When your solar energy system produces more energy than your home uses, the excess energy is sent straight to the power grid. Net metering is a policy that offers customers a way to lower their energy costs or completely offset their electric bills by providing extra electricity to the grid. Georgia Net MeteringĪs of 2022, no Georgia utility company offers net metering. ![]() So, Georgia homeowners will have an increase in their home’s value and higher property taxes after installing a solar energy system. Unfortunately, Georgia doesn’t provide solar property tax exemption. Generally, any home improvement increases the value of your home, therefore increasing property taxes. Like sales tax exemptions, many states offer solar property tax exemptions. Based on the average cost of solar in the state ($28,050), homeowners should expect to pay around $1,100 in sales tax. However, Georgia homeowners should budget for more money to devote toward sales tax. Sales tax can account for a sizeable portion of your final cost, so being exempt is handy. Georgia Solar Sales Tax ExemptionĪlthough multiple states offer a sales tax exemption as an additional enticement to go solar, Georgia provides nothing. This takes some pressure off current homeowners who may be contemplating a switch. With the passage of the Inflation Reduction Act in August of this year, the ITC was extended through the end of 2032. Solar leases and PPAs are exempt from redeeming the ITC. Some exceptions exist to the ITC, such as solar leases and power purchase agreements (PPAs). So, although Georgians have to pay the steep upfront cost, they can get a considerable chunk of this money back they receive their tax returns. ![]() The Federal Solar Investment Tax Credit returns 30% of the system cost via your tax return after you file. The credit currently sits at 30%, accounting for a sizeable portion of the purchase price. Federal Solar Investment Tax Credit (ITC)Īs of 2022, the Federal Solar Investment Tax Credit is available to all 50 states, including Georgia. Many incentives require the homeowner to follow specific steps to receive the rebate, so follow the application instructions, permitting, documentation, etc., to a T. Once you find a viable incentive, be sure to do your research. Best Lawn Care Service for Service DogsĪdditional solar incentives might be available through specific municipalities and utility companies, although these hinge on your location and electricity provider.Lighted Magnifying Glass That Stays Put.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |