Colorado has one of the best solar panel installation incentives in the country. Aside from the federal solar tax credit of up to 26%, there are also statewide incentives to further encourage Colorado residents to invest in solar. Solar panels are lowering in costs every year and becoming far more accessible to residents. Major utility companies are giving solar homeowners incentives by crediting them for the energy generated by solar panels. People benefit from solar panels in Colorado because of their local push for a better environment.
Local Solar Rebates
There are several grants and rebates available on a local level. 8760 Solar Solutions helps residents and businesses find the best rebates on top of offering solar panels at cost. Depending on the county, you may qualify for rebates between $400 and $3,000. You may save thousands of dollars on solar just from statewide incentives.
Federal Solar Tax Credit
The most popular solar incentive is the Federal Solar Tax Credit. This allows new solar homeowners to reduce 26% of the solar installation cost. This applies to both residential and commercial panel systems. Many homeowners save nearly $9,000 on their solar installation! To receive this incentive, you must own your solar system. You don’t qualify if you’re leasing or under a Power Purchase Agreement.
Colorado passed a net metering program in 2005 to allow the Colorado Public Utilities Commission (PUC) to credit solar panel owners when their panels produce more energy than what they consume. The amount of credit depends on the utilities company. For example, the Colorado Springs Utilities gives $.10 per watt rebate to eligible electric customers. Each utility company has different net metering requirements and eligibility so check in with your local power company to ensure you qualify.
Property Tax Exemption
Solar equipment is exempt from property taxes. Your tax rates won’t go up when you install solar! It does not increase the assessed value of your home which saves you from several years of increased property taxes. Colorado is making great strides to ensure the state is moving towards renewable energy efficiently and effectively.
Solar Solutions For Your Home
There are several incentives and rebates available to the residents of Colorado. 8760 Solar Solutions provides a free consultation to give you the best solar solutions for your home. See what rebates and incentives are available to you!