Washington State, renowned for its magnificent landscapes, also boasts some of the world’s most generous solar incentives and rebates for property owners. As energy bills have steadily risen across the United States over the years, especially in Washington, it’s high time to consider investing in renewable energy systems for your home. With solar power, you can generate substantial electricity, potentially saving thousands of dollars annually on utility bills. Currently, there’s no better time to buy a new solar energy system in Washington State. With federal, state, and local incentives at your disposal, immediate installation costs and long-term savings are within reach.
Let’s discuss WA State solar incentives and explore how your purchase and installation of solar panels in Washington State can be made more financially accessible.
Top WA State Solar Incentives, Tax Credits, And Rebates
Here are several public and private WA State solar incentives that can help reduce the cost of solar panels purchase:
Federal Solar Tax Credit (ITC)
The Federal Solar Investment Tax Credit (ITC) is a 30% federal tax credit available for purchased home solar systems installed by the end of 2032. On average, Washington State residents pay $26,900 per system and enjoy an approximate ITC of $8,070 – a significant amount deducted from their income taxes. Moreover, the ITC has significantly boosted the country’s solar industry, creating hundreds of thousands of jobs and injecting billions of dollars into the economy since its inception in 2006.
Solar Sales Tax Exemption
The Renewable Energy System Sales Tax Exemption offers solar panel buyers an average state sales tax exemption of 6.5%. This sales tax exemption can save consumers an average of $1,749 per purchase of a photovoltaic (PV) system.
Washington State Solar Sales Tax Exemption
Next, Washington’s Solar Sales Tax Exemption provides a powerful financial incentive to prospective solar panel buyers. This policy grants an average state sales tax exemption of 6.5%, saving consumers an average of $1,749 per photovoltaic (PV) system purchase.
All energy providers in Washington State offer net metering, a policy that ensures your solar panels will be connected to the public-utility power grid, and surplus power created by your panels will be transferred to the grid. This allows homeowners to offset the cost of power drawn from the electricity grid. While the specifics of net metering programs may vary among providers, it remains highly beneficial for solar energy system owners.
Richland Energy Services’ Residential Energy Conservation & Solar Loan Program
Residents of Richland, Washington, who are customers of Richland Energy Services (RES), can benefit from the company’s solar loan program. Customers can avail up to $15,000 in low-interest loans to install clean energy systems.
Clark Public Utilities’ Solar Energy Equipment Loan
Customers of Clark Public Utilities can access solar loans with a low APR of 3.5% for a total loan amount not exceeding $30,000.
USDA REAP Grant: Empowering Rural Energy Independence
The USDA Rural Energy for America Program (REAP) Grant is designed to help agricultural producers and rural small businesses decrease their energy costs and consumption. The program provides loan financing and grant funding for the purchase and installation of renewable energy systems. Eligibility for the REAP program depends on the applicant being an agricultural producer, with at least 50% of their gross income derived from agricultural operations or a small business located in an eligible rural area.
The Added Value of Solar Energy Systems
One noteworthy point is that while Washington State does not offer a property tax exemption on the added value that comes with installing new solar panels, the energy bill savings are significant enough to offset this minor increase in property taxes.
WA State Solar Incentive Driving Solar Energy Investments
Washington State presents a lucrative landscape for solar energy investments. With generous incentives, a range of financial programs, and the opportunity to reduce energy costs and contribute to a greener environment, the benefits are clear. Harness the power of the sun, tap into WA State solar incentives, and transform your property into an efficient, renewable energy-powered haven.
Interested in how Virginia harnesses sunlight for savings? Dive into our guide on Virginia Solar Incentives and compare with WA State’s approach.
If you’re a senior, there are numerous incentives you can take advantage of. Learn about how you can get free solar panels today. Visit Gov Relations now and check out our resources to start saving money on energy costs.