2023 Solar Incentives Guide for Marple, PA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Marple.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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Updated October 25, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Marple?
High Performance Buildings Incentive Program
Commercial loans/loan guarantees: $2 million
Grants: Lesser of 10% of project costs or $500,000
Wind and Geothermal Incentives Program
Manufacturer grants: $5,000 per job created within 3 years
Loans for geothermal systems: $3 per square foot of space served up to $5 million; also limited to 50% of eligible costs for residential systems.
Loans for wind energy production projects: $5 million
Grants for wind energy production projects: $1 million
Grants for feasibility studies: 50% of cost up to $175,000
Loan guarantee grants: Up to 75% of deficient funds up to $5 million
Solar Alternative Energy Credits
High Performance Building Incentives Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. Various kinds of incentives, including cash back, discounts or monthly utility bill credits, might be available to you. Certain incentives may be provided via the Pennsylvania government, by your utility company or by county or municipality, while others are federal. Some solar incentives you might qualify for are:
- Rebates: A rebate is a partial refund after the purchase of your solar system. Rebates might be offered by your local utility company, your state or your county. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
- Tax Exemptions: Tax exemptions may come in one of two forms. The first is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption. This allows you to ignore the added value of your solar system when calculating property tax for your home.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (This is different from a tax deduction.)
- Solar Renewable Energy Certificate (SREC): SRECs and similar other performance-based incentives might be available to you if the solar system on your home produces over a specified (usually small) amount of electricity. This category of incentives is generally handled at the state level. You can sell any SRECs you have to your utility company or other buyers, and the money you receive in return is generally considered part of your taxable income.
- Net Metering: Be sure to speak to your Marple utility company about signing a net metering contract. This allows you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You may receive either a dollar-for-dollar credit or a percentage of the value.
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Federal Solar Incentives
When thinking about solar incentives, federal incentives are likely the first thing that comes to mind. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a predetermined percentage of the cost of your solar system.
The ITC can be applied to solar panels installed after January 1, 2006 on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost – for panels, labor, equipment and accessories – although the percentage may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.
To understand exactly how much money the ITC could save you, get in touch with your local Marple solar panel installer.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now dubbed the Clean Energy Credit. Homeowners can now receive a credit of 30% of the total costs of solar system installation for projects that began after January 1, 2022 and will be finished by the end of 2032. The credit percentage will then decrease yearly until the Clean Energy Credit expires in 2035. Starting in 2023, the expansion to the program will also make it easier to get credit for energy storage systems.
More information about the new Inflation Reduction Act can be found here. Your local Marple solar panel installation experts can answer any questions you have and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. As with federal incentives, these might include tax credits, rebates and more. Some incentives are ongoing, while others may only be available for a limited time. Solar incentives may be offered by the Pennsylvania government, or by your county or municipality.
Next Steps for Installing Solar in Marple
You can apply for and receive solar incentives from the federal government and the Pennsylvania government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped increase nationwide solar energy use enormously. It is a good idea to talk to your local Marple solar installer to learn more about these incentives and to make sure that you're getting the largest number possible for your solar panels.
EcoWatch's Marple, PA Solar Incentives FAQs
What if I am planning to add a solar system to a rental property, vacation home or commercial property? Do I still qualify for incentives?
While we recommend getting in touch with your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many incentives can be claimed on a second home, as long as it is in the United States and owned by you. There may be other incentives available for commercial properties specifically, depending on the details.
How much will a solar system save me on my electric bill in Marple annually?
Generally, homeowners in Marple who install solar panels save approximately $818.43 per year, or approximately $15,550.26 over 20 years after making the switch.
What are some environmental benefits of installing solar panels on my home?
Solar energy is renewable — by changing where you get your energy, you help reduce the strain on our planet's resources. You can also reduce the CO2 emissions from your home by 300 pounds annually, or roughly 5,000 pounds over 20 years.
I want to change out my appliances for ones that are more energy-efficient. Are there any incentives I can claim?
The new Inflation Reduction Act provides a number of incentives that reward homeowners for making eco-friendly upgrades. Some of these incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
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.