2024 Solar Incentives Guide for Shreveport, LA - Tax Credits & Rebates

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

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Solar incentives are intended to make renewable energy usage more affordable through financial incentives for individuals who install solar panels on their homes. You might be eligible for several kinds of incentives, such as cash back, discounts or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Louisiana government and others from the federal government. Categories of solar incentives include:

• Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the government. These are different from tax deductions.
• Tax Exemptions: These can come in the form of property tax exemptions, which can let you ignore the value added by your solar panels when calculating the taxes you pay on your home. They may also include exemptions on sales tax at the time of purchase.
• Net Metering: Net metering factors in after your solar system is up and running. If you've signed a net metering agreement with your Shreveport utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in others you might receive a refund equivalent to a percentage of the value.
• Rebates: A solar rebate is a partial refund credited to your account after you've paid for your solar system. Rebates might be offered by your local utility company, your county or your state. The discount that rebates offer is normally applied to the price of solar panels before tax credits are calculated.

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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 certain percentage of your solar system's cost.

The ITC can be credited towards the value of a solar system 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 owned by you for you to claim the credit. The ITC originally paid out 30% of all installation costs (panels, equipment, labor and accessories), although the covered amount has fluctuated slightly over the years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.

Contacting your local Shreveport solar panel installer is the best way to understand how the ITC could apply to your situation.

In August 2022, the Inflation Reduction Act made revisions to the ITC, now called the Clean Energy Credit. Homeowners can now receive a credit of 30% of the total costs of solar system installation for projects started after January 1, 2022, and completed before the end of 2032. The percentage will then begin to decrease annually until the Clean Energy Credit ends in 2035. The expansion also makes claiming credit for energy storage systems easier than ever before, starting in 2023.

Click here to learn more about the new Inflation Reduction Act. The best way to fully understand how the new Clean Energy Credit applies to you is to get in touch with your local Shreveport solar panel company.

State & Local Solar Incentives

Some solar incentives may be provided at the state and local level. Like with federal incentives, these could include rebates, tax credits and more. These incentives — which might be handled by the state of Louisiana, or by your county or municipality — could be offered on an ongoing basis, or for only a limited time.

Next Steps for Installing Solar in Shreveport

The variety of solar incentives available has contributed greatly to the increase in the nationwide adoption of solar energy over the last 15 years. You can get solar incentives from your local utility company, the federal government or the Louisiana government. Getting in touch with your local Shreveport solar panel installer is the right first step towards making sure you get all the incentives you qualify for when you switch to solar energy.