2024 Solar Incentives Guide for Fairmont, WV - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Fairmont.
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 Fairmont?
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to make renewable energy usage more affordable through financial incentives for those who install solar panels on their homes. You may qualify for various kinds of incentives, including cash back, discounts or monthly utility bill credits, depending on your situation. Some 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: Tax exemptions can come in two forms. The first is sales tax exemption, applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when calculating property tax for your house.
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
- Net Metering: Make sure you speak to your Fairmont utility company about signing a net metering contract. This will allow you to receive credit towards your utility bill every month for the value of excess energy generated by your solar panels. You might receive either a dollar-for-dollar credit or a percentage of the value.
- Rebates: Solar rebates may be offered by your local utility company, or by your state or county. These rebates work as cash back that is applied after you pay for a solar system and before tax credits are calculated.
Federal Solar Incentives
When someone says "solar incentives," you probably think of federal incentives first. An incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a specified percentage of the cost of your solar system.
The ITC originally covered 30% of the cost of installing solar panels, although that number has fluctuated slightly over the last few 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 equipment, accessories and labor. There is no maximum claim amount. The ITC can be applied to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
Your local Fairmont solar panel installer can provide you with more information about the ITC and how it may apply to your situation.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now dubbed the Clean Energy Credit. Homeowners can now receive a credit equal to 30% of the total solar system installation costs for projects that began after January 1, 2022, and will be finished by the end of 2032. This percentage will then begin to decrease annually until the Clean Energy Credit ends in 2035. Starting in 2023, the program expansion will also make claiming credit for energy storage systems easier than ever before.
Click here to learn more about the new Inflation Reduction Act. Your local Fairmont solar panel installation expert is the best person to answer your questions regarding the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more may be offered at the state and local level. Some incentives are ongoing, while others are only available for a limited time. They may be provided by the West Virginia government, or by your county or municipality.
Next Steps for Installing Solar in Fairmont
The large number of available solar incentives has contributed greatly to the increase in the adoption of solar energy nationwide over the past 15 years. You might qualify for solar incentives from the federal government, the West Virginia government or from your local utility company. Getting in touch with your local Fairmont solar panel installation company is an excellent first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Fairmont, WV Solar Incentives FAQs
How can I find out if I qualify for specific solar incentives?
It's a good idea to talk to your local Fairmont solar installer to get an understanding of which incentives your project will qualify for. Generally, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) within a specified date range. Some incentives, like those provided by the West Virginia government, may have other requirements.
How much can I save annually on my electric bill if I add solar panels to my house in Fairmont?
Generally, Fairmont homeowners who install solar panels save about $804.12 per year, or around $16,082.39 over 20 years after they make the switch.
What are some environmental benefits of installing solar panels on my home?
You can reduce your carbon footprint by 100 pounds of CO2 a year when you install solar panels. This adds up to roughly 2,000 pounds in 20 years. Solar is also a renewable energy source, meaning that making the switch lessens the drain on our planet's resources.
Can I use multiple types of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you talk through your ideas with your local Fairmont solar installation expert. They can help you plan your project and also help you understand the various incentives that you might or might not qualify for.
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.