2023 Solar Incentives Guide for Euless, TX - Tax Credits & Rebates

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

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

Solar incentives are designed to make renewable energy usage more affordable through financial incentives for individuals who install solar panels on their homes. Various kinds of incentives, including discounts, cash back or monthly utility bill credits, might be available to you. Certain incentives may be provided via the state of Texas, by your utility company or by county or municipality, while other incentives are federal. Categories of solar incentives include:

• 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 sometimes offer limited-time rebates. If you receive a rebate, that amount will usually come off your total price before tax credits are calculated.
• Tax Exemptions: Your solar panels might qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to exclude the value that solar panels add when calculating property taxes on your house.
• Net Metering: Don't forget to talk to your Euless 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 your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.
• Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the federal government.

Federal Solar Incentives

When thinking about solar incentives, you probably think of federal incentives first. 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 predetermined percentage of the cost of your solar system.

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, labor, accessories and equipment — although the percentage may range from 26-30%, depending on the installation date of your solar system. There is no cap on the claim amount.

To know exactly how much money the ITC could save you, contact your local Euless solar panel installation expert.

In August 2022, the ITC (now referred to as the Clean Energy Credit) was bolstered by the passage of the Inflation Reduction Act. The Clean Energy Credit runs until 2035. Solar installation projects started after January 1, 2022 and completed by the end of 2032 may qualify for a 30% tax credit; the amount will be decreased slightly each year until the current program ends. Starting in 2023, the expansion will also make it easier to get credit for energy storage systems.

Click here to learn more about the new Inflation Reduction Act. Your local Euless solar panel installation experts can answer any questions you have and explain how the new Clean Energy Credit applies to you.

State & Local Solar Incentives

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

Next Steps for Installing Solar in Euless

Nationwide solar energy use has increased enormously in the last 15 years, in part thanks to the growth in the number of solar incentives. You might receive these incentives from the federal government, the Texas government or your local utility company. Call your local solar panel installer today to discover more about the various programs and to save as much money as possible on solar panels for your Euless home.