The most common form of incentives are:
1) Tax credits – the government reduces your tax bill by a portion of the cost of your solar system;
2) Solar Energy Credits (SRECs) – based solely on the production of a clean energy system and are awarded in addition to the electricity production that is used or sold back to the utility company;
3) Rebates – many states pay up-front cash to offset the cost of going solar; and
4) Net Metering – When the solar system produces more energy than you use, it is sold back to the electric utility at retail prices, literally causing the electric meter to spin backwards and when the solar system is not producing enough energy, you purchase energy from the utility at the current utility rate.
Current solar incentives include:
- Federal – Tax credit equal to 30% of the cost of a solar system and accelerated depreciation for businesses
- New Jersey – Solar Energy Credits for 15 years
- New York – Up-front solar rebates
- Pennsylvania – Net metering and energy credits
- Connecticut – Up-front rebates and energy credits
- Delaware – Tax credit equal to 30% of the cost of a solar system
No one offers more ways to pay for a solar project than Geoscape Solar. We have financial professionals in-house to help you determine the best funding option for you.
To learn more about solar funding, choose the type of solar system you are interested in: