2024 Solar Incentives Guide for Copperas Cove, TX - Tax Credits & Rebates

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

Source: https://www.dsireusa.org/

Solar incentives help mitigate the cost of installing solar panels on your home. These financial incentives are in place to encourage more Americans to make the switch to renewable energy. Various types of incentives, including discounts, cash back or monthly utility bill credits, may be available to you. Certain incentives may be offered by the state of Texas, by your utility company or by county or municipality, while others are federal. Categories of solar incentives include:

• Net Metering: Net metering becomes relevant once your solar panels are up and running. If you've signed a net metering agreement with your Copperas Cove utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this credit is dollar-for-dollar, while in other places you might be refunded a percentage of the value.
• Tax Exemptions: These could come in the form of property tax exemptions, which allow you to exclude the value of your solar system when paying property tax on your house. You may also qualify for an exemption on sales tax at the time of purchase.
• Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar panels. Counties or states will also offer limited-time rebates at various times. The value of a rebate will usually come off your total price before tax credits are calculated.
• Tax Credits: Tax credits reduce, dollar-for-dollar, the total amount of tax you owe the government. These are different from tax deductions.

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Federal Solar Incentives

Federal incentives are the type of incentives that you are most likely to have heard of. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a specified percentage of the cost of your solar system.

The ITC can be credited towards the value of solar panels installed on your primary or secondary residence in the United States. The solar panels must have been installed after January 1, 2006, on a property you own for you to be eligible for the credit. The ITC originally paid out 30% of all system costs (panels, accessories, labor and equipment), although the total amount has fluctuated over the last few years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the amount you can claim.

To understand exactly how much money the ITC could save you, talk to your local Copperas Cove solar panel installer.

The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit extends until 2035. Homeowners are now eligible for a 30% credit for solar systems installed between 2022 and 2032. This credit will then be decreased by a few percentage points every year until the date of expiration. The expansion to the program also makes it easier to get credit for energy storage systems, beginning in 2023.

More information about the new Inflation Reduction Act can be found here. Your local Copperas Cove solar panel installation experts can answer your questions and explain how the new Clean Energy Credit may apply to you.

State & Local Solar Incentives

Some solar incentives are often also offered at the local or state level. Like with federal incentives, these could include tax credits, rebates and more. Some incentives are ongoing, while others are offered for only a limited time. These local incentives could come from the Texas government, or from your specific county or municipality.

Next Steps for Installing Solar in Copperas Cove

The large number of available solar incentives has contributed greatly to the increase in the nationwide adoption of solar energy over the last 15 years. You may receive solar incentives from your local utility company, the federal government or the Texas government. We recommend talking to your local Copperas Cove solar installation expert for more information about these incentives and to make sure that you're getting the largest number possible for your solar system.