See The 2024 Oregon Tax Incentives for Solar
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See The 2024 Oregon Tax Incentives for Solar
A comprehensive list of all the money saving and tax incentive opportunities in Oregon
In 2023, the state of Oregon offers several solar incentives for homeowners and businesses looking to install solar energy systems.
These incentives include state tax credits, utility rebates, and grants, making it more affordable for Oregonians to switch to solar power.
One of the key incentives for solar energy in Oregon is the state’s Residential Energy Tax Credit (RETC). This credit allows homeowners to claim a credit of up to $1,500 for the cost of installing a solar energy system on their state income taxes. This credit can be applied to both purchase and lease of a solar energy system, making it accessible for a wide range of homeowners.
In addition to the RETC, the Energy Trust of Oregon offers several rebates and incentives for residential solar energy systems. These incentives include a $1,000 rebate for systems up to 10 kW and $2,000 for systems larger than 10 kW. The Energy Trust also offers a performance-Based Incentive (PBI) for systems larger than 10 kW, which pays system owners for every kWh generated by their solar energy system.
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For commercial and industrial solar projects, The Energy Trust of Oregon also offers several incentives and rebate options like the Custom Incentive Program, which offers incentives based on the size of the system, and the New Solar Renewable Energy Credit (SREC) program. The SREC program allows solar energy systems to earn credits for every kWh of solar energy generated, which can then be sold to utility companies to help them meet their renewable energy goals.
Another important incentive for solar energy in Oregon is the federal Investment Tax Credit (ITC), which allows businesses and homeowners to claim a credit of 26% of the cost of a solar energy system on their federal income taxes. This credit is set to decrease to 22% for residential systems and 10% for commercial systems in 2024. years you will be paying $153.15/month instead of $120. If you’re a business and use more energy, the savings is even greater.
By installing your own residential, commercial, or agricultural solar power system, each year you are paying off your solar investment and moving towards energy independence.
There are also a few local incentives offered by some cities in Oregon for solar energy, like the Solarize program, which aims to make it easier and more affordable for communities to go solar by offering group discounts on solar installations.
In addition to these financial incentives, the state of Oregon also has a Renewable Portfolio Standard (RPS) which requires the state’s utilities to supply a certain percentage of their electricity from renewable sources, including solar. This helps to create a stable market for solar energy and encourages the growth of the solar industry in the state.
In summary, in 2023, Oregon offers a variety of solar incentives for homeowners and businesses looking to install solar energy systems. These incentives include state tax credits, utility rebates, and grants, as well as federal incentives like the Investment Tax Credit. These incentives, along with the state’s Renewable Portfolio Standard, make it more affordable for Oregonians to switch to solar power and support the growth of the solar industry in the state. It’s important to research and understand all the options available for the specific area, as well as consulting with local solar experts to make an informed decision about the benefits and requirements of going solar.
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