There is no time like the present to invest in solar panels for your Kentucky home. There are so many great tax incentives that help boost the appeal of the units, and bring the overall cost down significantly.
This is in addition to the already great savings you can incur by switching to solar power.
However, you must stay on top of these solar tax incentives to ensure you check off all the boxes. There is action required on your part to secure the rebates and credits.
For a quick rundown on key Kentucky solar tax incentives and how you can take advantage of them for yourself, read on below.
Tax Credits and Exemptions
Kentucky residents can take advantage of the Federal Investment Tax Credit (ITC), which covers up to 26% of the costs of equipment and installation. If the tax credits exceed the amount you owe to the government, it can be rolled over to the following year.
There also is no cap to the amount the 26% calculates out to be.
This is a huge advantage—although solar panels do save money over time, they are notable for their up-front costs of equipment and installation. With more than a quarter of the price given back in a tax credit, it does soften the blow a bit.
At the state level, there is also a tax credit of $500 offered. Kentucky also supports the solar power movement by offering property tax exemption for the use of technology for the purpose of renewable electricity generation.
This means that solar panel owners in Kentucky may be exempt from property taxes—huge savings!
Other Incentives
In addition to the tax credits available for homeowners that invest in solar power, there are other non-tax-related measures. These are further measures you can take to reduce your necessary costs of solar panel ownership.
There is no better time to put solar panels on your Kentucky home. Take advantage of a free consultation today to evaluate your own home!
Rebates
Rebates will vary based on specific location and power authority. Typically, these are available based on how many kilowatt-hours you conserve. It also may require an eScore evaluation.
Loans
If the startup costs of solar panel installation prove to be too burdensome to pay upfront, there are other incentives to help. Several federal and state agencies offer low-interest loans for the purpose of solar panel installation.
These loan terms may be anywhere from three to 20 years.
Funding for Agricultural Installations
Furthermore, members of the agricultural economy of Kentucky may reap additional financing benefits. This is provided by the Kentucky Agricultural Development Fund On-Farm Energy Efficiency Incentives Program (KADF).
KADF is designed to help farm families boost the efficiency of equipment and other facilities.
Recipients can get up to 50% of the costs of installation back, up to $10,000. There may even be additional rebates available for those willing to participate in a third-party energy audit.
Claim These Kentucky Solar Tax Incentives for Yourself
With this brief guide on Kentucky solar tax incentives, you can begin to research the available solar power tax credits and rebates for yourself. Now is the time to act to lock in the benefits available this year.
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