2023 Solar Incentives Guide for Celina, TX - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Celina.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Celina?
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 Tune-Up: $40
Natural Gas Dryer with moisture sensor: $225
Natural Gas Dryer Stub: $300
CoServ - Solar Energy Rebate
Federal Residential Renewable Energy Tax Credit
The term "solar incentives" broadly refers to financial incentives designed to encourage people to use renewable energy by making installing and using solar panels more affordable. Incentives can include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered federally, while others are handled by the Texas government or your utility company, county or municipality. Some broad categories of solar incentives include:
- Tax Exemptions: Sales tax exemptions go into effect at the point of sale for your solar panels. Property tax exemptions allow you to exclude the value added by your solar system when you calculate how much property tax you need to pay on your house.
- Net Metering: Be sure to talk with your Celina utility company about signing a net metering contract. This allows you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
- Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar panels. States or counties will also sometimes offer limited-time rebates. Any rebates you receive will usually be deducted from your total price before tax credits are calculated.
Federal Solar Incentives
When people think of solar incentives, federal incentives are likely the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is probably the most well-known federal solar incentive. The ITC provides a tax credit for a set percentage of the cost of your solar system.
The ITC applies towards solar systems installed after January 1, 2006 and under this program you can deduct from your taxes a percentage of the total cost of solar panels, accessories, labor and equipment. This credit can be claimed on a solar panel system installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum claim amount.
Have questions about how the ITC applies to your specific situation? Reach out to your local Celina solar panel installer to get more information.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. For solar system installations that begin after January 1, 2022 and are completed by the end of 2032, homeowners can apply for a credit for 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. Your local Celina solar panel company can answer your questions and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. As with federal incentives, these could include tax credits, rebates and more. These incentives — which might be handled by your county or municipality, or by the state of Texas — might be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Celina
Solar energy use nationwide has increased enormously in the last 15 years, in part due to the growth in the number of solar incentives. You might receive these incentives from your local utility company, the Texas government or the federal government. Your local Celina solar panel installation expert can give you more information about which incentives you might qualify for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Celina, TX Solar Incentives FAQs
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