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

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

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Solar incentives are designed to make renewable energy usage more affordable through financial incentives for those who install solar panels on their homes. Various types of incentives, like cash back, discounts or monthly utility bill credits, may be available to you. Some incentives may be offered by the state of West Virginia, by your utility company or by county or municipality, while other incentives are federal. Categories of solar incentives include:

• Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
• Rebates: Solar rebates may be offered by your local utility company, or by your state or county. These rebates are essentially partial refunds that are applied after you purchase solar panels and before tax credits are calculated.
• Tax Exemptions: Tax exemptions may come in two forms. First, there is sales tax exemption, 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 paying property tax on your house.
• Net Metering: Make sure you talk with your Vienna utility company about signing a net metering agreement. This allows you to receive credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.

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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 well-known federal solar incentive. The ITC allows you to claim a tax credit for a predetermined percentage of your solar system's cost.

The ITC can be applied to solar panels 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, accessories, equipment and labor – although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.

To best understand how the ITC might apply to your situation, reach out to your local Vienna solar panel installation expert and ask for more information.

In August 2022, the ITC (now referred to as the Clean Energy Credit) was bolstered by the passage of the Inflation Reduction Act. 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. The amount of the credit will then see a slight annual decrease until the end of the current Clean Energy Credit in 2035. The expansion to the program also makes it easier to get credit for energy storage systems, starting in 2023.

More information about the new Inflation Reduction Act can be found here. To fully understand how the new Clean Energy Credit will apply to you, talk to your local Vienna solar installers.

State & Local Solar Incentives

There are often state solar incentives available in addition to federal ones. Rebates, tax credits and more can be offered at a more local level. Some incentives are ongoing, while others are offered for only a limited time. These local incentives might come from the West Virginia government, or from your specific county or municipality.

Next Steps for Installing Solar in Vienna

You can apply for and receive solar incentives from the federal government and the West Virginia government, as well as from your local utility company. Growing availability of solar initiatives over the last 15 years has helped increase solar adoption nationwide. Reaching out to your local Vienna solar panel installation company is a great first step towards getting the most money possible when you switch to solar energy.