2024 Solar Incentives Guide for Martinsburg, WV - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Martinsburg?

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Solar incentives encourage people to make the switch to renewable energy by offering financial incentives that lower the burden of solar panel installation and use. Incentives could include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered by the federal government, while others are offered by the state of West Virginia or by your utility company, county or municipality. Some solar incentives you might qualify for are:

• Tax Exemptions: Sales tax exemptions go into effect at the point of sale for your solar system. Property tax exemptions let you ignore the value added by your solar system when calculating the amount of property tax you need to pay on your home.
• Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you have a net metering agreement with your Martinsburg utility company, they will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some places, this credit is dollar-for-dollar, while in other places you may make back a percentage of the value.
• Rebates: Rebates, or partial refunds after a purchase, are typically given prior to any solar tax credits being calculated. Solar rebates may be given by your local utility company, by your county or by your state.
• Tax Credits: Tax credits reduce, dollar-for-dollar, the total amount of tax you owe the federal government. Tax credits differ from tax deductions.

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Federal Solar Incentives

When thinking about solar incentives, you probably think of federal incentives first. It's likely that you've 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 solar systems installed after January 1, 2006, on a primary or secondary residence in the United States that you own. The credit initially covered 30% of the total cost – for panels, accessories, labor and equipment – although it may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.

To better understand exactly how much the ITC could save you, talk to your local Martinsburg solar panel installation expert.

The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit runs until 2035. Solar installation projects started after January 1, 2022, and completed by the end of 2032 may qualify for a 30% tax credit. This amount will decrease slightly each year until the current program ends. Starting in 2023, it will also be easier to claim credits for energy storage systems under this new program.

More information about the new Inflation Reduction Act can be found here. Your local Martinsburg solar panel company is the best resource for answering your questions regarding the new Clean Energy Credit and how it will apply to you.

State & Local Solar Incentives

There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more can be offered at a more local level. Certain incentives are ongoing, while others are offered for only a limited time. These local incentives could come from your county or municipality, or from the West Virginia government.

Next Steps for Installing Solar in Martinsburg

Solar incentives can be offered by the federal government, the West Virginia government or your local utility company. The growing number of available incentives has helped nationwide use of solar energy increase greatly in the last 15 years. Your local Martinsburg solar panel installation expert can provide you with more details about which incentives you should apply for, and get you started on the path to switching to renewable energy today.