A Complete Guide to Solar Panels in Oregon
Oregon generated 776,000 MWh of solar electricity in 2018. If you live in Oregon, you live in a perfect state for embracing solar technology. Sure, it rains a lot, but the state is making sure there are plenty of incentives for making the environmentally friendly energy switch.
So are you ready to join the over 100,000 homes in Oregon that already use solar power? This guide will tell you everything you need to know about buying and installing solar panels in your Oregon home.
Oregon Solar Panel Incentives
Unfortunately, if you haven’t already installed your panels, you won’t be able to make a claim for the Oregon residential energy tax credit. Only homeowners who installed their solar panels before 2017 are eligible. However, there are still other opportunities to save.
You can join the Oregon solar electric incentive program if you’re a member of Portland General Electric (PGE) or Pacific Power. As the owner of a solar system, you’ll receive a rebate based on your system’s energy production.
Other areas in Oregon also offer rebates. The City of Ashland, Eugene Water and Electric Board, and Salem Electric offer homeowners cash rebates. The amount can vary, so you’ll need to check with your local municipality for the current offer rate.
Oregon’s net metering policies allow you to receive full credit on your electric bills. When you make more electricity than you use, the excess gets “banked” and you’ll draw on that extra whenever you need to cover your usage.
Federal Solar Tax Credit
Homeowners are also eligible for federal tax credits. This program only applies to those who buy their system outright with either cash or a loan. Those that lease their system won’t qualify.
With this credit, you can get up to a 26% tax credit that will get spread out over two years. You also need to have your solar system installed before the sunset date. The 26% drops to 22% in 2023.
Keep in mind that it can take weeks or even months to go through the entire installation process. So don’t wait until Dec 2023 to try and get your solar system installed before the deadline.
Solar Panel Costs
When considering your solar panel price, you need to look at both the cost of installation and operation. According to Blue Raven Solar, homeowners can expect to see savings between $15,000 and $50,000 over the 25 year period following installation.
The amount you will save depends on your current energy usage. You can have an expert solar professional review your utility bills and help you evaluate your potential savings.
Most homeowners in Oregon pay between $10,000 and $15,000 for their solar installation. The cost of your solar panels will depend on your energy production needs and the number of panels you have installed on your home.
Have Solar Panels Installed on Your Home
If you’re ready to join the future of energy production in Oregon, then consider having solar panels installed on your home. The initial installation may seem expensive, but the tax credit, rebates, and favorable financing terms make it an affordable switch.
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