If you’re a property owner in Texas, you’re worried about the cost of energy. Like everything else these days, those costs continue to rise.
Fortunately, Texas gets a lot of sun. That means you are in position to take advantage of solar power. By getting a renewable energy production system installed, you can save on energy costs. In fact, after the initial installation costs, a solar energy system can save you thousands of dollars every year. And with the help of federal, state, and local incentives, a solar system is cheaper than ever.
With tax season upon us, this may be the perfect time to look into solar.
Federal and State Incentives
These are the big three incentives that would apply to most property owners in Texas – both residential and commercial:
Federal Solar Tax Credit (ITC)
Texas residents can take advantage of the Federal Solar Tax Credit and get a discount of 30% applied to their tax returns. This tax credit has been extended to 2032.
Texas Solar Property Tax Exemption
Texas will exempt property taxes on the added value to your home that comes with installing a solar energy system.
Net metering allows Texas homeowners that create excess energy to use it as a credit on their next electric bill. All energy providers are required to offer this option to homeowners.
Solar Energy Devices Franchise Tax Exemption
One of a handful of business incentives, the state of Texas allows the deduction of the cost of a solar energy device from franchise taxes.
Local Energy Company Incentives
In addition to the federal and state incentives mentioned above, most Texas utility companies offer their own incentives, usually in the form of energy buybacks or rebates.
TXU Energy Home Solar Buyback Plan
Customers can get paid for the excess energy their solar installation creates. Similar to net metering in other states, this program lets you earn credits to offset up to 100% of your energy charges on your monthly utility bills.
Oncor, CPS, and Austin Energy Solar Rebates
These three companies offer similar programs that offer rebates from $2,500 to $8,500, depending on the kW of solar power installed in your home. This cash incentive varies according to your electric provider, solar PV system size, location, and income.
Increased Home Value
The financial benefits of adding a solar energy production system to your home don’t stop with installation and monthly energy savings. Adding solar panels or shingles can also dramatically increase the value of your home.
According to Zillow, the average home will increase in value by 4.1% after adding a solar power system. Of course, saving on energy costs is important to today’s home buyers. But so is helping the environment and being energy efficient.
How Jenkins Can Help
As a third-generation roofing company dedicated to do things right, Jenkins Roofing and Construction is also a leader in solar shingles. In fact, we’re an exclusive provider and certified installer of GAF’s Timberline Solar™, the world’s first nailable solar shingle.
For answers on all the latest solar tech, incentives, warranties and installation techniques, consult with your Jenkins field specialist. He or she will be glad to answer all your questions and provide personalized recommendations.