A Financial Guide to Going Solar in Texas




Texas is a good place to invest in solar energy. The sunlight it receives is some of the strongest in the country, plus the price of photovoltaics is lower than average. No wonder many homeowners in the Lone Star State are adopting the technology.

If you're thinking of switching to PV systems, one of your main concerns might be the cost of installation and maintenance. But there's nothing to worry about. While the state lacks financial incentives, there are many rebate programs and special policies that can significantly lower the cost of going solar. Read on to learn some of them.

Various Financing Options
Your best shot at saving money when buying PV systems is to pay in full. Parts like modules and solar power battery storage are typically sold at a discount if you pay outright. But, if you can't swing it, there are several financing alternatives such as loans, leases, and power purchase agreements. Renewable energy providers team up with banks and leasing agents to make these options available to everyone.

Federal Investment Tax Credit (ITC)
You can always take advantage of the ITC. If you pay for your system outright, you are given a tax credit for investing in PV systems.

Your ITC is determined based on your initial investment. That includes the value of parts like PV cells, inverters, and solar panel battery storage, plus the installation fee. So, if you have a $5,000 federal tax and you get a $2,500 credit, the latter pays off half of your contribution.

Solar Rebates
Utility companies may offer rebates for people who use clean energy. In Austin, for example, you get $2,500 back if you take their solar education course and install a PV unit. Members of the Dallas Farmers Electric Cooperative can get an annual rebate of up to $1,000 if they invest in energy-efficient home upgrades. Every city will have a different offer, so you have to check with your provider.

Property Tax Exemption
In some states in the U.S., your property tax goes up whenever you upgrade your residence. But Texans receive a tax exemption if they go solar. So, if you get one, your property's value will increase, but your taxes won't.

There's no denying that the upfront cost of panels, solar power battery storage and other PV system parts is quite pricey. But thanks to the abovementioned programs, you can help the environment while enjoying a long-term solution to lowering your electric bills.

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