Eligibility for Oregon Solar Incentives
Oregon Solar Incentives help homeowners reduce the upfront cost of installing solar panels.
Federal Solar Tax Credit (ITC): The 30% federal tax credit is available for solar installations until 2032. This means that if you install solar panels, you can deduct 30% of the total system cost from your federal income taxes.
- Solar + Storage Rebate Program: Oregon homeowners may qualify for up to $5,000 in rebates through the state’s Solar + Storage Rebate Program. This program reduces the upfront cost of installing both solar panels and battery storage systems.
- Energy Trust of Oregon Incentives: Depending on the utility company you use, you may qualify for additional incentives.
- Energy Trust of Oregon: These incentives vary by utility service area and can greatly reduce the initial cost of solar systems.
What is Net Metering?
Net metering is a billing tool that allows solar panel owners to store extra electricity. When you generate more energy, the extra power is sent to the grid and you receive credits in return. These credits offset your energy usage when you aren’t producing enough power. (e.g., during the night or cloudy days).
When there are frequent cloudy days, net metering can help you reduce your electricity bills through the year. Net metering credits can be especially useful during the summer months when air conditioning drives electricity demand is higher.
How Much Credit Can You Earn?
The amount of credit you earn depends on how much energy your solar system produces and how much energy you use. For example, a solar system installed in a typical PNW home might generate a few hundred kilowatt-hours (kWh) of energy per month. This could translate into huge savings when net metered credits offset high summer electricity bills.
In Conclusion
By understanding this, Oregon can make informed decisions about switching to solar energy. Whether you’re considering solar for financial savings or environmental benefits, the incentives and programs available today make it the right time to act.
Contact us to get more guidance on whether your home could produce enough power to qualify! —>https://www.unity-solar.com/free-estimate/
Resources:
Federal tax rebate form- https://www.irs.gov/forms-pubs/about-form-5695
Net Metering info-https://www.energytrust.org/solar/solar-net-metering/
Solar storage rebate- https://www.irs.gov/credits-deductions/residential-clean-energy-credit