Solar Power Oregon Tax Credits

This information does not constitute tax advice and cannot be used to avoid tax penalties.

Solar power oregon tax credits. Hb 2618 2019 created a new solar plus storage rebate programat the oregon department of energy. The solar itc is a federal tax credit equal to 26 of the costs of a solar installation completed in 2020. View requirements and information on how to claim the tax. In oregon and washington financial incentives are available through many electric utilities to help make residential solar more affordable if you decide to own your own solar system.

There are different tax credits and incentives available to homeowners that affect the average cost and payback period of installing solar. The bad news is the tax credits expired at the end of 2017. You must claim this credit yourself. The tax credit will decrease to 22 for installations completed in 2021 and disappear for residential installations completed in and after 2022.

You got 1 500 per kw of solar up to 6 000 max. You can grow your 20 year solar savings when you take advantage of these solar incentives and rebates in oregon. To encourage americans to use solar power the epa and the department of energy offer tax credits for solar powered systems. However this tax credit expired at the end of 2017.

Covers 26 of the cost of a solar electric system installed by december 31 2020. Solar electric incentive rebate program. The action moves 60 000 from the non income restricted rebate bucket into the bucket for those lower income customers and service providers. Tapping the sun for power just feels good solar power doesn t pollute reduces our use of coal and other fossil fuels and thereby helps reduce your individual carbon footprint.

Federal tax credits are non refundable which means you must pay taxes in order to claim the credit. Oregon residential energy tax credit. Homeowners who installed solar panels prior to december 31 2017 were eligible for a credit on your oregon state taxes to help recover expenses. Oregon still has great solar rebates across much of the states so if you re thinking about getting solar on your oregon home get solar quotes now.

Oregon gets plenty of sunshine for making solar power and it s more affordable than you may think. Oregon used to have a tremendous solar tax credit the 3rd best in the nation. Federal residential investment tax credit. The credit was valued at 1 70 per watt w of installed capacity up to 6 000.

Consult your tax professional to learn how tax credits and rules may apply to you. The oregon legislature adjusted funding for the oregon solar storage rebate program to focus more dollars on low and moderate income residential customers and low income service providers. Cash incentives from energy trust oregon solar rebates and federal tax credits can offset as much as 50 percent of your solar installation costs. Energy projects may also be eligible for other state and federal incentive programs.