Federal Tax Credits – Act Now!
There are many government tax incentives for going solar. The Federal Investment Tax Credit (ITC) allows a 26% (for 2022) or a 22% (for 2023) deduction of the out-of-pocket cost of your new solar system from your income tax liability depending on the year you install solar.
This solar credit reduces the amount that you owe at the end of that year’s taxes, rather than the amount you pay taxes on. In fact, there’s no cap on the value you can deduct! Regardless of the type or size of install, you will get a 26% credit if you install in 2022.
There is no guarantee of continued tax credits which is all the more reason to install your system ASAP!
Texas Solar Incentives
The high percentage of beautiful sunny days in Texas makes this a great state for solar but unfortunately, there are no statewide tax incentives currently offered. The good news is that Central Texas homeowners can take advantage of local property tax exemptions for PV solar systems and other money-saving programs.
Texas Net Metering Program
If your PV system produces more electricity than you use, the electric company will pay you, in the form of a bill credit, for the excess solar power generation.
Utility Company Rebates
There are also rebates available from many utilities in Texas. When you install with Longhorn Solar, we will walk you through these savings to make sure you’re making the most of your panels right out of the gate.
