Texas now offers great solar incentives for Dallas, Fort Worth, and Austin homeowners and businesses. Due to these Indiana state and federal solar panel incentives, there are now many options for homeowners and businesses to save money utilizing Indiana’s net metering policy.
Texas Solar Incentives and Rebates
Indiana state laws allow homeowners to see the following benefits of solar power:
The Federal Solar Tax Credit (ITC)
The greatest benefit of solar is the federal tax incentive for Texas homeowners! This federal solar incentive is called the Investment Tax Credit (ITC). This allows for a drastic reduction in the cost of your solar energy system by 26 percent. This incentive is 26% for installations by December 31, 2021, and reduces to 22% in 2023. The Texas Solar Panel Incentives only apply to those who purchase their solar energy systems, not lease. Purchasing is either done with a cash purchase or solar financed loan that often offsets your current electric bill, thus saving you money), and you must have enough income for the Texas Solar Panel Incentives to be meaningful.
Renewable Energy Property Tax Exemption
New solar energy systems that are installed in Texas are exempt from property taxes. This means that the added value to your property from your solar installation won’t be attributed to your property if assessed for taxes. This is due to the Texas Renewable Energy Property Tax Exemption, leaving Texas residents with a solar advantage where you don’t have to worry about your solar panel system increasing your property taxes.
Texas Net Metering Policy:
Solar energy systems that are sized under 1 megawatt (MW) are able to take part in what’s called ‘Net Metering’. Net Metering in Texas allows homeowners to send the extra electricity produced by your solar energy system back into your utility company’s grid. In turn, you receive credits toward your electric bill. If your solar panels are not producing all the electricity required to fully power your property, the extra credits you have stored up over time will be used to power your home. This way, you do not have to pay the utility company for electricity.