2024 Solar Incentives Guide for Sandy, OR - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Sandy.
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 Sandy?
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/
The phrase "solar incentives" broadly refers to financial incentives designed to encourage the adoption and use renewable energy by making installing and using solar panels more affordable. Different kinds of incentives, including discounts, cash back or credit towards your monthly utility bill, might be available to you. Some incentives may be offered by the state of Oregon, by your utility company or by county or municipality, while others are federal. Some solar incentives you might qualify for are:
- Rebates: Solar rebates may be provided by your county or state, or by your local utility company. These rebates work as partial refunds that are applied after you purchase solar panels and before tax credits are calculated.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
- Tax Exemptions: Tax exemptions can come in one of two forms. First, there is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption, which allows you to exclude the value added by your solar system when calculating property tax for your home.
- Net Metering: Net metering factors in once your solar system is up and running. If you've signed a net metering agreement with your Sandy utility company, the company will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some locations, this is a dollar-for-dollar credit, while in other areas you might receive a refund equivalent to a percentage of the value.
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 may be the first thing that comes to mind. A federal incentive that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a certain percentage of your solar system's cost.
The ITC applies to the value of a solar system installed on your primary or secondary residence in the United States. The solar panels must have been installed on a property you own after January 1, 2006, for you to be eligible for the credit. Initially, the ITC applied to 30% of all system costs (panels, labor, equipment and accessories), although the total amount has fluctuated over time between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the amount you can claim.
Wondering how the ITC applies to your specific situation? Get in touch with your local Sandy solar panel installer to get more information.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as retitling it the Clean Energy Credit). Homeowners can now qualify for a credit equal to 30% of the total solar system installation costs for projects that began after January 1, 2022, and will be finished by the end of 2032. The percentage will then decrease annually until the Clean Energy Credit expires in 2035. The program expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. To fully understand how the new Clean Energy Credit will apply to you, talk to your local Sandy solar installers.
State & Local Solar Incentives
In addition to federal solar incentives, there are often also state ones. Tax credits, rebates and more may be available at a more local level. These incentives might be offered by the Oregon government, or by your county or municipality. Some incentives may be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Sandy
There are many kinds of solar incentives: those provided by local utility companies, those provided by the federal government and those provided by the Oregon government, to name a few. Solar energy use has increased tremendously in the last 15 years, partially thanks to these incentives. Your local Sandy solar panel installer can give you more information about which incentives you may qualify for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Sandy, OR Solar Incentives FAQs
My home already has solar panels. Do I qualify for any 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. Reaching out to the company that installed your solar system, or any local Sandy solar installer, can help you understand what incentives you qualify for.
How much will a solar system save me on my electric bill in Sandy annually?
After adding solar panels to your house in Sandy, you can expect to save approximately $1,092.60 per year, or about $21,851.97 over 20 years.
What are the environmental benefits of switching to solar energy?
Solar energy is renewable — by changing where you get your energy, you can help lessen the strain on our planet's resources. A solar system can also lower the CO2 emissions from your home by 40 pounds annually, or roughly 800 pounds in 20 years.
Can I use multiple types of renewable energy to power my home?
Yes, you can use multiple types of renewable energy to power your home, such as a combination of solar and wind power. You can also combine renewable energy generation with a non-renewable backup source of energy. Make sure that you discuss the details of your plan with your local Sandy solar installation expert, to make sure you know what you'll need and what kinds of incentives you may or may not qualify for.
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 speaking with your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many incentives apply to a second home, so long as that home is in the United States and owned by you. There may be other incentives available specifically for commercial properties, 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.