Washington State Incentive
Washington State has a new incentive program that rewards homeowners 6.5% to 10.4% for going solar in the form of a sales tax exemption! For a typical sized system this is a $2,000 incentive. The exemption is included in the 100% Clean Energy Act which will be signed into law on May 7. All systems installed after June 30th, will be 100% exempt from State sales tax, resulting in a lower system cost and a faster payback.
The Clean Energy Act is also a huge win for clean energy as it mandates that all electrical utilities in Washington state transition to 100 percent, carbon neutral electric supply by 2030, and 100 percent carbon-free electricity by 2045!
30% Federal Tax Credit
Solar power is now an even smarter, more affordable investment thanks to the Federal Government! When you go solar, you can take a tax credit on your next tax filing whether that is tomorrow or months away -- you'll be entitled to claim a 30% tax credit from the total cost of your solar system. And if you don't have enough tax liability in the current year to take full advantage of this 30%, you can spread the credit through the succeeding taxable year, thereby ensuring that you receive the maximum benefit possible under this great incentive program! Tax credit set to decrease beginning in 2020.
All Solar electricity generated that is not used at time of generation will be fed back to the utility grid, so that your green power can be used by other people. During these times your utility meter will actually run backwards so that you are credited for this power. Your utility bill at the end of the month will be the difference between what you generated and consumed. For those summer months that you generate more than you consume, these credits will be forwarded to you the next month. So, no matter whether you use your solar energy or feed it to your neighbors, you eventually get to use all your solar energy by the credits you build up during the sunny days and months.
On April 30th, 2019, Governor Inslee signed the Solar Fairness Act into law which raises each utility’s net metering threshold to 4%, this is an 8x increase over the previous threshold 0.5%, creating a level playing field for clean energy by allowing solar projects to continue benefiting from net metering.
5-Year Accelerated Depreciation for Businesses
Businesses qualify for a full 5-year Modified Accelerated Cost Recovery System (MACRS) depreciation tax deduction on 85% of the cost of the system. Some home-based businesses can qualify also.
Increased Appraised Value of Your Property
Adding a solar energy system to your home adds to the resale value of your home and makes it more attractive to prospective buyers. Interested in saving money and helping the environment? Contact us to take advantage of these great cost saving solar incentives. Going solar makes cents!
Looking to Finance Solar?
Visit our Solar Financing Page.