2023 Solar Incentives Guide for Universal City, TX - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Universal City.
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 Universal City?
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
CPS Energy - Solar PV Rebate Program
Next $5 million will pay a flat rebate of $1,500 per project, plus $500 for locally-produced panels
Commercial: $1 million will pay $0.60/Watt, plus an additional $0.10/Watt for locally-produced panels
Guadalupe Valley Electric Cooperative - Residential Energy Efficiency Rebate Programs
Windows: $2/sq. ft.
Heat Pump Water Heater: $300/unit
Heat Pumps/Cooling System: $550-$650/unit (depending on efficiency)
Attic/Wall Insulation: $0.20/sq. ft. of installed insulation
Solar PV Electrical System: $0.75/Watt
Solar Water Heater: $1,000/unit
Window Solar Screens and/or Film: $0.50/sq. ft. of window
New Home Rebate: $3,200
Guadalupe Valley Electric Cooperative - Renewable Energy Rebates
Solar Water Heaters: $1,000/unit
Solar Water Wells: $750/unit
CPS Energy - Solar Hot Water Rebate Program
Federal Residential Renewable Energy Tax Credit
Solar incentives help mitigate the cost of installing solar panels on your home. These financial incentives are intended to encourage more homeowners to convert their home partially or fully to renewable energy. You may qualify for different types of incentives, including discounts, cash back or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Texas and others from the federal government. Types of solar incentives might include:
- Rebates: Your solar installer might help you claim a rebate, or partial refund of your purchase, for your solar panels. States or counties will also offer limited-time rebates at various times. If you receive a rebate, that amount will usually be deducted from the total price before tax credits are calculated.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the federal government.
- Tax Exemptions: Your solar system could qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions allow you to exclude the value that solar panels add when calculating property taxes on your home.
- Net Metering: Net metering factors in once your solar system is up and running. If you've signed a net metering agreement with your Universal City utility company, it will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in others you may get refunded a percentage of the value.
Federal Solar Incentives
Federal solar incentives are likely to be the first thing that you think of when thinking about solar incentives. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of your solar system's cost.
The ITC can be applied to the total cost of solar panel installation, including the panels themselves as well as accessories, equipment and labor. This credit can be claimed for panels installed after January 1, 2006 on a primary or secondary residence located in the United States that you own. Originally set at 30% of total costs, the credit has fluctuated over time, and you may qualify for different amounts depending on when your project was completed. There is no maximum claim amount.
Reaching out to your local Universal City solar panel installation expert is the best way to learn more about how the ITC could apply to you.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now referred to as the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. You can now receive a 30% credit for solar systems installed between 2022 and 2032. This credit will then decrease annually until its expiration. Starting in 2023, the program 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 Universal City solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
There are more than just federal solar incentives; tax credits, rebates and more may be offered at the local or state level. Certain incentives are ongoing, while others are offered for only a limited time. Your local incentives might come from your county or municipality, or from the Texas government.
Next Steps for Installing Solar in Universal City
There are many kinds of solar incentives: those given by local utility companies, those given by the Texas government and those given by the federal government, to name a few. The use of solar energy has grown tremendously in the last 15 years, partially thanks to these incentives. It is a good idea to talk to your local Universal City solar installation expert for more information about these incentives and to be sure that you're getting all of the money you can for your solar panels.
EcoWatch's Universal City, TX Solar Incentives FAQs
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