Solar Power Oregon Tax Credits

Solar works in oregon.

Solar power oregon tax credits.

Hb 2618 2019 created a new solar and solar plus storage rebate program at the oregon department of energy. Oregon still has great solar rebates across much of the states so if you re thinking about getting solar on your oregon home get solar quotes now. A series of extensions pushed the expiration date back to the end of 2016 but experts believed that an additional five year extension would bring the. Oregon gets plenty of sunshine for making solar power and it s more affordable than you may think.

You calculate the credit on the form and then enter the result on your 1040. Oregon loves the federal solar tax credit itc the value of solar incentives in oregon is even greater when taking into account the recent extension of the federal investment tax credit itc for solar. Federal tax credits are non refundable which means you must pay taxes in order to claim the credit. Filing requirements for solar credits.

Cash incentives from energy trust oregon solar rebates and federal tax credits can offset as much as 50 percent of your solar installation costs. Oregon used to have a tremendous solar tax credit the 3rd best in the nation. Learn about solar storage for backup power. If you end up with a bigger credit than you have income tax due a 3 000 credit on a 2 500 tax bill for instance you can t use the credit to get money back from the irs.

Hb 2618 2019 created a new solar plus storage rebate program at the oregon department of energy. Oregon solar power overview. You got 1 500 per kw of solar up to 6 000 max. In addition to the state specific incentives mentioned above you can cut the cost of your solar panel system by 26 percent.

Learn about tax credits for solar water pool heating. The program issues rebates for solar electric systems and paired solar and solar storage systems for residential customers and low income service providers in oregon. The federal itc was originally established by the energy policy act of 2005 and was set to expire at the end of 2007. The oregon department of energy helps oregon individuals businesses nonprofits tribes and other organizations complete energy saving and renewable energy projects.

Despite having subpar sun exposure and low cost electric rates oregon is still a great place to install solar. To claim the credit you must file irs form 5695 as part of your tax return. A tax credit is a dollar for dollar reduction of the income tax you owe. What does the federal solar tax credit extension mean for the solar industry.

There are plenty of solar incentives here thanks to the state s strong net metering policy incentives from the energy trust of oregon and the federal solar tax credit.