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What to Know About Solar Incentives

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It is no secret that the climate is getting worse every day and the cost of traditional fossil fuels is increasing. As a result, the world as a whole has begun to take the concept of renewable energy very seriously. One of the best ways for governments to promote renewable energy is by boosting people's interest in using cleaner methods to gain power. They do this by reducing the amount of money that it costs for both homeowners and businesses alike to invest in new sources of energy. In America, these reductions are known as incentives. It is important that you learn about commercial solar incentives because these are a way that the government is giving you free money so that you can save money and contribute to sustaining the environment. Here are some of the most popular U.S. solar incentives.

 

 

1. Federal Solar Tax Credit

 

This provides customers with a way to use up to 30% of the amount of money they used in order to have their solar system installed and put it toward paying their annual taxes. For example, a system that cost you $5,000 would allow you to cut $1,500 off of your taxes. This solar incentive can only be used once. However, it instantly reduces the amount that you spent on your installation cost and provides you with a more productive way to use 30% of that cost. This means that you can see your returns coming your way much more quickly.

 

 

2. Net Metering Program

 

Another type of solar incentive is the net metering program. This program provides you with a way that you can sell an excess, unused solar energy to the utility company in your area in order to make a profit. Most utility companies will pay you with credits, but it is still a type of income. It can actually even cause your utility bill to equal out and completely disappear. Net metering can also help ensure that you see returns coming your way much more quickly. It also helps eliminate the need for battery storage with your installation.

 

 

3. Solar Feed-in Tariff

 

Feed-in tariffs are similar to net metering. Both allow you a way to turn your solar electricity into money. However, with solar feed-in, you have the possibility of getting cash instead of just credits. You can sell the solar power that you create for more than the market rated value. This means that this is actually one of the best incentives available and means that instead of just providing you with savings, your solar energy can actually save you money as well.

 

 

4. Rebate Programs

 

Many business owners are familiar with what a rebate program is. A solar rebate is the same as other forms of rebates. When you buy a new system, you can actually receive a portion of the upfront installation cost back.



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commercial solar incentives

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