Solar Power Oregon Tax Credits

Federal tax credits are non refundable which means you must pay taxes in order to claim the credit.

Solar power oregon tax credits. Energy projects may also be eligible for other state and federal incentive programs. Solar electric incentive rebate program. Consult your tax professional to learn how tax credits and rules may apply to you. Cash incentives from energy trust oregon solar rebates and federal tax credits can offset as much as 50 percent of your solar installation costs.

Electric vehicles in oregon energy trust of oregon. Oregon gets plenty of sunshine for making solar power and it s more affordable than you may think. Oregon used to have a tremendous solar tax credit the 3rd best in the nation. You can grow your 20 year solar savings when you take advantage of these solar incentives and rebates in oregon.

The tax credit will decrease to 22 for installations completed in 2021 and disappear for residential installations completed in and after 2022. View requirements and information on how to claim the tax. In fact utility incentives combined with tax credits often covers 70 85 of the total costs to install and own solar. There are different tax credits and incentives available to homeowners that affect the average cost and payback period of installing solar.

In oregon and washington financial incentives are available through many electric utilities to help make residential solar more affordable if you decide to own your own solar system. However this tax credit expired at the end of 2017. You got 1 500 per kw of solar up to 6 000 max. Covers 26 of the cost of a solar electric system installed by december 31 2020.

Hb 2618 2019 created a new solar plus storage rebate programat the oregon department of energy. The bad news is the tax credits expired at the end of 2017. The solar itc is a federal tax credit equal to 26 of the costs of a solar installation completed in 2020. The action moves 60 000 from the non income restricted rebate bucket into the bucket for those lower income customers and service providers.

Oregon residential energy tax credit. You must claim this credit yourself. Tapping the sun for power just feels good solar power doesn t pollute reduces our use of coal and other fossil fuels and thereby helps reduce your individual carbon footprint. The credit was valued at 1 70 per watt w of installed capacity up to 6 000.

Oregon still has great solar rebates across much of the states so if you re thinking about getting solar on your oregon home get solar quotes now. Homeowners who installed solar panels prior to december 31 2017 were eligible for a credit on your oregon state taxes to help recover expenses. If say your federal taxes are 6 000 for 2020 and you re eligible for a 7 000 tax credit for installing a solar system at your house you can claim the leftover 1 000 as a credit toward your. The oregon legislature adjusted funding for the oregon solar storage rebate program to focus more dollars on low and moderate income residential customers and low income service providers.