Georgia homeowners might add solar panels to their homes for any number of reasons. Some do it to potentially save thousands of dollars over time on their electricity bills. Some are interested in a renewable energy source to reduce their carbon footprint. No matter what your reasons may be, Georgia offers some great solar tax incentives for installing solar panels. There are plenty of good reasons to go solar, but some extra financial benefits don’t hurt!
Federal Solar Tax Credits
There is currently a federal solar tax credit in place where if you install residential solar panels now through the end of 2022, you may be eligible to receive a tax credit of up to 26% of the overall cost of your solar system. Best of all, there is no cap on this value. The only caveat to applying for the credit is that you will need to buy your residential solar energy system with either cash or a loan. After 2022, you will only be able to deduct 22% from your federal taxes for a solar panel installation, and after 2023 there is no deduction in place for residential solar installations, so it’s worth going solar sooner rather than later.
In addition to generating your own energy, Georgia offers net metering to potentially further increase your electricity savings. It’s possible your solar panels may produce more electricity than your home needs. While you could buy a battery backup system to store that excess energy for use when your solar panels aren’t producing enough electricity, another option is sending that excess electricity back to the grid. By selling this electricity back to the grid, you will receive credits toward your future electric bills. This process is known as net metering. So you could potentially earn savings back at no real cost to you since it’s the energy your solar panels produced in the first place!
Explore Potential Solar Savings With Us
Your local Atlanta-based Pink Energy team knows the ins and outs of what savings are available to you once you go solar. Solar panels have become an affordable, renewable energy source for Atlanta homeowners in recent years. We’re committed to making solar energy a mainstream option for homeowners nationwide, and we’d love to talk about what solar energy could look like for your household. Contact us today to learn more — we’re here to answer any questions you may have about harnessing the power of the sun!