Solar power incentives make PV system installation much more affordable. Oregon homeowners who take advantage of every available tax credit, rebate and financial benefit save thousands of dollars – and some reduce their net costs by up to 50 percent.
So, how do you find information on solar power incentives? Your photovoltaic contractor should be a good source. At Nationwide Solar, we make a point of staying current on the money-saving programs available in Oregon. Below, you’ll find the basics on how you can minimize the cost of a home PV system and, therefore, maximize your return on investment.
The Federal Solar Tax Credit
When it comes to solar power incentives for Oregon homeowners, the federal investment tax credit (ITC) has the greatest impact on PV system costs.
The federal ITC is equal to 26 percent of the cost of installing a photovoltaic system. There’s no cap to the value — so if your project comes in at $25,000, the credit would be worth a whopping $6,500. Anyone who finances a home solar power system or uses cash to fund the project is eligible, and the tax credit can be carried forward for 20 years.
Keep in mind, though, that you need to begin the work by the end of 2022. In 2023, the ITC drops to 22 percent. After that, the federal tax credit for homeowners is slated to disappear for good.
Local Solar Rebate Programs
If you have a qualified professional photovoltaic contractor install a solar power system at your Oregon home, you may be eligible for a utility company rebate.
How much cash can you get back? The amount of the rebate depends upon where you get your electricity. Customers of Portland General Electric (PGE) can pocket $1,200 for going solar, and Pacific Power offers a rebate of $900.
Utility rebates are also available outside of their service territories. Offers vary, but as an example, customers of Salem Electric can apply for a rebate of $300 per kilowatt installed, up to a total of $1,500. And in Eugene, solar homeowners can get paid up to $2,500 through a rebate program from the Eugene Water and Electric Board.
Oregon’s Policy Net Metering
Oregon is one of the relatively few states with a favorable net metering policy, and homeowners with PV systems benefit from the savings.
When you install a solar power system, there may be times when it produces more electricity than you need. If that happens, the excess goes to the utility grid for use by others – and you receive full credit for the power your PV system generated. The credit appears on your utility bill, and you can draw against it to cover your usage of electricity from the grid.
Have Questions About Going Solar in Oregon?
At Nationwide Solar, we aim to make going solar easy for Oregon homeowners. We’d be happy to answer your questions — and you can count on us to provide advice on how to maximize your solar savings.
For a free consultation to discuss home PV system installation, or to learn more about the lucrative Oregon solar power incentives, contact us today.