Federal Tax Credit
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The federal government offers homeowners a income tax credit of 30 percent of the cost of purchasing and installing a solar energy system. If a homeowner does not owe taxes in the year the system is installed, the credit may be carried over to the next year.
State Rebates
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Most states offer rebates, in varying amounts, on the installation of solar systems. In some states, such as California and Colorado, it is possible to combine the federal tax credit and state rebate and further reduce the cost. Colorado consumers, for example, can receive a state rebate based on the peak output of the system, in addition to the 30 percent federal tax credit.
Local Programs
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Many local governments offer consumers additional incentives for investment in solar power. Cities in California, Texas and Colorado are among those offering rebates, grants, and property tax reductions for the installation of solar energy systems.
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