Financial Incentives

In 2005, Washington State enacted I-937 to promote the development of a local solar industry, including new jobs and clean, renewable power generation.

 

Incentives

Today, Washington has some of the most progressive solar incentives in the United States. You can receive up to $5,000 annually in incentives from your local power company and sales tax exemptions when you purchase itek Energy solar equipment that is made in Washington State. Plus, there are additional federal incentives and credits that can save you even more.

For a list of all available incentives in Washington State go to DSIRE’s website.

 

30% Federal Income Tax Credit

Home owners may claim a credit of 30% of the cost of solar systems  installed on a residence that is owned and used as a residence by the taxpayer. Costs may include labor costs for on-site preparation, assembly or original system installation, and for wiring to interconnect a system to the home.  If the credit earned by the system exceeds  a single years tax liability, the excess credit may be carried forward to the following taxable year.

 

Washington Sales Tax Exemption

With the passing of the Energy Policy Act in 2005 Washington exempts all equipment used to produce solar power, and all labor and services related to the installation of that equipment, from all sales and use taxes.

 

Washington State Solar Production Incentive

Solar systems installed with both Washington-Built panels and inverters qualify to receive payments of $0.54/kWh produced up to $5000 per year.

 In addition to being paid $0.54/kWh, your power bill will be reduced by the amount of power your system produces. If your system produces more than what your home consumes the utility will credit your account for the power you added to the grid.

The savings can be even better for businesses- talk to an installer in your area to learn why.

 

Local Incentives

In addition to the Washington State production based incentive many local PUD’s are offering their own production-based incentives.  Check with your local PUD or Utility for additional incentives. 

 

Property Value Increase

new study published Lawrence Berkeley National Laboratory, that looked at home sales cross comparing prices at which house that had installed solar went for compared to those that did not.  The study’s data set was over a 8 1/2 time frame using a 3.1 kW average system size and found that on average solar homes went for $17,000 more than their non-solar counterparts.

 

Local Green Job Creation

According to the National Solar Jobs Census of 2011 published by The Solar Foundation the solar industry created over 7,000 new jobs between 2010 and 2011 the solar industry has some of the highest sustained job growth out of any industry with a 25% increase in solar manufacturing jobs in 2012 alone.  During the same 2010 to 2011 period jobs national in the overall economy grow only by 0.7% while the fossil fuel electric generation job force declined by 2%.

 

Climate

Although you might assume otherwise, Washington’s climate is great for solar power. Solar panels still work on cloudy days and even the rainiest parts of Washington average 3.5 hours of full sun per day. Solar panels operate more efficiently at lower temperatures, and combined with our long sunny summer days, Washington is a great place for solar power. In fact, the number of renewable energy systems installed is increasing significantly:

Panel Energy Payback Article:   http://www.nrel.gov/docs/fy04osti/35489.pdf

 

 

 

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