2024 Solar Incentives Guide for Rogers, AR - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Rogers?

Source: https://www.dsireusa.org/

The phrase "solar incentives" refers to a range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Incentives might include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered federally, while others are provided by the state of Arkansas or by your utility company, county or municipality. Some broad categories of solar incentives include:

• Tax Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar system. Property tax exemptions let you exclude the value added by your solar system when calculating how much property tax you need to pay on your house.
• Tax Credits: Tax credits decrease, dollar-for-dollar, the total amount of tax you owe the government. Tax credits differ from tax deductions.
• Net Metering: Make sure you talk to your Rogers utility company about signing a net metering agreement. This will allow you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.
• Rebates: Rebates, or cash back after a purchase, are typically applied prior to any solar tax credits being calculated. Rebates might be offered by your local utility company, by your county or by your state.

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Federal Solar Incentives

When someone says "solar incentives," you probably think of federal incentives first. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a predetermined percentage of the money you spend on solar panels for your home.

The ITC can be applied to the total cost of installing solar panels, including the panels themselves as well as accessories, labor and equipment. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence located in the United States that you own. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum claim amount.

Have questions about how the ITC applies to your specific situation? Contact your local Rogers solar panel installation expert to get more information.

In August 2022, the ITC (now referred to as the Clean Energy Credit) was expanded and extended by the passage of the Inflation Reduction Act. For solar system installations that begin after January 1, 2022, and are completed by the end of 2032, homeowners can receive a credit equal to 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the program expansion will also make credits for energy storage systems even easier to claim.

Click here to learn more about the new Inflation Reduction Act. Your local Rogers solar panel installer can answer your questions and explain how the new Clean Energy Credit will apply to you.

State & Local Solar Incentives

Some solar incentives may be provided by state and local governments. Like with federal incentives, these may include rebates, tax credits and more. Certain incentives are ongoing, while others are offered for only a limited time. Local solar incentives could come from the Arkansas government, or from your specific county or municipality.

Next Steps for Installing Solar in Rogers

You can apply for and receive solar incentives from the Arkansas government and the federal government, as well as from your local utility company. The growing availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. We recommend talking to your local Rogers solar installer to learn more about these incentives and to make sure that you're getting all the money you can for your solar panels.