2024 Solar Incentives Guide for Universal City, TX - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Universal City.
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 Universal City?
Renewable Energy Systems Property Tax Exemption
Texas Gas Service - Residential Energy Efficiency Rebate Program
Home Improvement (includes attic insulation, duct sealing, duct insulation, duct replacement, high-efficiency gas furnace, and Wi-Fi thermostat: Up to $1000
Solar Water Heater With Natural Gas Backup: $750
Tankless or Super High-efficiency Water Heater: $650
Furnace: $675
Furnace Tune-Up: $40
Natural Gas Dryer with moisture sensor: $225
Natural Gas Dryer Stub: $300
CPS Energy - Solar PV Rebate Program
Next $5 million will pay a flat rebate of $1,500 per project, plus $500 for locally-produced panels
Commercial: $1 million will pay $0.60/Watt, plus an additional $0.10/Watt for locally-produced panels
Guadalupe Valley Electric Cooperative - Residential Energy Efficiency Rebate Programs
Windows: $2/sq. ft.
Heat Pump Water Heater: $300/unit
Heat Pumps/Cooling System: $550-$650/unit (depending on efficiency)
Attic/Wall Insulation: $0.20/sq. ft. of installed insulation
Solar PV Electrical System: $0.75/Watt
Solar Water Heater: $1,000/unit
Window Solar Screens and/or Film: $0.50/sq. ft. of window
New Home Rebate: $3,200
Guadalupe Valley Electric Cooperative - Renewable Energy Rebates
Solar Water Heaters: $1,000/unit
Solar Water Wells: $750/unit
CPS Energy - Solar Hot Water Rebate Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. You might qualify for different kinds of incentives, including 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 state of Texas and others from the federal government. Types of solar incentives might include:
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar system. Property tax exemptions let you exclude the value that your solar panels add when you calculate how much property tax you need to pay on your house.
- Net Metering: You can sign a net metering agreement with your Universal City utility company that will apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then subtract this value from your utility bill each month.
- Rebates: Solar rebates can be provided by your county or state, or by your local utility company. These rebates work as partial refunds that are applied after you pay for solar panels and before tax credits are calculated.
- Tax Credits: Tax credits lower, dollar-for-dollar, how much income tax you owe the government. These differ from tax deductions.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have some familiarity with. The Federal Solar Investment Tax Credit, or ITC, is probably the best-known federal solar incentive. The ITC provides a tax credit for a specific percentage of the cost of your solar system.
The ITC initially applied to 30% of the cost of solar panel installation, and has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total cost of installation includes the panels themselves as well as the cost of accessories, equipment and labor. There is no maximum claim amount. The ITC applies to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.
Speaking with your local Universal City solar panel installation expert is the best way to learn more about how the ITC applies to your situation.
In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passage of the Inflation Reduction Act. Homeowners are now eligible for a credit equal to 30% of the total costs of solar system installation for projects that began after January 1, 2022, and will be finished by the end of 2032. The percentage will then begin to decrease yearly until the Clean Energy Credit ends in 2035. Starting in 2023, it will also be easier to get credits for energy storage systems under the new laws.
Click here to learn more about the new Inflation Reduction Act. Your local Universal City solar panel installation experts can answer your questions and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more might also be offered at the local or state level. These incentives might be distributed by your county or municipality, or by the Texas government. Some are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Universal City
The variety of solar incentives available has contributed greatly to the increase in the use of solar power nationwide over the last 15 years. You might qualify for solar incentives from the Texas government, the federal government or your local utility company. Call your local solar panel installation expert today to learn more and to save the most money possible on a solar system for your Universal City home.
EcoWatch's Universal City, TX Solar Incentives FAQs
How much can I save annually on my electric bill if I install solar panels on my house in Universal City?
Once you add solar panels to your home in Universal City, you can anticipate savings of around $1,002.36 per year, or approximately $19,044.87 over the next 20 years.
What are the environmental benefits of switching to solar?
Solar energy is a renewable energy source — by switching where you get your energy, you help reduce the strain on our planet's resources. You can also lower your home's CO2 emissions by 400 pounds yearly, or roughly 8,000 pounds in 20 years.
Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?
The order in which incentives are applied may vary depending on which incentives you are eligible for but typically yes, you can claim multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to be sure you are claiming all possible incentives and applying them in the correct order.
Can I use multiple types of renewable energy to power my home?
Yes, you can use multiple types of renewable energy to power your home — for example, a combination of solar and wind power. You can also combine renewable energy generation with a backup source of non-renewable energy. You should discuss the details of your plan with your local Universal City solar installation expert, to make sure you know what you'll need and what incentives you will or won't qualify for.
Can I claim incentives for adding solar panels to a rental property, vacation home or commercial property?
While we recommend talking to your local solar installer and/or tax professional to best understand what solar incentives apply to you, many incentives can be claimed on a second home, so long as that home is in the United States and owned by you. There may be additional 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.