After the federal tax bill was passed in 2017, there has been uncertainty and concern about what this means for solar energy incentives, rebates and programs in 2018.
However, there’s really no need for upset. The Federal Investment Tax Credit (FITC) remains in place with no changes. This means that, as a residential homeowner, you can still claim a tax credit up to 30% of the cost of your solar panel installation if you qualify. As always, you need to discuss any type of tax credit with your tax preparer or other financial advisor to determine how it applies to your individual situation.
While Texas doesn’t have a statewide incentive program, there are rebates, incentives and other benefits to going solar.
There is no state income tax here in Texas, but property taxes may be affected by the installation of a solar system because it does increase the appraised value of the home. While that’s good news, it can also increase the property tax owed. To avoid creating a negative incentive for going solar (increased property tax bills) the State agreed to exclude the value of a solar panel system from home values for tax purposes.
In other good news for Texas homeowners and business who are interested in saving money and the other benefits of using solar and other renewable energy sources. There is a long list of solar energy incentives and other programs, so here are just a few highlights of what’s available from Austin Energy for both residential and commercial customers.
1) Net metering is available for non-residential (small business and not-for-profit organizations) customers who install a variety of renewable energy systems, including solar. System size is limited to 20 kilowatts.
2) Residential customers can qualify for a rebate on energy efficiency equipment through Austin Energy’s Power$aver program. Equipment that may qualify includes solar photovoltaic systems along with energy saving windows, thermostats and other equipment.
3) Rebates are offered for approved residential solar photovoltaic panel systems installed by an approved contractor.
You can get more information about these programs and others offer by other utilities, cities and more at: http://bit.ly/TaxCreditsRebatesSavings
If you are ready to find out how solar will help you save money on your electric bills in 2018, GoProSolar.com is ready for you. Schedule your consultation today.