Written By Madeline Acri
My name is Madeline and I am the Energy Storage Manager at Soligent. My mission is to inform and empower homeowners, installers, and the Soligent team to be the most knowledgeable about residential solar plus storage systems.
There has never been a better time than the present to consider a solar plus storage system. One of the most substantial contributors to sway homeowners towards making the decision to go solar are the available rebate programs. In our upcoming webinar, we will review various types of federal and state rebates and incentives. Governments may issue financial incentives towards emerging technologies to help them achieve economies of scale.
Since 2005, the solar investment tax credit (ITC) has been supporting solar installations with a 30% tax credit through 2019, with rates dwindling 2020 and onwards. We have already reached the point where solar+storage has reached cost parity with gas plants, but there is still a lot of room to expand. According to SEIA, by 2024 only 2.5% of US homes will have solar on their roofs. In order to grow solar faster, states have added additional incentive programs on top of the federal ITC. Net energy metering is one of the most widely adopted solar credit systems currently in the US. We will also discuss how solar renewable energy credits (SREC) work as well as performance based incentives like a feed-in-tariff. Even individual utilities have unique programs for rate-payers, so researching your local options is encouraged! The more solar customers can become educated on various rebate options, the more money they can save.