2024 Solar Incentives Guide for Wichita Falls, TX - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Wichita Falls.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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What Solar Tax Credits, Incentives, and Rebates are Available in Wichita Falls?
Renewable Energy Systems Property Tax Exemption
Texas Gas Service - Residential Energy Efficiency Rebate Program
Home Improvement (includes attic insulation, duct sealing, duct insulation, duct replacement, high-efficiency gas furnace, and Wi-Fi thermostat: Up to $1000
Solar Water Heater With Natural Gas Backup: $750
Tankless or Super High-efficiency Water Heater: $650
Furnace: $675
Furnace Tune-Up: $40
Natural Gas Dryer with moisture sensor: $225
Natural Gas Dryer Stub: $300
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are meant to encourage people to switch their home over to renewable energy by providing financial incentives that lower the burden of solar panel installation and use. Various kinds of incentives, including discounts, cash back or credit towards your monthly utility bill, may be available to you. Certain incentives may be provided via the state of Texas, by your utility company or by county or municipality, while others are federal. Some solar incentives you might qualify for are:
- Net Metering: Make sure you talk with your Wichita Falls utility company about signing a net metering agreement. This allows you to get a credit towards your utility bill every month for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
- Tax Exemptions: Your solar system could qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to exclude the value that solar panels add when calculating property taxes on your home.
- Rebates: A solar rebate is a partial refund after the purchase of your solar panels. Rebates could be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before tax credits are calculated.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best Regional Coverage
Momentum Solar
- Great warranty coverage
- Representatives are experts on local policies
- Concierge service ensures steady communication
- Slightly limited service offerings
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have heard of. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit that reduces your taxes by a certain percentage of the money you spend on solar panels for your home.
The ITC can be applied to solar systems installed after January 1, 2006, on a primary or secondary residence that you own in the United States. Originally, the tax credit was for 30% of the total cost – for panels, accessories, equipment and labor – although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
Your local Wichita Falls solar panel installation expert can give you more information about the ITC and how it applies to your situation.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). For solar systems installed between January 1, 2022, and December 31, 2032, homeowners can receive a credit equal to 30% of the total cost. This percentage will decrease annually after 2032 until the Clean Energy Credit ends in 2035. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. Your local Wichita Falls solar panel company can answer any questions you have and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
In addition to those provided at the federal level, there are often also state solar incentives. Tax credits, rebates and more can be offered at a more local level. Some incentives are ongoing, while others are offered for only a limited time. Local solar incentives may come from the Texas government, or from your specific county or municipality.
Next Steps for Installing Solar in Wichita Falls
Nationwide solar energy use has increased enormously in the past 15 years, in part due to the increase in availability of solar incentives. You might receive these incentives from your local utility company, the Texas government or the federal government. We suggest talking to your local Wichita Falls solar installation expert to learn more about these incentives and to ensure that you're getting the largest number possible for your solar system.
EcoWatch's Wichita Falls, TX Solar Incentives FAQs
How do I know if I qualify for specific solar incentives?
It's best to speak with your local Wichita Falls solar installer for a better understanding of which incentives your project may qualify for. Typically, solar incentives apply to new solar systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, like those given by the state of Texas, may have additional requirements.
What are the best solar panel installation companies near me?
To discover the best solar panel installation companies near you, read our article on Wichita Falls' best solar panel companies.
What are some of the environmental benefits of switching to solar energy?
Solar energy is renewable — by changing where you get your energy, you help reduce the strain on our planet's resources. Solar panels can also lower your home's CO2 emissions by 400 pounds yearly, or around 9,000 pounds in 20 years.
If I trade in my appliances for ones that can utilize solar energy, are there credits that I can claim?
The recently passed Inflation Reduction Act provides multiple incentives designed to reward homeowners for making eco-friendly upgrades. Some of these incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.