How to Save Money on Your Energy Bills with Colorado Springs, CO Solar Panels Incentives
There are several different ways you could cut the cost from your power bill by switching to solar in addition to getting the best price on your panels and installation. There are also a few different ways you may qualify for even more savings through rebates and tax credits in addition to our zero-down solar offer.
- Federal Solar Tax Credit: Save money on installation costs in addition to accessing more energy generated from your solar panel installation with the federal solar tax credit, a federal tax credit on your federal income taxes
- According to the U.S. Department of Energy website, solar PV systems installed may be eligible for a 26% tax credit, and congress passed an extension of the ITC, raising it an additional 30%
- Colorado Springs Utilities Net Energy Generation Credit: If you generate more energy from your solar panels in a year than your household uses, Colorado Springs Utilities will send you an energy credit on your January utility bill
- The amount of your budget that you may earn truly makes solar panels worth the investment. Instead of paying a high power bill, you can make the “cogeneration rate,” which currently stands at around $0.02 per kWh (kilowatt hour) generated
- The cogeneration rate is a default operation that costs you nothing when you run a home solar panel installation in Colorado Springs, CO
- There’s no cost to sign up or anything required for you to get your energy generation credit on your January bill as you generate net electricity to the grid, which means the utility company will pay you!
- Colorado Residential Renewable Energy Personal Property Tax Exemption: Colorado residents get a personal property tax exemption for their solar panels per the website of the State of Colorado Department of Local Affairs, “Renewable energy personal property that is located on a classified residential property, owned by the residential property owner, and produces energy used by the residential property is exempt from Colorado property taxation”