There are an array of reasons to go solar in Texas even without taking into account one of the biggest incentives: tax breaks! When you add solar panels to your home, there are tax incentives available to homeowners that could potentially increase the overall return on your solar investment.
Solar tax incentives vary by state, but in the Lone Star State, there are several tax breaks that homeowners considering solar energy may be able to factor into their decision-making.
Texas Solar Rebate Programs
Texas doesn’t have a statewide solar tax credit or solar rebate program as of 2021. However, that doesn’t mean that there aren’t rebates! Many utility companies and local governments are able to offer incentives to homeowners that are interested in adding solar energy.
For example, CPS Energy allows homeowners to earn a rebate for as much as $2,500 on installed solar panel arrays.
Renewable Energy Systems Property Tax Exemption
Texas homeowners are starting to realize that adding solar panels to your home could add to your overall property value. It is worth taking into account, though, that with higher home values come higher property taxes, which can be a concern when making home improvements.
However, in the case of solar panels, there is a renewable energy property tax exemption. This means that the value solar adds to your home is just an additional return on your investment. In short: there are no property taxes associated with the addition!
Texas Net Metering
Texas doesn’t currently have a statewide net metering policy, but there are many utility companies that credit homeowners for the excess energy their solar panel systems produce. That can improve the value proposition of solar. Check with your local utility provider to see if they offer a net metering program.
The Federal Solar Tax Credit
To top it all off, the federal solar tax credit can potentially reduce the cost of your solar energy system by up to 26 percent.
Take Advantage Of Texas Solar Incentives With Pink Energy
With this many incentives in place for adding solar energy, the benefits of solar are clear. Contact a San Antonio-based Pink Energy expert today who can advise you not only on what solar energy system will work for you but also on how you may be able to capitalize on the homeowner incentives in your area. For more information, contact us today!