2023 Solar Incentives Guide for Eastland, TX - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Eastland.
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.
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What Solar Tax Credits, Incentives, and Rebates are Available in Eastland?
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
Federal Residential Renewable Energy Tax Credit
Solar incentives are designed to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. Different types of incentives, such as cash back, discounts or credit towards your monthly utility bill, might be available to you. Some incentives may be handled by the Texas government, by your utility company or by county or municipality, while others are federal. Some solar incentives you might qualify for are:
- 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. If you receive a rebate, that amount will usually come off your total price before tax credits are calculated.
- Net Metering: Net metering is an incentive you can get once your solar panels are up and running. If you have a net metering agreement with your Eastland utility company, it will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this is a dollar-for-dollar credit, while in others you might make back a percentage of the value.
- Tax Exemptions: Your solar system may qualify for both sales tax and property tax exemptions. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions let you ignore the value that solar panels add when calculating property taxes on your home.
- Tax Credits: Tax credits lower, dollar-for-dollar, how much income tax you owe the federal government. These are different from tax deductions.
Federal Solar Incentives
When someone says "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 is a tax credit equal to a specified percentage of the money you spend on solar panels for your home.
The ITC applies to the value of a solar system installed on your primary or secondary residence in the United States. The solar system must 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 costs (panels, labor, accessories and equipment), although the covered amount has fluctuated slightly 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.
To best understand how the ITC may apply to you, reach out to your local Eastland solar panel installation expert and request more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. The Clean Energy Credit re-raises the credit up to 30% for solar installations undertaken between January 1, 2022 and December 31, 2032. After this, the credit percentage will be reduced slightly each year until the end of the program in 2035. Starting in 2023, it will also be easier to obtain credits for energy storage systems under this new program.
More information about the new Inflation Reduction Act can be found here. The best way to fully understand how the new Clean Energy Credit applies to you is to talk with your local Eastland solar panel company.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Similar to federal incentives, these could include rebates, tax credits and more. Incentives may be handled by your county or municipality, or by the state of Texas. Certain incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Eastland
Solar incentives may be provided by the federal government, the Texas government or your local utility company. The growing number of incentives available has helped nationwide use of solar energy increase greatly in the last 15 years. It is a good idea to talk to your local Eastland solar installation company to learn more about these incentives and to ensure that you're getting the largest number possible for your solar system.
EcoWatch's Eastland, TX Solar Incentives FAQs
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.