Homeowners and business owners across the country are joining the solar movement and discovering the benefits of a custom solar panel system from Pink Energy. With a solar system tailor-made for your home’s unique energy needs, you can potentially save thousands of dollars on electricity over time — but potential electric bill savings aren’t the only reason to rethink your home’s power. Louisville homeowners, read on for more solar incentives in Kentucky!
Solar Investment Tax Credit
Federal support for solar innovation has made the cost of going solar more affordable. Through 2022, new residential solar customers have the opportunity to earn a non-refundable credit of up to 26% of the cost of their solar addition on their federal income taxes. The value of the tax credit drops to 22% in 2023 before going away in 2024. If you’re considering a solar panel system, we recommend taking advantage of the federal tax credit while you still can.
Tax credits are subject to change, so you should always consult with your tax advisor to see if you qualify.
There may be times throughout the year when your solar panel system produces more energy than needed to power your home. When this happens, you can feed the excess solar energy to the power grid in exchange for credit on your future electric bills if your utility provider participates in net metering. Louisville solar customers may be able to take advantage of net metering to potentially incur additional monthly savings, but not all utility companies offer net metering programs. Consult your utility provider to see how net metering can work for your Kentucky solar savings goals.
Solar Energy Financing
To make a solar installation even more attractive to Louisville property owners, the city allows solar customers to secure financing agreements through its Energy Project Assessment District (EPAD) program. These financing terms are often more favorable than traditional financing plans; under EPAD, property owners may even finance up to 100% of qualifying projects, making solar energy more affordable for interested residents.
Power Your Kentucky Home With Solar Energy
While a solar panel system can potentially lessen your grid power dependence and possibly save you money over time, it’s also an opportunity to immediately reduce your carbon footprint. If powering your home with a clean, renewable energy source is in line with your goals as a homeowner or commercial establishment in Louisville, contact your local Pink Energy team today for a free quote.