Solar Incentives Guide
Ever considered gaining your energy independence in Texas? If you have, you might also be interested in knowing which solar incentives would benefit you the most and help you reach your goals. Texas has many solar-specific incentives to motivate homeowners to invest in solar energy. It’s an up-and-coming, growing industry with many benefits, such as sustainability, energy independence, asset building, etc. Take a look at some incentives below which could help you decide if solar is right for you.
1. Solar Federal Tax Credit
The solar federal tax credit is the most significant incentive that has been capturing attention and might benefit you most. Solar Photovoltaic (PV) Systems installed from 2020 to 2021 made participants eligible for a 30% tax credit. But now that it’s 2022, you might be wondering if any tax credit options are available to you anymore. Luckily, Congress just passed an extension of the ITC in August 2022, raising the tax credit to 30% from 2022 to 2032. More information and details will be coming out soon.
2. Solar Property Tax Exemption
Another incentive offered currently is the solar Property Tax Exemption. To explain, installing solar panels on your property increases its appraised value. This appraised value factors into your property’s market value which is a taxable value. In short, this means that you will not be paying increased taxes based on the increased value of your property due to installing solar panels. Not only that, but the increase in your property’s value means you’ll be able to sell your property for more if you decide to move.
3. Oncor’s Residential Solar Program
Oncor, the largest electric provider in Texas, offers several incentives for those considering residential solar. Programs tend to run from January to November annually. The requirement is that you must buy and install a solar PV system along with an energy battery backup system to qualify. Additionally, Oncor must be your electric delivery provider. If you meet these requirements, you’ll need to select a solar service provider who can offer Oncor’s incentives. Your installer should provide you with the incentives they can offer before you proceed to install the systems.
4. Coserve’s Solar Savings Rate Program
Although this isn’t an incentive, we thought it was a program worth mentioning. If you cannot install solar panels on your property or home but strongly desire to switch to 100% renewable energy, there’s a program dedicated to you. It is Coserve’s Solar Savings Rate Program. The program allows you to purchase solar energy without the long-term commitment of installing solar. It is especially beneficial if you live in a townhome or apartment complex. In addition, they also have a certified installer list that can help you decide if you are a good candidate for installing solar panels.
Hopefully, this list will help you determine whether solar is the right choice for you. With the number of incentives offered, going solar is becoming a more achievable goal, with a wealth of benefits compared to relying on energy from gas.