What government incentives are available for solar and geothermal energy?

What government incentives are available for solar and geothermal energy?

There are several incentives available, including tax credits, grants, and rebates. For solar energy, the federal solar tax credit allows you to deduct a percentage of the installation costs from your federal taxes. For geothermal systems, some states offer rebates and performance-based incentives.

Can you tell me more about the federal solar tax credit?

Sure! The federal solar tax credit, also known as the Investment Tax Credit (ITC), allows you to deduct 26% of the cost of installing a solar energy system from your federal taxes. This percentage will decrease in the coming years, so it's a great time to consider going solar!

Are there any state-specific incentives I should know about?

Yes, many states offer additional incentives such as rebates, tax credits, and performance-based incentives. It's best to check your state's energy office website for the most accurate and up-to-date information.

How do I apply for these incentives?

The application process varies by incentive. Generally, you'll need to fill out specific forms and provide documentation of your installation. For federal incentives, you can claim the tax credit when you file your federal tax return.