Incentives
Solar pays off faster than you think. State incentives can help lower your costs and boost your savings from day one. Our team can help you take advantage of any available tax breaks or incentives in your state as part of your installation. Keep in mind that state and federal incentives may change.
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Maryland
Residential Clean Energy Rebate Program
The state offers a one-time rebate of $1,000 for installing a solar panel system of at least 1kW. This rebate is a flat amount and is simple to apply for.
Solar Renewable Energy Credits (SRECs)
Maryland has a program where homeowners can earn credits for the solar energy their systems generate. These credits can be sold to utility companies, providing an ongoing revenue stream. Starting July 1, 2024, through January 1, 2028, new Maryland solar installations could qualify for certified SRECs, which will be worth 50% more than standard SRECs.
North Carolina
Federal Solar Tax Credit
Homeowners can claim a 30% tax credit on the cost of their solar panel system.
Property Tax Exemption
North Carolina exempts 80% of the appraised value of a solar energy system from property tax, according to the Database of State Incentives for Renewables & Efficiency.
Virginia
Federal Solar Tax Credit (Investment Tax Credit – ITC)
Homeowners can claim a tax credit of 30% of the total cost of their solar system. The credit applies to both residential and commercial solar installations. The ITC is available for systems installed through 2032. After 2032, the percentage decreases annually until it expires in 2035.
Net Metering
Virginia has net metering policies, allowing homeowners to receive credit on their electricity bills for excess solar energy sent back to the grid. This can significantly lower electricity costs.
Property Tax Exemption
Virginia offers a property tax exemption for the increased value of a property due to the installation of solar panels. This means you won’t pay extra property taxes on the added value from your solar system. SRECs (Solar Renewable Energy Credits): SRECs are created when solar energy is generated. Utilities may be required to purchase SRECs to meet renewable energy targets. Homeowners can sell their SRECs to utilities, generating additional income.
Don’t See Your State? We’re Expanding
Renew Energy currently serves homeowners across California, Virginia, Maryland, and North Carolina—and we’re growing quickly. If your state isn’t listed here, contact us directly to find out what solar incentives may be available in your area.
