2024 Solar Incentives Guide for Celina, TX - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Celina?

Source: https://www.dsireusa.org/

Solar incentives are designed to make renewable energy usage more affordable through financial incentives to help people install solar panels on their homes. Various kinds of incentives, like cash back, discounts or monthly utility bill credits, may be available to you. Some incentives may be provided via the state of Texas, by your utility company or by county or municipality, while others are federal. Some broad categories of solar incentives include:

• 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 utility bill every month for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
• Tax Exemptions: Tax exemptions can come in one of two forms. The first is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when calculating property tax for your house.
• Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar system. States or counties will also offer limited-time rebates at various times. The value of a rebate will usually come off your total price before tax credits are calculated.
• Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (A tax credit is different from a tax deduction.)

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Federal Solar Incentives

Federal incentives are the type of incentives that you are most likely to have heard of. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a predetermined percentage of the money you spend on solar panels for your home.

The ITC applies to solar systems installed after January 1, 2006, on a primary or secondary residence that you own in the United States. The credit initially covered 30% of the total cost – for panels, equipment, labor and accessories – although it may range from 26-30%, depending on the installation date of your solar system. There is no cap on the claim amount.

Your local Celina solar panel installation expert can provide you with more information about the ITC and how it might apply to your situation.

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. The new Clean Energy Credit now runs until 2035. American homeowners are now eligible for a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. This credit will then see a slight annual decrease until its expiration. The program expansion also makes it easier to get credit for energy storage systems, starting in 2023.

More information about the new Inflation Reduction Act can be found here. Your local Celina solar panel company is the best resource for answering your questions about the new Clean Energy Credit and how it applies to you.

State & Local Solar Incentives

Some solar incentives are often also offered at the local or state level. Like with federal incentives, these may include tax credits, rebates and more. These incentives might be distributed by your county or municipality, or by the Texas government. Some incentives may be ongoing, while others are available for a limited time.

Next Steps for Installing Solar in Celina

The variety of available solar incentives has enormously increased the use of solar power nationwide over the past 15 years. You might qualify for solar incentives from the Texas government, the federal government or your local utility company. Your local Celina solar panel installer can help you learn more about which incentives you might qualify for, and get you on track to switch to renewable energy today.