1. Understanding Net Metering and Its Benefits
What is Net Metering?
Net metering is a billing mechanism that allows solar panel owners to store surplus electricity produced during sunny days in the electrical grid. When your solar system generates more energy than you need, the excess power is sent to the grid, and you receive credits in return. These credits can then be used to offset your energy usage when your system isn’t producing enough power (e.g., during the night or cloudy days).
For homeowners in Oregon, where there are frequent cloudy days, net metering can help you reduce your electricity bills throughout the year. Net metering credits can be especially beneficial during the summer months when air conditioning drives electricity consumption 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, which could translate into significant savings when net metered credits offset high summer electricity bills.
2. Eligibility for Oregon Solar Incentives
Oregon homeowners can take advantage of several state and federal incentives to 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 is designed to help reduce 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 from the
- Energy Trust of Oregon. These incentives vary by utility service area and can significantly reduce the initial cost of solar systems.
In Conclusion
By understanding the available incentives, how net metering works, and the long-term benefits of solar, homeowners in 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