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

In this guide, we'll cover the latest solar incentives and rebates available in Potosi.

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 Potosi solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated September 15, 2023

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We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

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

Renewable Energy Systems Property Tax Exemption

Incentive Type:
Property Tax Incentive

Texas Gas Service - Residential Energy Efficiency Rebate Program

Incentive Type:
Rebate Program
Free Equipment Program: Free appliance installation and weatherization services
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

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

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


Solar incentives are meant to help mitigate the cost of installing solar panels on your home. These financial incentives are in place to encourage more people to convert their home partially or fully to renewable energy. Different types of incentives, such as discounts, cash back or monthly utility bill credits, might 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. Types of solar incentives might include:

  • Tax Exemptions: Tax exemptions can come in one of two forms. First, there is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to ignore the added value of your solar system when calculating property tax for your house.
  • Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also offer limited-time rebates at various times. The value of a rebate will usually come off the total price before tax credits are calculated.
  • Net Metering: Net metering becomes relevant once your solar panels are up and running. If you have in place a net metering agreement with your Potosi utility company, it will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some areas, this credit is dollar-for-dollar, while in others you may make back a percentage of the value.
  • 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.)

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries

Best Regional Coverage

Momentum Solar

★★★★★
4.5

  • Great warranty coverage
  • Representatives are experts on local policies
  • Concierge service ensures steady communication
  • Slightly limited service offerings

Federal Solar Incentives

Federal incentives are the kind of incentives that you are most likely to have some familiarity with. You may have heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a predetermined percentage of the money you spend installing solar panels.

The ITC applies to the value of solar panels installed on your primary or secondary residence in the United States. The solar system has to have been installed on a property you own after January 1, 2006 for you to claim the credit. The ITC initially covered 30% of all system costs (panels, accessories, labor and equipment), although this amount has fluctuated 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 know exactly how much money the ITC could save you, contact your local Potosi solar panel installation expert.

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 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 percentage will be reduced slightly each year until the program expires in 2035. The program expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.

More information about the new Inflation Reduction Act can be found here. Your local Potosi 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

There are often state solar incentives available in addition to federal ones. Rebates, tax credits and more may be available at a more local level. Incentives may be handled by the state of Texas, or by your county or municipality. Some incentives may be available for only a limited time, while others are ongoing.

Next Steps for Installing Solar in Potosi

The variety of available solar incentives has helped tremendously increase 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. It is a good idea to talk to your local Potosi solar installer for more information about these incentives and to make sure that you're getting the most money possible for your solar system.

EcoWatch's Potosi, TX Solar Incentives FAQs

If I already have solar panels, can I still claim incentives?

If your solar system was installed after January 1, 2022, you may qualify for the recently increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the date of installation. Speaking with the company that installed your system, or any local Potosi solar installer, can help you understand what incentives you can apply for.

What are the top solar panel installation companies near me?

To find the right solar panel installer for you, check out our guide to Potosi's best solar panel companies.

If I change out my appliances for ones that use solar energy, are there any benefits that I can claim?

The recently passed Inflation Reduction Act introduces several incentives that reward homeowners who make eco-friendly upgrades. Some of these incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.

Can I receive incentives both towards the up-front cost of solar panels, and later as reimbursement?

The order in which incentives are applied might vary depending on which incentives you are claiming but usually yes, you can receive multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to confirm you are claiming all possible incentives and applying them in the correct order.

Can I use multiple types of renewable energy to power my home?

Yes, you can use multiple types of renewable energy to power your home, such as a combination of solar and geothermal. You can also combine renewable energy generation with a non-renewable backup source of energy. Make sure that you discuss your plan with your local Potosi solar installation expert, to get an understanding of what will be needed and what types of incentives 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.

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