Currently, solar panel discounts have become a popular incentive for residential and commercial power users to start using solar power. It is known that the energy generated from solar panel systems is certainly one of the greenest and ecologically friendly sources of energy; however, it was the significant cost of the solar panels, associated components, and setup cost that limited its use.
Many years ago, when the cost of solar panel systems started coming down, this situation started changing. Along with decreasing hardware costs are federal, state, and local incentives that have made solar power an economically viable option.
Incentives for solar panels in Riverside CA can be found in the form of financial incentives, loans, exemptions, tax write-offs, exemptions, and tax breaks. Solar incentives can be found at three government levels – federal, state, and regional. A tax credit of 30% is available from the federal government for solar power system installments. Solar tax credits are typically given for photovoltaic (PV) solar panels, solar-powered water heaters, and additional technologies that rely on solar energy.
For solar water heating systems, a maximum of $2000 is available. To receive a federal exemption, your solar water heating installation must be approved by an SRCC (Solar Rating and Certification Corporation) or equivalent level government agency.
Other incentives are additionally offered in the form of solar panel grants through the Renewable Energy Fund. These types of programs are accessible to homeowners, residential building owners, nonprofit establishments, and low-income individuals.
In some situations, special local governments offer property tax incentives as an alternative to a direct discount or cash incentive. Within this type of package, a property owner can pay less tax for the property. Depending on the tax incentives of the local municipality, a property owner can get a tax break of around 5-10% of the total investment made on a solar power system.