Are You Maximizing the Inflation Reduction Act?
Incentives and Financing
Getting Your Money can be Complicated.
Let True South Solar Help You
Every Step of the Way
Have you heard about the incentives, tax credit and financing options to help homeowners like you go solar? Are you interested in replacing your power bill with a solar bill? Maybe you’re also interested in electrofitting (ie switching out gas-burning appliances for ones that use electricity) your home to reduce the use of fossil fuels.
There is a lot to think about and timing can be everything when it comes to getting the full value of incentives offered. We’re the only solar installer in Southern Oregon that will cut all of the red tape for you and get your lowest, most affordable price to go solar.
Plan the Work, Work the Plan
In order to navigate the process of upgrading your home, you should put together a multi-year plan of action. Why? Because there are caps on the amount of incentives you can take advantage of each year. The more you’re prepared, the better off you’ll be and the return on investment is much quicker.
Federal Tax Credits
There are a lot of federal tax credits that were added to the Inflation Reduction Act, passed into law in September 2022. Some of the tax credits are income-based and most of them have an annual cap, so it pays to put together your multi-year plan and stick to it.
The biggest credit in the IRA is the solar investment tax credit, which is 30% and like a discount coupon with no limit to the size of the credit. Confused on how it works? Don’t worry! We’ll be here every step of the way to ensure you can take advantage of of the opportunities that you qualify for. Read on!
The 30% Federal Tax Credit Solar Coupon
OK, so it’s technically an Investment Tax Credit or ITC, but we like to think of it as a coupon. This is the easiest way to think about it, in our opinion. Beginning in 2022 and for the next decade, you can invest in solar for your home or business, knowing that there is a 30% off coupon waiting for you when you file your taxes for the year you had solar installed.
The coupon can be used for solar + storage (Tesla Powerwall), updates to your electrical system, and other upgrades necessary to go solar. In fact, if you’ve got a faulty or unprofessional electrical system needing an upgrade already, this is an amazing opportunity!
Energy Efficient Tax Credits (25C)
1. A 30% tax credit with a $1,200 annual limit for eligible measures including insulation and air sealing, electrical panel upgrades, and more. Heat pump installation is eligible for a $2,000 credit. There are no income limits for this program.
City of Ashland or Energy Trust of Oregon (Pacific Power) Incentives
Currently, both utility companies offer an incentive.The City of Ashland offers a $600 incentive with at least 75% TSRF. Energy Trust of Oregon offers an incentive offers a non-income qualifying incentive as well as an income qualifying incentive called Solar Within Reach. Incentives can change at anytime depending on how many people have applied for them.
State of Oregon Incentives
There is currently a program available to residents of the State of Oregon to help you add solar and/or storage to your home. Your eligibility for each of the different programs depends on your income and where you live. We help clients receive incentives from the Oregon Department of Energy (ODOE).
Financing
True South Solar can help you secure these important incentives and then set you up with a $0 down loan with a low monthly payment. Just give us a call and we’d be happy to walk you through the process!
Take advantage of our Power Bill Replacement (PBR) Program!
We offer solar energy systems for your home with $0 down and affordable monthly payments. You can replace your power bill with a monthly solar payment. Our clients love being able to pay themselves instead of the utility company! Financing is a great option if you want to own your solar system but don’t have the immediate funds for a cash purchase.
When you meet with one of our Solar Advisors, we will step you through the simple process of designing the right energy system for your home. Our team works hard to create an option for you that meets your goal of going solar affordably. When you are finished with your payments, the energy you create is yours! No more crazy expensive utility bills!