From residential rooftops to community solar, the state government is doing everything it can to help you get the best Colorado solar incentives possible. Living in Colorado has many perks, one of them being 300 days of sunshine. In our book, that’s a good enough reason to invest in a home solar system. Read more about the federal and Colorado solar incentives below.
Colorado Solar Incentives
Living in Colorado gives you a pretty good excuse to have solar. They make it pretty beneficial for homeowners to go green. Here are some of our Colorado solar incentives explained:
- Net metering: Credits you for the extra electricity your system produces and allows you to use those credits when your system doesn’t generate enough power.
- Community solar: If you don’t own a home or your roof is not suitable for solar, Colorado has a lot of areas that have community solar available! You subscribe to an off-site solar system, use the energy generated from it, and reap the benefits of solar without installing panels on your own roof.
- Sales and use tax exemption for renewable energy equipment: You won’t have to pay any sales tax on the solar system that you purchase.
- Property tax exemption for residential renewable energy equipment: You don’t have to pay additional taxes on the increased value of your house due to your new solar system.
When you work with Sandbox Solar, we will help you find any local benefits to owning a solar system as well!
Federal Solar Tax Credit
On top of Colorado solar incentives, homeowners can also take advantage of the federal tax credit for solar. The investment tax credit (ITC) for 2022 allows you to deduct 22% of the total cost of the system from your federal taxes. This applies to all new solar installations and is available only for a limited time! If you have been thinking about going solar, don’t miss out! The credit is currently phasing out in stages until it fully expires for homeowners in 2024.
Interested in taking advantage of Colorado solar incentives? Contact us to get a free estimate! You’ll experience benefits like reduced electricity bills, higher property values, and a reduced carbon footprint. Contact Sandbox Solar today to learn more about federal and Colorado solar incentives.