Local and Federal Solar Incentives
Does your home qualify and how much will you save?
Affordable Solar Colorado’s Energy Consultants feel like Solar Superheroes helping homeowners save money and the environment by switching to solar. With absolutely no money up front (with approved credit) and new monthly payments oftentimes lower than the homeowner’s current utility bill (and payments end after the term you choose,) it’s easy to see how solar makes sense. The state and federal government is also on the Solar Superhero team, helping homeowners acquire residential rooftop mounted solar, residential solar ground mounts and creating community solar gardens. Solar energy is no longer in the future. NOW is the time to save money with Colorado renewable energy and the Solar Superhero team is helping you to succeed.
Colorado Net Metering
Colorado passed a law that requires net metering. What this means is that homeowners will receive credit from their utility for any extra energy their solar produces. That may mean a roll-over credit from month-to-month, or a check back at the end of the year. Affordable Solar Colorado’s Energy Consultants can let homeowners know how their utility company manages net metering.
Local Solar Rebates
Some local utilities, such as Colorado Springs Utilities, offer cash rebates to homeowners who install solar on their property. The Affordable Solar Colorado Energy Consultants will be sure to explore the options available in your area and apply for these benefits on your behalf. You won’t have to do anything, just sit back and wait for your check to arrive.
Renewable Energy Equipment Tax Exemptions
Colorado has some tax breaks for solar. The Sales and Use Tax Exemption for Renewable Energy Equipment results in no sales tax on the purchase of your system. The Property Tax Exemption for Residential Renewable Energy Equipment means you won’t have to pay any additional taxes on the increased value of your house.
Colorado Energy Saving Mortgage Incentive
If you have recently purchased a new home, or are in the market, the State of Colorado will help pay your mortgage if you install energy efficiency upgrades and a renewable energy system within the first 120 days of buying your new home. Depending on how much you improve your house’s rating on the Home Energy Rating System Index, you could receive between $750 and $3,000 from this loan program. Find out more information at //www.colorado.gov/pacific/energyoffice/atom/15021
Federal Solar Tax Credit (ITC)
The Investment Tax Credit (ITC) is currently a 30 percent federal tax credit claimed against the tax liability of residential and commercial investors in solar energy property. The residential ITC allows the homeowner to apply the credit to his/her personal income taxes. This credit is used when homeowners purchase solar systems outright and have them installed on their homes. Both the residential and commercial ITC are equal to 30 percent of the basis that is invested in eligible property which have commence construction through 2019. The ITC then steps down to 26 percent for projects that begin construction in 2020 and 22 percent for projects that begin in 2021. After 2021, the residential credit will drop to zero while the commercial and utility credit will drop to a permanent 10 percent. Find more information at SEIA ITC 101 Factsheet.