2024 Solar Incentives Guide for Clarksburg, WV - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Clarksburg.
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 Clarksburg?
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to mitigate the cost of installing solar panels on your home. This category of financial incentives is designed to encourage more Americans to convert their home partially or fully to renewable energy. You might be eligible for different kinds of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the West Virginia government and others from the federal government. You might qualify for any of the following types of solar incentives:
- Tax Exemptions: These can come in the form of property tax exemptions, which can let you exclude the value of your solar system when paying property tax on your house. You may also qualify for an exemption on sales tax at the time of purchase.
- Rebates: Some solar companies will help you claim a rebate, or partial refund after purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. The value of a rebate will usually come off the total price before any tax credits are calculated.
- Net Metering: Be sure to talk with your Clarksburg utility company about signing a net metering contract. This allows you to get a credit towards your utility bill every month for the value of excess energy your solar panels generate. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Credits: Tax credits reduce, dollar-for-dollar, the amount of income tax you owe the government. These differ from tax deductions.
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Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have heard of. The Federal Solar Investment Tax Credit, or ITC, is the most commonly known federal solar incentive. The ITC allows you to claim a tax credit for a set percentage of your solar system's cost.
The ITC initially applied to 30% of the cost of installing solar panels, although that number has fluctuated slightly over the years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total cost of installation includes the panels themselves as well as the cost of accessories, labor and equipment. There is no maximum claim amount. The ITC applies to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.
Curious how the ITC might apply to your specific situation? Get in touch with your local Clarksburg solar panel installation expert to get more information.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). Homeowners can now qualify for a credit of 30% of the total costs of solar system installation for projects started after January 1, 2022, and completed before the end of 2032. This percentage will then begin to decrease yearly until the Clean Energy Credit ends in 2035. The program expansion also makes claiming credit for energy storage systems easier than ever before, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Clarksburg solar panel installer can answer any questions you have and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
Not all solar incentives are federal; rebates, tax credits and more may be offered at the state and local level. Certain incentives are ongoing, while others may only be available for a limited time. These incentives might be given by your county or municipality, or by the West Virginia government.
Next Steps for Installing Solar in Clarksburg
Nationwide solar energy use has gone up tremendously in the last 15 years, in part due to the growth in the number of solar incentives. You may get these incentives from your local utility company, the West Virginia government or the federal government. Your local Clarksburg solar panel installation expert can provide you with more details about which incentives you should apply for, and get you feeling good about making the change to renewable energy today.
EcoWatch's Clarksburg, WV Solar Incentives FAQs
What are the top solar panel installation companies near me?
To learn about the top solar panel installers near you, read our article on the top solar companies in Clarksburg.
What are some environmental benefits of adding solar panels to my home?
You can lower your carbon footprint by 400 pounds of CO2 a year by switching to solar panels. This adds up to around 9,000 pounds over 20 years. In addition, solar power is a renewable energy source, meaning that switching your home over lessens the drain on our planet's resources.
If I change out my appliances for ones that can use solar energy, are there credits I can claim?
The recently passed Inflation Reduction Act provides multiple incentives that reward homeowners who make eco-friendly upgrades. Some incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
Can I use both solar and another type of renewable energy to power my home?
Yes, you can utilize multiple types of renewable energy to power your home — for example, a combination of solar and wind power. You can also combine renewable energy generation with a backup source of non-renewable energy. Make sure that you discuss the details of your plan with your local Clarksburg solar installation expert, so that you understand what you'll need and what incentives you might or might not qualify for.
Can I receive any incentives when I add solar panels to a rental property, vacation home or commercial property?
While we recommend talking to your local solar installer and/or tax professional to better understand what solar incentives apply to you, many incentives can be claimed on a second home, as long as it is in the United States and owned by you. There may be additional incentives available for commercial properties specifically, depending on the details.
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.