2023 Solar Incentives Guide for Corinth, TX - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Corinth.
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.
Get a free quote from one of our trusted Corinth solar installers to see how much you can save.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Corinth?
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
CoServ - Solar Energy Rebate
Denton Municipal Electric - GreenSense Solar PV/Thermal Rebate Program
Solar Water Heater: 30% of invoice
Denton Municipal Electric - Residential GreenSense Energy Efficiency Rebate Program
Smart Thermostat: 50% of invoice - $50.00/unit
Attic Reflective Radiant Barrier: 20% of invoice to $300
Attic Insulation: 50% of invoice - $400/unit
Air Duct: 30% of invoice - $200/unit
Solar Screens: 30% of invoice - $200/unit
Energy Efficient Windows: 30% of invoice - $500/unit
Interconnected Photovoltaic (PV): $0.40 to $1.20 per AC watt up to 50% of cost or $30,000
Solar Water Heater: 30% of invoice - $300/unit
Electric Vehicle: $300
Weatherization: 50% of cost, up to $50
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives mitigate the cost of installing a solar panel system on your home. This category of financial incentives is designed to encourage more homeowners to convert their home partially or fully to renewable energy. Incentives may include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are provided by the federal government, while others are handled by the state of Texas or your utility company, county or municipality. Categories of solar incentives include:
- Rebates: A rebate is a partial refund after the purchase of your solar system. Rebates might be offered by your local utility company, your county or your state. The cash back that you get from the rebates is normally applied before tax credits are calculated.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
- Net Metering: Net metering factors in once your solar panels are up and running. If you've signed a net metering agreement with your Corinth utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in other places you might receive a refund equivalent to a percentage of the value.
- Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when calculating property tax for your home.
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
Federal Solar Incentives
Federal solar incentives are probably the first thing that comes to mind when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is the most commonly known federal solar incentive. The ITC offers a tax credit for a set percentage of your solar system's cost.
The ITC is applied to the total cost of solar system installation, including the panels themselves as well as equipment, accessories and labor. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence that you own and that is located in the United States. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.
To know exactly how much the ITC could save you, talk to your local Corinth solar panel installation expert.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now called the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. Homeowners can now apply for a 30% credit for solar systems installed between 2022 and 2032. This credit will then see a slight annual decrease until it expires. Beginning in 2023, it will also be easier to get credits for energy storage systems under the new laws.
More information about the new Inflation Reduction Act can be found here. The best way to understand how the new Clean Energy Credit applies to you is to get in touch with your local Corinth solar panel installation expert.
State & Local Solar Incentives
Rebates, tax credits and more can be provided at multiple levels. On top of federal solar incentives, there are often state and local ones as well. Some incentives are ongoing, while others are available for a limited time. These incentives might be given by your county or municipality, or by the Texas government.
Next Steps for Installing Solar in Corinth
You can receive solar incentives from the Texas government and the federal government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Speak with your local solar panel installer today to discover more about the various programs and to save the most money possible on solar panels for your Corinth home.
EcoWatch's Corinth, TX Solar Incentives FAQs
How much will solar panels save me on my electric bill in Corinth annually?
After adding solar panels to your Corinth home, you can anticipate savings of approximately $901.90 per year, or approximately $17,136.19 over 20 years.
What are the best solar panel installation companies near me?
To find a top-rated solar panel installer, check out our guide to Corinth's top solar panel companies.
What are some environmental benefits of adding solar panels to my house?
You can reduce your carbon footprint by 400 pounds of CO2 a year by installing solar panels. This adds up to roughly 8,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that switching your home over reduces the drain on our planet's resources.
Can I claim incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of solar panels. Depending on which incentives you are eligible for, they may apply in a different order. Be sure to speak with your solar installer or a local tax professional to verify that you are claiming the correct incentives and getting the most money possible.
Can I use a combination of multiple types of renewable energy to power my home?
Yes, you can employ multiple types of renewable energy to power your home, such as a combination of wind and solar. 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 Corinth solar installation expert, to get an understanding of what will be needed and what kinds of incentives you will or won't 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.