Washington Solar Incentives and Rebates
Washington state offers a range of solar incentives and rebates to encourage residents and businesses to install solar panel systems. These incentives include the Federal Investment Tax Credit, state-wide solar initiatives, and loan programs. These incentives can help you save money and benefit the environment by going solar in Washington.
The Federal Investment Tax Credit in Washington
The ITC is a federal program that allows homeowners and businesses to claim a credit of 22% of the cost of their solar installation on their federal taxes. This means that if you install a solar panel system for $10,000, you can claim a credit of $2,200 on your federal taxes. The ITC is set to expire at the end of 2021, so it’s a great time to install solar panels and take advantage of this incentive.
The State Tax Credit in Washington
There is currently no state tax credit for solar installations in Washington. However, the state does offer a range of other incentives to encourage residents to go solar. You can find more information about the state’s renewable energy initiatives on the Washington State Utilities and Transportation Commission website https://www.utc.wa.gov/regulated-industries/utilities/energy/conservation-and-renewable-energy-overview/washington-energy-independence-act-i-937/renewable-energy-incentives
State-wide Solar Initiatives in Washington
Washington state offers several state-wide solar initiatives, including the Residential Energy Conservation & Solar Loan Program offered by Richland Energy Services, which provides loans of up to $15,000 to help homeowners install solar panel systems. Clark Public Utilities also offers a Solar Energy Equipment Loan program with a low APR of 3.5%.
Additionally, Washington state has a program called the Washington State Program Status (WPS), which is a certification program that recognizes solar projects that are in compliance with state and local regulations. Furthermore, the Renewable Energy Assistance Program (REAP) is another program offered by the State of Washington which helps farmers, rural small businesses and rural residents with the cost of renewable energy systems.
It should be noted that Washington state does not conform to the Modified Accelerated Cost Recovery System (MACRS) which is the Federal rule for accelerated depreciation of solar systems, and also does not impose corporate income tax.
State-wide Tax Exemptions in Washington
Washington state offers fully tax-exempt status for solar panel systems installed on residential, commercial, and industrial properties. This means that any income or property taxes will not apply to the value added to the property by the solar panel installation. This is a great incentive for homeowners and businesses to install solar panels and start saving on their electricity bills.
State-Specific Laws on Solar Easements in Washington
Washington also has laws on Solar Easements, which are legal agreements that allow homeowners to share their solar panel systems with their neighbors. These laws are outlined in the Solar Easement & Rights Laws, which can be found on the Clark Public Utilities website https://www.clarkpublicutilities.com/residential-customers/reduce-energy-waste-and-lower-your-bill/all-rebates-incentives-and-low-interest-loans/solar-energy-program/.
Net Metering in Washington
In Washington, the power generated by solar panels is credited to homeowners and businesses through net metering. This means that if you generate more energy than you consume, the excess energy is sent back to the grid and credited to your utility account. This can help offset the cost of your electricity bills and save you money in the long run.
Benefits of Going Solar in Washington
By installing solar panels in Washington, homeowners and businesses can enjoy a range of benefits, such as reduced electricity bills, increased property value, improved home resale value, and tax incentives. Going solar is also an environmentally friendly option, as it helps to reduce the state’s dependence on fossil fuels and decrease carbon emissions.
Conclusion
In conclusion, Washington state offers fully tax-exempt status for solar panel systems installed on residential, commercial, and industrial properties, as well as Solar Easement & Rights Laws, net metering, and other incentives to encourage residents and businesses to install solar panel systems. By going solar in Washington, homeowners and businesses can save money on their electricity bills, increase their property value, and do their part to help the environment.
FAQs
How much does it cost to install solar in Washington?The cost of a solar system in Washington will depend on the size of the system, location, and other factors.
Are there any tax credits available for solar in Washington?
Yes, Washington offers a state sales tax exemption for renewable energy systems, including solar. Find out more at SolarEmpower.
Are there any incentives or rebates available for solar in Washington?
Yes, there are several incentives available for solar in Washington, including the Solar Production Incentive program and the Solar Express program.
Is solar energy reliable in Washington?
Yes, solar energy is reliable in Washington, as long as the system is properly maintained and the area receives enough sunlight. Find expert review of solar installation and maintenance companies in Washington at SolarEmpower.
Is solar energy affordable in Washington?
Yes, solar energy is affordable in Washington and can help reduce energy costs over time.