2024 Solar Incentives Guide for Brookside, DE - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Brookside.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Brookside?
Delmarva Power - Green Energy Program Incentives
Residential: $0.70/W
Residenital Leased/PPA systems: Not eligible
Non-Residential (systems less than 6 kW): $0.50/W
Non-Residential (systems 6 kW or larger): $0.70/W
Non-Profit: $1.40/W
Wind
Residential: $0.85/W for first 5 kW, $0.25/W up to 50 kW
Non-Residential: $0.85/W for first 5 kW, $0.25/W up to 50 kW
Non-Profit: $1.75/W for first 5 kW, $1.00/W up to 50 kW
Solar Water Heating (SWH)
Residential: $1/kWh saved
Non-Residential: $1/kWh saved
Non-Profit: $2/kWh saved
GeoThermal Heat Pumps
Residential: $800/ton (first 2 tons), $700/ton (over 2 tons)
Non-Residential: $800/ton (first 2 tons), $700/ton (over 2 tons)
Non-Profit: $1,000/ton (first 2 tons), $800/ton (over 2 tons)
SREC Procurement Program
Sustainable Electric Utility (SEU)- SREC Purchase Program
Solar Renewable Energy Credits (SRECs) Spot Market Program
DEMEC Member Utilities - Green Energy Program Incentives
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to encourage homeowners to switch their home over to renewable energy by offering incentives meant to lower the financial burden of solar panel installation and use. Different kinds of incentives, including discounts, cash back or credit towards your monthly utility bill, may be available to you. Some incentives may be handled by the state of Delaware, by your utility company or by county or municipality, while other incentives are federal. Categories of solar incentives include:
- Solar Renewable Energy Certificate (SREC): SRECs and similar performance-based incentives are normally handled by your state government. Once your solar panel system meets the threshold (typically a small amount of energy production), you are eligible to receive SRECs that you can then sell to your utility company or other buyers. The money you make is generally considered part of your taxable income.
- Net Metering: Net metering factors in after your solar system is up and running. If you've signed a net metering agreement with your Brookside utility company, it will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some places, this is a dollar-for-dollar credit, while in others you may receive a refund equivalent to a percentage of the value.
- Tax Exemptions: These could come in the form of property tax exemptions, which would allow you to ignore the value of your solar system when calculating the taxes you pay on your home. They may also include exemptions on sales tax at the time of purchase.
- Rebates: Solar rebates might be provided by your local utility company, or by your state or county. These rebates are essentially cash back that is applied after you pay for solar panels and before tax credits are calculated.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
Solar Veteran
Trinity Solar
- Many financing options
- Family-owned and -operated
- Makes charitable contributions
- Limited service area
- Relatively short workmanship warranty
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Federal Solar Incentives
When people think of solar incentives, federal incentives may be the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is the most commonly known federal solar incentive. The ITC allows you to claim a tax credit for a set percentage of your solar system's cost.
The ITC can be applied to the total cost of solar system installation, including the panels themselves as well as equipment, accessories and labor. You can claim this credit for panels installed after January 1, 2006, on a primary or secondary residence that you own and that is located in the United States. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.
To understand exactly how much money the ITC could save you, contact your local Brookside solar panel installation expert.
In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. The new Clean Energy Credit is valid until 2035. American homeowners are now eligible for a 30% credit for solar systems installed between January 1, 2022, and December 31, 2032. This new credit will then be decreased by a few percentage points every year until it expires. Starting in 2023, the program expansion will also make it easier to get credit for energy storage systems.
Click here to learn more about the new Inflation Reduction Act. To best understand how the new Clean Energy Credit applies to you, reach out to your local Brookside solar installation company.
State & Local Solar Incentives
Rebates, tax credits and more might be claimed at multiple levels. In addition to federal solar incentives, there are often state and local ones, too. These incentives may be provided by your county or municipality, or by the Delaware government. Some incentives may be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Brookside
The large number of available solar incentives has enormously increased the use of solar power nationwide over the last 15 years. You might qualify for solar incentives from your local utility company, the Delaware government or the federal government. Your local Brookside solar panel installation expert can give you more information about which incentives you can apply for, and get you started on the path to switching to renewable energy today.
EcoWatch's Brookside, DE Solar Incentives FAQs
Who installs solar panels near me?
To discover the best solar panel installation companies near you, read our article on Brookside's best solar panel companies.
What are some environmental benefits of installing solar panels on my house?
Solar energy is a renewable energy source — by switching where you get your energy, you can help reduce the strain on our planet's resources. A solar system can also reduce your home's CO2 emissions by 300 pounds annually, or around 6,000 pounds over 20 years.
How long until the federal solar tax credit ends?
The federal solar tax credit, formerly known as the ITC and now called the Clean Energy Credit, is slated to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
What if I want to add solar panels to a vacation home, rental property or commercial property? Will I still qualify for incentives?
While we recommend talking to your local solar installer and/or tax professional to best understand what solar incentives apply to you, many can be claimed on a second home, so long as that home is in the United States and owned by you. There may be other incentives available specifically for commercial properties, depending on the details.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.