2024 Solar Incentives Guide for Maltby, WA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Maltby.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Maltby?
Renewable Energy Cost Recovery Incentive Payment
Renewable Energy Sales and Use Tax Exemption
100% exemption for solar photovoltaic systems 10 kilowatts or less, and solar thermal systems;
75% exemption for other qualified systems
Evergreen Sustainable Development Standard for Affordable Housing
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" covers a wide range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You may qualify for different kinds of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the state of Washington and others from the federal government. Some broad categories of solar incentives include:
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar panels. Property tax exemptions let you ignore the value added by your solar system when you're calculating how much property tax you need to pay.
- Net Metering: You can sign a net metering agreement with your Maltby utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your monthly utility bill.
- Tax Credits: Tax credits lower, dollar-for-dollar, how much income tax you owe the federal government. These differ from tax deductions.
- Rebates: Solar rebates can be offered by your county or state, or by your local utility company. These rebates work as cash back that is applied after you purchase a solar system and before tax credits are calculated.
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Federal Solar Incentives
When you think about 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 incentive is a tax credit that reduces your taxes by a specified percentage of the money you spend on solar panels for your home.
The ITC applies to solar systems installed after January 1, 2006, on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost – for panels, accessories, labor and equipment – although the percentage may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
Your local Maltby solar panel installer can give you more information about the ITC and how it may apply to your situation.
In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. Homeowners can now qualify for a credit of 30% of the total solar system installation costs for projects started after January 1, 2022, and completed before the end of 2032. The percentage will then decrease on a yearly basis until the Clean Energy Credit expires in 2035. Starting in 2023, the program expansion will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. Your local Maltby solar panel company is the best resource for answering your questions about the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. Like with federal incentives, these can include rebates, tax credits and more. Incentives might be given by your county or municipality, or by the state of Washington. Certain incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Maltby
You can apply for and receive solar incentives from the federal government and the Washington government, as well as from your local utility company. Growing availability of solar initiatives in the past 15 years has helped increase nationwide solar energy use enormously. Getting in touch with your local Maltby solar panel installer is the right first step towards getting the most money possible when you switch to solar energy.
EcoWatch's Maltby, WA Solar Incentives FAQs
How do I learn if I qualify for specific solar incentives?
It's a good idea to talk to your local Maltby solar installer to get an understanding of which incentives your project will qualify for. Generally, solar incentives apply to new solar systems installed on property you own (in the U.S.) between the dates specified by the incentive. Some incentives, such as those provided by the Washington government, may have additional requirements.
I already have solar panels installed. Are there any incentives that I qualify for?
An excellent idea would be to talk to someone from the company that installed your solar system – or call a local Maltby solar installer — to clarify which incentives you might qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much will a solar system save me annually on my electric bill in Maltby?
Typically, homeowners in Maltby who install solar panels save approximately $854.09 per year, or about $17,081.72 over 20 years after making the switch.
If I switch my appliances out for ones that can use solar energy, are there credits that I can claim?
The new Inflation Reduction Act creates a variety of new financial incentives to encourage you to make eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
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.