2023 Solar Incentives Guide for Trophy Club, TX - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Trophy Club.
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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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated May 04, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Trophy Club?
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
CoServ - Solar Energy Rebate
Federal Residential Renewable Energy Tax Credit
Solar incentives mitigate the cost of installing a solar panel system on your home. These financial incentives are in place to encourage more Americans to switch their home over to renewable energy. Various types of incentives, including discounts, cash back or monthly utility bill credits, might be available to you. Certain incentives may be handled by the Texas government, by your utility company or by county or municipality, while other incentives are federal. Some solar incentives you might qualify for are:
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (A tax credit is different from a tax deduction.)
- Net Metering: Net metering factors in after your solar system is up and running. If you have a net metering agreement with your Trophy Club utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some areas, this is a dollar-for-dollar credit, while in other areas you may make back a percentage of the value.
- Tax Exemptions: These could come in the form of property tax exemptions, which allow you to ignore the value of your solar system when paying property tax on your house. You could also look for exemptions on sales tax at the time of purchase.
- Rebates: Solar rebates might be provided by your county or state, or by your local utility company. These rebates work as partial refunds that are applied after you pay for solar panels and before tax credits are calculated.
Federal Solar Incentives
When thinking about solar incentives, federal incentives are likely the first thing that comes to mind. You may have heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a specified percentage of the money you spend installing solar panels.
The ITC covers solar systems installed after January 1, 2006 and allows you to deduct from your taxes a percentage of the total cost of solar panels, labor, accessories and equipment. This credit can be claimed on a solar panel system installed on a primary or secondary residence that you own in the United States. The original claim amount was 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum amount you can claim.
Have questions about how the ITC applies to your specific situation? Get in touch with your local Trophy Club solar panel installation expert to get more information.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now titled the Clean Energy Credit. Under the new program, solar installation projects started after January 1, 2022 and completed by the end of 2032 might qualify for a 30% tax credit. This credit amount will then decrease slightly each year until the end of the current Clean Energy Credit in 2035. Beginning in 2023, it will also be easier to get credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. Your local Trophy Club solar panel installation expert is the best person to answer your questions regarding the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more might also be offered at the state and local level. These incentives — which may be provided by your county or municipality, or by the state of Texas — may be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Trophy Club
Solar incentives may come from the federal government, the Texas government or your local utility company. The variety of available solar incentives has contributed to a large increase in solar energy use in the last 15 years. We recommend talking to your local Trophy Club solar installation company to learn more about these incentives and to make sure that you're getting all of the money you can for your solar panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
EcoWatch's Trophy Club, 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 may qualify for a tax credit between 26% and 30%, depending on the exact installation date. Speaking with a representative from the company that installed your solar system, or any local Trophy Club solar installer, can help you learn more about what incentives you qualify for.
Who installs solar panel systems near me?
To find the right solar panel installer for you, check out our guide to the best solar companies in Trophy Club.
What are some environmental benefits of installing solar panels on my home?
Solar energy is renewable — by switching where you get your energy, you help lessen the strain on our planet's resources. You can also reduce the CO2 emissions from your home by 400 pounds a year, or around 8,000 pounds in 20 years.
If I switch my appliances out for ones that can utilize solar energy, are there credits that I can claim?
The new Inflation Reduction Act creates a number of new financial incentives that are available when you make eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I claim incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order your incentives will be applied in could vary depending on which incentives you are eligible for but typically yes, you can receive multiple types of incentives for your solar project. Speak to your solar installer or a local tax professional to make sure you are claiming all possible incentives and applying them in the correct order.
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.