The Inflation Reduction Act, voted in 2022, extended and increased the ITC (Incentive Tax Credit), and introduced additional incentives for further improvements while going solar. There is also a way array of state and local incentives available to you for installing solar panels on your home.
The Inflation Reduction Act (IRA) is the largest climate bill in U.S. history. The federal Incentive Tax Credit for installing solar panels on your home was increased to 30% until 2034. It allocates over $4B of rebates towards home electrification, specifically for low and moderate-income households. Electric Vehicles are also a big winner of the IRA with tax credits for their purchase.
State solar incentive programs vary among states and utility companies. Many states offer solar rebates for home solar power systems, in addition to the federal solar tax credit. Sunwise manages all the applicable solar rebates and immediately pass on the benefits in the form of a lower upfront cost. Our team primarily installs in New Jersey, Pennsylvania, and New York.
Studies have shown that solar panels for residential properties typically increase home values by more than their cost. More and more property buyers are interested in reducing their carbon footprint and living a more sustainable lifestyle. With such low maintenance and higher savings, properties with solar energy are more attractive.
Net metering is an electric billing tool that uses the electric grid to “store” excess energy produced by your solar panel system. Under net metering, the energy produced by your solar panels that you don’t use is credited back to you.
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