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More on Solar Incentives
Buying a solar photovoltaic energy system is an investment in the future. Although buying a solar photovoltaic energy system may require an upfront payment, it can deliver significant energy cost savings for years to come. Currently, there are a couple of good solar incentives available to Washington State residents that help offset the cost and make going solar more appealing. Below are the current solar incentives:
- Federal Tax Credit of 26%. The current bill extends the 26% Solar Investment Tax Credits for both residential and commercial projects through the end of 2022 and then drops the credit to 22% in 2023, before dropping permanently to 10% for commercial projects and 0% for residential projects. See, https://programs.dsireusa.org/system/program/detail/1235
- No Sales Tax. Recently, the 100% Clean Electricity Act passed in 2019 by the Washington State Legislature eliminates sales tax for most residential solar energy systems. In most cases, this is about a 10% savings depending upon the tax rate in your area. Effective date, From July 1st, 2019, through Dec 31st, 2029, as long as you generate at least 1 kilowatt (kW), and no more than 100kW, AC of electricity using solar energy. Installation must commence no earlier than July 1st, 2019, and be completed by Dec 31st, 2029 to qualify. See, https://dor.wa.gov/taxes-rates/tax-incentives/incentive-programs#program_list-block-51
- Net-Metering. Send excess energy generated by your solar system back to the grid and receive credit on your bill at the full retail rate from your utility company. (Currently, there is no expiration, however, all good things do come to an end, eventually)