Solar Panel Rebates Washington

The federal government provides a solar tax credit known as the investment tax credit itc that allow homeowners and businesses to deduct a portion of their solar costs from their taxes.

Solar panel rebates washington.

Apply for a rebate online. Thanks to the itc you can recover 26 percent of the cost of your solar panel system through your taxes. Residents can sell the solar renewable energy certificates srecs that their panels generate for up to 500 per megawatt hour mwh. A solar payback period is the amount of time it takes for property owners who install solar panels to recover their initial investment through electricity savings.

What that means to you. Both homeowners and businesses qualify for a federal tax credit equal to 26 percent of the cost of their solar panel system minus any cash rebates. Community solar is a system not larger than 1 mw that is shared by many owners who purchase shares and share in the benefits of solar. In fact governor jay inslee signed a 100 clean energy bill in 2019.

Washington state solar incentives 2020. Download the rebate form and once complete send it along with your contractor invoice s and required documentation via the following. When installing solar panels in washington homeowners are eligible to get 26 the cost of installing solar back in taxes using a federal solar tax credit while paying no local or state sales tax effective july 1st 2019. If you install a 5 kilowatt kw system that generates 5 mwh per year you could earn as much as 2 500 annually by selling your certificates in the srec market.

Homeowners served by snohomish county pud in washington s third largest county are eligible to receive a rebate on the price of solar installation at a rate of 300 per kilowatt installed up to a maximum rebate of 2 000. In washington the average solar payback period is 11 41 years. An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group. Regardless of the exact cost of installation there are many affordable financing options for solar panel systems.

Sadly that incentive program has ended and now adding solar panels to your home in washington has become far less financially advantageous. If you don t pay enough to recover it all in one year it carries over into the next year and there s no cap on the amount that you can claim. Avista rebates po box 3727 msc 15 spokane wa 99220 3727. That s what we call a great incentive.

The tax break reduces.