2024 Solar Incentives Guide for Snoqualmie, WA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Snoqualmie.
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 Snoqualmie?
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" refers to 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. The incentives might include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the state of Washington and some by your specific utility company, county or municipality. Categories of solar incentives include:
- Net Metering: Be sure to talk to your Snoqualmie utility company about signing a net metering contract. This will allow you to get a credit towards your utility bill every month for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: Tax exemptions can come in one of two forms. First, there is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the added value of your solar system when calculating property tax for your home.
- 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 sometimes offer limited-time rebates. Any rebates you receive will usually be deducted from the total price before any tax credits are calculated.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
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Federal Solar Incentives
Federal solar incentives are probably the first thing that you think of when thinking about solar incentives. The solar incentive that you're most familiar with is probably 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 can be applied to solar systems installed after January 1, 2006, on a primary or secondary residence that you own in the United States. Originally, the tax credit was for 30% of the total cost – for panels, equipment, accessories and labor – although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
Wondering how the ITC applies to your specific situation? Contact your local Snoqualmie solar panel installer to get more information.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as retitling it the Clean Energy Credit). Homeowners are now eligible for a credit equal to 30% of the total solar system installation costs for projects started after January 1, 2022, and completed before the end of 2032. This percentage will then decrease annually until the Clean Energy Credit expires in 2035. 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. The easiest way to fully understand how the new Clean Energy Credit will apply to you is to talk with your local Snoqualmie solar panel installation expert.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Similar to federal incentives, these might include tax credits, rebates and more. Certain incentives are ongoing, while others might only be available for a limited time. These incentives might be provided by your county or municipality, or by the Washington government.
Next Steps for Installing Solar in Snoqualmie
You can receive solar incentives from the Washington government and the federal government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Speaking with your local Snoqualmie solar panel installer is an excellent first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Snoqualmie, WA Solar Incentives FAQs
If I already have a solar system installed on my house, can I still claim incentives?
You should plan to talk to the company that installed your system – or reach out to a local Snoqualmie solar installer — to better understand which incentives you might qualify for. If your solar panels were installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Solar systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
What are some environmental benefits of adding solar panels to my house?
Solar energy is a renewable energy source — by switching where you get your energy, you help reduce the strain on our planet's resources. Solar panels can also reduce your home's CO2 emissions by 50 pounds a year, or around 1,000 pounds over 20 years.
If I trade in my appliances for ones that use solar energy, are there any incentives that I can claim?
The new Inflation Reduction Act creates several new financial incentives that are available when you make eco-friendly improvements to your home. More details on 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 may vary depending on which incentives you receive but usually yes, you can claim multiple types of incentives for your solar project. Speak to your solar installer or a local tax professional to ensure you are claiming all possible incentives and applying them in the correct order.
What if I add a solar system to a rental property, vacation home or commercial property? Can I still qualify for incentives?
While we recommend speaking with your local solar installer and/or tax professional to best understand what solar incentives apply to you, many can be claimed on a second home, provided that it is in the United States and owned by you. There may be additional incentives available specifically for commercial properties, depending on the specifics.
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.