In Oregon, with its generous cash incentives and state and federal energy tax credits, going solar can be very affordable.
How affordable? According to some estimates, it’s possible to recoup up to 80% of your initial investment. A reduced power bill over the next 25- to 40-year period will add to that windfall.
Federal tax incentives are available, including the investment tax credit that allows individuals and businesses to write off 30% of the cost of installing a solar-energy system from their federal taxes.
Oregon also allows state and local tax exemptions, including:
Energy conservation tax credits — A corporate tax credit for up to 35% of the qualifying project cost. A personal tax credit is 35% of the project costs and includes photovoltaic systems. A small premiums project applies to projects costing below $20,000, while large-scale projects can apply for a competitively-selected projects program.
Residential energy tax credits for solar — Residents can get a credit on their Oregon income taxes for adding solar energy systems to their homes. The Oregon Department of Energy maintains a list of solar companies that understand these requirements. Tax credits are based on $2.10 per watt of installed capacity (DC) up to $6,000 per residence taken over four years ($1,500 per year) limited to 50% of the cost of the system.
Renewable energy systems exemption — Oregon law states that any change in real market value to property due to the installation of a qualifying renewable energy system is exempt from assessment of the property’s value for property tax purposes.
The dollars and cents add up quickly. As a premiere roofing and solar contractor in California, ROOPFCORP is committed to helping our customers recoup their investment and put cash back in their pockets.
The Database of State Incentives for Renewables & Efficiency website provides a comprehensive guide to federal tax incentives as well as tax credits and other renewable energy incentives available in Oregon. You can also check the website for the Oregon Department of Energy.
Contact us today to talk to a ROOFCORP expert and learn more about tax breaks and other financial incentives at your disposal.