2024 Solar Incentives Guide for Anna, TX - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Anna.
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 Anna?
Renewable Energy Systems Property Tax Exemption
Texas Gas Service - Residential Energy Efficiency Rebate Program
Home Improvement (includes attic insulation, duct sealing, duct insulation, duct replacement, high-efficiency gas furnace, and Wi-Fi thermostat: Up to $1000
Solar Water Heater With Natural Gas Backup: $750
Tankless or Super High-efficiency Water Heater: $650
Furnace: $675
Furnace Tune-Up: $40
Natural Gas Dryer with moisture sensor: $225
Natural Gas Dryer Stub: $300
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" includes a range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You might qualify for various kinds of incentives, including discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Texas and others from the federal government. Types of solar incentives might include:
- Net Metering: You may be able to sign a net metering agreement with your Anna utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your utility bill each month.
- Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
- Rebates: Rebates, or cash back after a purchase, are normally given prior to any solar tax credits being calculated. Rebates can be offered by your local utility company, by your county or by your state.
- Tax Exemptions: These may come in the form of property tax exemptions, which would allow you to exclude the value of your solar system when paying property tax on your house. They may also include exemptions on sales tax at the time of purchase.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Federal Solar Incentives
When thinking about solar incentives, you likely think of federal incentives first. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a specified percentage of the money you spend on your solar system.
The ITC applies to solar panels installed on your primary or secondary residence in the United States. The solar system has to have been installed after January 1, 2006, on a property you own 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 amount you qualify for will depend on when your solar system was installed. There is no cap on the amount you can claim.
Your local Anna solar panel installation expert can provide you with more information about the ITC and how it may apply to your situation.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). The Clean Energy Credit has increased the current credit up to 30% for solar systems installed between 2022 and 2032. After 2032, the percentage will decrease slightly each year until the end of the program in 2035. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems under this new program.
More information about the new Inflation Reduction Act can be found here. Your local Anna solar panel installation experts can answer any questions you have and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
Some solar incentives may be offered at the local or state level. Similar to federal incentives, these may include rebates, tax credits and more. Certain incentives are offered for only a limited time, while others are ongoing. Local solar incentives could come from the Texas government, or from your specific county or municipality.
Next Steps for Installing Solar in Anna
The variety of available solar incentives has contributed greatly to the increase in the adoption of solar energy nationwide over the last 15 years. You can get solar incentives from the Texas government, the federal government or your local utility company. Your local Anna solar panel installation expert can help you learn more about which incentives you might qualify for, and get you started on the path to switching to renewable energy today.
EcoWatch's Anna, TX Solar Incentives FAQs
How much will a solar system save me on my electric bill in Anna annually?
Typically, Anna homeowners who install solar panels save approximately $1,079.70 per year, or about $20,514.26 over 20 years after they make the switch.
What are some environmental benefits of adding solar panels to my home?
Solar energy is renewable — by changing where you get your energy, you can help reduce the strain on our planet's resources. You can also lower your home's CO2 emissions by 400 pounds annually, or around 8,000 pounds over 20 years.
I want to change out my appliances for ones that are more energy-efficient. Are there any benefits I can claim?
The new Inflation Reduction Act introduces multiple incentives meant to reward homeowners for making eco-friendly upgrades. Some incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
Can I use solar and another type of renewable energy in combination to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Make sure you go over your ideas with your local Anna solar installation expert. They can help you as you plan for your project and educate you on the various incentives that you may or may not qualify for.
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.