Washington state has some of the lowest electricity rates in the country. Yet even here the solar industry is definitely growing, thanks in part to tax breaks and financial inducements.
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.
Washington also 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 as well as sales tax exemptions. Additional incentives and tax credits can save you even more.
For a list of all available incentives in Washington state go to the Database of State Incentives for Renewables & Efficiency, also known as DSIRE’s website.
But for now, ROOFCORP offers this summary of what’s available:
Washington Sales Tax Exemption — With the passing of the Energy Policy Act in 2005, Washington exempted 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 panels and inverters built in the state qualify to receive payments of $0.54/kWh produced up to $5,000 per year. Also, your power bill will be reduced by the amount of power your system produces. If your system produces more than what your home or building 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 a ROOFCORP representative in your area to learn why.
Local Incentives — Many local public utility departments offer their own production-based incentives. Check with your local utility for more information.
Property Value Increase — A study published by Lawrence Berkeley National Laboratory that looked at home sales, cross-comparing prices at which houses that had installed solar went for compared to those that did not, found that on average solar homes went for $17,000 more than their non-solar counterparts.
The dollars and cents add up quickly. As a premiere roofing and solar contractor in Washington, ROOFCORP is committed to helping our customers recoup their investment and put cash back in their pockets.
Contact us today to learn more about tax breaks and other financial incentives at your disposal.