Green Ridge Solar – Business demand for solar

1. FEDERAL INVESTMENT TAX CREDIT (ITC)

THE FEDERAL SOLAR TAX CREDIT CAN HELP SAVE YOU THOUSANDS, HERE’S HOW.

The Federal Solar Tax Credit, officially known as the Investment Tax Credit (ITC), is a great opportunity for Oregon homeowners and businesses who want to go solar.

By installing solar, homeowners and businesses can get a tax credit worth 26 percent of the total cost of their solar project. This total cost includes parts and labor, and there is no limit to the total tax deduction amount.

The solar tax credit is a dollar-for-dollar reduction of your federal income taxes. If your potential tax credit is larger than your tax liability, you can carry over your tax credits to following years.

Unfortunately, the federal solar tax credit is set to decrease. As the chart above shows, the ITC will decrease from 26 percent to 22 percent in 2021, and will then be eliminated for residential installs in 2022. There will be a permanent 10 percent tax credit for commercial installs after 2021.

Act fast before the federal solar tax credit is eliminated. Contact Green Ridge Solar today!

Do you qualify for other solar incentives? Find out by clicking here.

2. ENERGY TRUST OF OREGON SOLAR INCENTIVES

THE ENERGY TRUST OF OREGON HAS GREAT SOLAR INCENTIVES FOR HOMEOWNERS AND BUSINESSES IN 2020.

RESIDENTIAL SOLAR

In 2020, Oregon homeowners can qualify for several Oregon Energy Trust solar incentives.

Homeowners on Pacific General Electric (PGE) and Pacific Power can earn a $0.30 per Watt rebate for their solar install, with a maximum rebate of $2,400.

Are you a low-income or middle-income Oregon resident? If so, you might be eligible for additional solar incentives. Keep reading to learn about Solar Within Reach.

COMMERCIAL SOLAR

Businesses also have great opportunities for solar incentives in 2020.

Businesses on PGE can earn a $0.45 to $0.20 per Watt rebate on solar installs up to 400 kW, with a maximum rebate of $35,000.

Businesses on Pacific Power can earn a $0.30 to $0.20 per Watt rebate on solar installs up to 200 kW, with a maximum rebate of $20,000.

Don’t forget that the Federal Investment Tax Credit (ITC) can save businesses an additional 26 percent on their solar install. How much could you save?

Do you qualify for other solar incentives? Find out by clicking here.

3. SOLAR WITHIN REACH

The Energy Trust of Oregon has announced Solar Within Reach, a solar incentive program for income-eligible Oregon residents. Solar Within Reach provides elevated incentive rates for households that meet certain income requirements.

To qualify for Solar Within Reach, homeowners must:

  • Be a Pacific Power or Portland General Electric customer
  • Have gross annual income at or below the income threshold for their household size (see chart below)
  • Work with a qualifying Solar Trade Ally Contractor.

LOW AND MIDDLE INCOME RESIDENTS HAVE A NEW SOLAR SAVINGS OPPORTUNITY!

Qualifying residents will receive a $1.50 per Watt discount on their solar installation, with a maximum discount of $9,000 per home.

The Solar Within Reach program is a powerful incentive for lower-income Oregon residents, greatly reducing the initial costs of going solar. The new solar incentive will also significantly escalate the rate of return on the investment in solar.

Combined with other solar incentive programs offered by the state of Oregon and the Federal Investment Tax Credit (ITC), the time to go solar has never been better.

Contact Green Ridge Solar today to find out how much you could save by going solar.

Do you qualify for other solar incentives? Find out by clicking here.

4. SOLAR + STORAGE

OREGON SOLAR + STORAGE REBATE EXPLAINED

The Oregon Department of Energy (ODOE) has announced the Solar + Storage Rebate Program, which makes solar and\or battery installs more affordable for Oregon residents.

Solar + Storage is available to all income levels, with greater allocation for low-income and middle-income Oregon residents.

To qualify for the Solar + Storage Rebate, low-income or middle-income homeowners must be eligible for (not necessarily enrolled in) one of the following programs:

  • Low Income Home Energy Assistance Program (LIHEAP)
  • Oregon Energy Assistance Program
  • Low Income Weatherization Assistance Program

Rebate rates for solar installs are determined based on income levels:

  • Low-income and middle-income residents: $1.80 per Watt (DC) of installed capacity, up to 60 percent of the net cost or $5,000, whichever is less
  • Non low-income or middle-income residents already eligible for a utility incentive: $0.20 per Watt (DC) of installed capacity, up to 40 percent of the net cost or $5,000, whichever is less
  • Non low-income or middle-income residents not eligible for a utility incentive: $0.50 per Watt (DC) of installed capacity, up to 40 percent of the net cost or $5,000, whichever is less

Note: The 26 percent Federal Investment Tax Credit (ITC) is not considered a utility incentive. Read about the ITC above.

Rebate rates for energy storage are as follows:

  • Low-income or middle-income residents: $300 per kilowatt hour of installed storage capacity, up to 60 percent of the net energy storage system cost or $2,500, whichever is less
  • Non low-income or middle-income residents: $300 per kilowatt hour of installed storage capacity, up to 40 percent of the net energy storage system cost or $2,500, whichever is less

Leave a Reply

Your email address will not be published.