According to the Solar Energy Industries Association, Georgia is one of the top 10 best states for solar energy. In addition to thousands of hours of sunshine, Georgians can potentially benefit from a federal tax credit as well as net metering. Both incentives could make your solar panel installation more affordable than ever. Read this blog to learn more about the Georgia solar incentives available to you.
What are the Georgia solar incentives available to me?
FEDERAL TAX CREDIT
Georgia homeowners can potentially take advantage of the federal tax credit5 that allows for a dollar-for-dollar tax reduction of up to 26% of the cost of your solar system. This incentive decreases to 22% in 2023 and vanishes entirely for homeowners in 2024, so don’t wait to upgrade to solar! For more information about your eligibility as a taxpayer, talk to a tax professional.
Net metering allows you to potentially earn credit on future electric bills in exchange for the excess energy your solar panels may generate. Not all utility companies offer net metering, but for those that do, it’s a great incentive. Georgia Power’s net metering program is currently limited to 32 MW total capacity or 5,000 participants, whichever comes first. Monthly excess generation that exceeds a customer’s total monthly energy usage will be credited at the annual solar avoided energy cost rate.
Luckily, as of the date of this post, the utility company has not reached this threshold yet, so there’s still time to reap the benefits! However, when Georgia Power reaches the threshold for net metering, it will revert back to offering only net billing (which provides for a reduced credit on a customer’s bill at a predetermined rate, usually referred to as the avoided cost). Check with your utility company to see if they offer net metering.
The future of solar energy in the U.S.
Over the past five years, prices for solar energy in Georgia have decreased by about 45%. This is a great sign for solar because the cost could continue to drop and make solar energy even more affordable. As solar energy becomes more mainstream nationwide, more states are adopting similar incentive programs to entice their residents to make this investment. Simply put, solar power has a bright future in America.
Go solar in Georgia
As more people continue to go solar, policies could continue to evolve giving Georgia homeowners even more of a reason to go solar in the future.