2024 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 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 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/
The term "solar incentives" broadly refers to financial incentives designed to encourage increased use of renewable energy by making solar panels more affordable. Solar incentives can include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are offered by the federal government, some by the state of Texas and some by your specific utility company, county or municipality. Types of solar incentives might include:
- Net Metering: Make sure you speak to your Corinth utility company about signing a net metering agreement. This will allow you to receive credit towards your utility bill every month for the value of excess energy your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.
- 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.)
- Rebates: Solar rebates may be provided by your county or state, or by your local utility company. These rebates are essentially cash back that is applied after you pay for a solar system and before tax credits are calculated.
- Tax Exemptions: Sales tax exemptions are applied at the time of purchase for your solar system. Property tax exemptions allow you to exclude the value that your solar panels add when you calculate how much property tax you need to pay on your home.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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 likely to be the first thing that comes to mind when you think about solar incentives. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a specified 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 in the United States that you own. Originally, the tax credit was for 30% of the total cost – for panels, labor, accessories and equipment – although the percentage may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
Curious how the ITC might apply to your specific situation? Get in touch with your local Corinth solar panel installation expert to get more information.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. With the new provisions, solar installation projects begun after January 1, 2022, and finished by December 31, 2032, can qualify for a 30% tax credit. The amount of the credit will then see a slight annual decrease until the current Clean Energy Credit expires in 2035. Beginning in 2023, it will also be easier to obtain credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. The easiest way to fully understand how the new Clean Energy Credit might apply to you is to reach out to your local Corinth solar panel installation expert with your questions.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Similar to federal incentives, these may include rebates, tax credits and more. Some incentives are ongoing, while others might only be available for a limited time. These incentives may be provided by the Texas government, or by your county or municipality.
Next Steps for Installing Solar in Corinth
Solar incentives might come from the Texas government, the federal government or your local utility company. The variety of solar incentives available has contributed to a large increase in solar energy use in the last 15 years. Your local Corinth solar panel installation company can give you more information about which incentives you may qualify for, and get you started on the path to switching to renewable energy today.
EcoWatch's Corinth, TX Solar Incentives FAQs
I already have solar panels. Does my system qualify for any incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If you had your system installed between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the year it was installed. Talking to the company that installed your system, or any local Corinth solar installer, can help you learn what incentives you qualify for.
How much will a solar system save me on my electric bill in Corinth annually?
When you add solar panels to your home in Corinth, you can anticipate savings of about $901.90 per year, or about $17,136.19 over 20 years.
What are the highest-rated solar panel installation companies near me?
To find the best solar panel installers near you, take a look at our article on Corinth's top solar panel companies.
What are the environmental benefits of switching to solar?
Solar energy is renewable — by changing where you get your energy, you help reduce the strain on our planet's resources. You can also lower the CO2 emissions from your home by 400 pounds a year, or around 8,000 pounds over 20 years.
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. Be sure to discuss your ideas with your local Corinth solar installation expert. They can help you as you plan for your project and also help you understand the various incentives that you might or might 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.