Incentives
SPG Solar will arrange the right financial option for you. Our team of rebate and interconnection specialists can help you navigate the incentive process from beginning to end. In most cases the only work required of you is to sign on the dotted line and we’ll take care of the rest.
The following types of incentives may be available in your area:
Federal Incentives
The Federal government is currently offering a 30% Investment Tax Credit (ITC) that directly reduces the cost of your new system. Combined with the economic benefits of accelerated deprecation, federal incentives can pay for more than 50% of your system cost.
State Incentives
Many states offer rebates to encourage the growth and adoption of renewable energy resources such as solar. The calculation and regulation of these rebates varies from state to state. Performance-based incentives are becoming more common as states encourage customers and installers to design systems to maximize output annually or during peak periods.
Utility Incentives and Net Metering
Seeing the benefit of renewable power to local economies and regional environments, 29 United States state legislatures now require utilities to meet Renewable Portfolio Standards (RPS) – a mandate of renewable power generation in the state. Further, more than half of these policies have specific goals for solar distributed generation. As a result, many utilities own solar installations themselves, or offer additional incentives for customers in their service area to implement solar technologies.
Almost every state now supports net metering, which allows you to “right size” your system for your real power needs. Under net metering, excess power generated at any moment is returned to the grid and your account is credited for power generation. Electricity consumption in excess of generation (for example, at night or accounting for seasonal fluctuations) simply draws down on this credit.
SPG Solar installed the first commercial net-metered project in the United States. Our rebate and interconnection specialists can walk you through the exact incentives available in your area as part of our free project evaluation.
Renewable Energy Credits (RECs)
Renewable Energy Credits (RECs) represent the environmental attributes associated with producing renewable energy. These RECs have value and can be traded or sold on the compliance or voluntary markets, further improving the economics of solar power.
For More Information on Solar Incentives
The following resources provide detailed information about incentive programs and policies in individual states:
- www.dsireusa.org — The Database of State Incentives for Renewables and Efficiency is a comprehensive source of information about individual state and utility based incentives for both solar and energy efficiency.
- www.seia.org — The Solar Energy Industries Association offers detailed information on the Federal solar incentives available including the 30% Investment Tax Credit.
