2023 Solar Incentives Guide for Cross Lanes, WV - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Cross Lanes.
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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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Cross Lanes?
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 intended to encourage more people to convert their home partially or fully to renewable energy. You might qualify for several types of incentives, including cash back, discounts 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 West Virginia and others from the federal government. Types of solar incentives might include:
- Net Metering: You may be able to sign a net metering contract with your Cross Lanes 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 subtract this value from your monthly utility bill.
- Tax Credits: Tax credits reduce, dollar-for-dollar, how much income tax you owe the federal government. These are different from tax deductions.
- Rebates: Some solar companies will 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. The value of a rebate will usually come off the total price before any tax credits are calculated.
- Tax Exemptions: These may come in the form of property tax exemptions, which allow you to ignore the value added by your solar panels when calculating the taxes you pay on your home. They may also include exemptions on sales tax at the time of purchase.
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Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have heard of. You might have heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a certain percentage of the money you spend installing solar panels.
The ITC applies to the total cost of solar system installation, including the panels themselves as well as labor, equipment and accessories. This credit can be claimed for panels installed after January 1, 2006 on a primary or secondary residence that you own, as long as it is located in the United States. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum amount you can claim.
To better understand exactly how much money the ITC could save you, contact your local Cross Lanes solar panel installer.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now called the Clean Energy Credit. With the new provisions, solar installation projects begun after January 1, 2022 and finished by December 31, 2032 may be eligible for a 30% tax credit. This percentage will then decrease slightly each year until the end of the current Clean Energy Credit in 2035. Starting in 2023, the expansion to the program will also make claiming credit for energy storage systems easier than ever before.
Click here to learn more about the new Inflation Reduction Act. The best way to fully understand how the new Clean Energy Credit will apply to you is to get in touch with your local Cross Lanes solar panel installers.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Similar to federal incentives, these could include tax credits, rebates and more. These incentives might be distributed by the West Virginia government, or by your county or municipality. Some are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Cross Lanes
The expanding number of available solar incentives has contributed greatly to the increase in the nationwide adoption of solar energy over the last 15 years. You may receive solar incentives from your local utility company, the West Virginia government or the federal government. Talking to your local Cross Lanes solar panel installer is an excellent first step towards getting all the incentives you qualify for when you switch to solar energy.
EcoWatch's Cross Lanes, WV Solar Incentives FAQs
Can I receive any incentives when I add solar panels to a rental property, vacation home or commercial property?
While we recommend speaking with your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many apply to a second home, provided that it is in the United States and owned by you. There may be other incentives available specifically for commercial properties, depending on the details.
How can I find out if I qualify for certain solar incentives?
Typically, solar incentives apply to:
- a new solar panel system
- installed on a property that you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including those run by the West Virginia government or by your county/municipality, might have additional qualifications. Speak with your local Cross Lanes solar installer to discover what incentives your project may qualify for.
What are the best solar panel installation companies near me?
To find the right solar panel installer for you, check out our guide to the top solar companies in Cross Lanes.
What are the environmental benefits of switching to solar?
You can decrease your carbon footprint by 450 pounds of CO2 a year by installing solar panels. This adds up to roughly 9,000 pounds in 20 years. In addition, solar power is a renewable energy source, meaning that switching your home over reduces the drain on our planet's resources.
When does the federal solar tax credit end?
The Clean Energy Credit (formerly called the federal solar tax credit, or the ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
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.