Incentives & Programs
Federal Tax Credit for Solar Installations
The Federal Tax Credit for Solar Photovoltaics, also known as the Investment Tax Credit (ITC),can be claimed on federal income taxes for a percentage of the cost of a solar photovoltaic (PV) system.
In August of 2022, the ITC increased in amount and its timeline has been extended. Those who install a PV system between 2022 and 2032 will receive a 30% tax credit. That will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. If you’ve already installed a system in 2022, your tax credit has increased from 22% to 30% if you haven’t already claimed it.
Information courtesy of energy.gov, from the Office of Energy Efficiency & Renewable Energy
In August of 2022, the ITC increased in amount and its timeline has been extended. Those who install a PV system between 2022 and 2032 will receive a 30% tax credit. That will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. If you’ve already installed a system in 2022, your tax credit has increased from 22% to 30% if you haven’t already claimed it.
Information courtesy of energy.gov, from the Office of Energy Efficiency & Renewable Energy
- Consult your tax adviser to make sure you qualify
- Restrictions apply, subject to change without notice
Smart Choice Solar Program
Smart Choice Solar offers CFEMC members a zero-emission, affordable, renewable energy solution for their home and business. By grouping solar panels together, costs can be shared, power output maximized and the hassle of rooftop installations can be avoided. Smart Choice Solar generates energy in a way that creates no pollution or carbon emissions.
Members can sign up for up to 10 solar panels at a cost of $7 each. That equates to an average cost of $0.128 cents per kilowatt hour which is slightly higher than our standard residential rate. Each month their bill will show the portion of energy produced by their panels and the amount paid for them at the solar rate. That will be subtracted from their total usage and members will then pay the regular rate for the remainder owed on their bill.
Members can sign up for up to 10 solar panels at a cost of $7 each. That equates to an average cost of $0.128 cents per kilowatt hour which is slightly higher than our standard residential rate. Each month their bill will show the portion of energy produced by their panels and the amount paid for them at the solar rate. That will be subtracted from their total usage and members will then pay the regular rate for the remainder owed on their bill.
- Contact us for more information
- [email protected]