen the strain on our planet's resources. A solar system can also reduce the CO2 emissions from your home by 40 pounds annually, or around 800 pounds over 20 years.
How long until the federal solar tax credit ends?
The federal solar tax credit, previously called the ITC and now titled 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.
What if I am planning to add solar panels to a rental property, vacation home or commercial property? Do I still qualify for incentives?
While we recommend talking to your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many apply to a second home, provided that it is in the United States and owned by you. There may be additional 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.