Adding a photo voltaic panel system to your property can bump down your vitality invoice. It can yield even better financial savings if you happen to take advantage of the tax incentives, rebates and favorable financing applications obtainable to you.
Coloradans can carry down photo voltaic panels’ important price by 1000’s of {dollars} because of the federal tax credit score. But the financial savings alternatives do not cease there. All kinds of statewide and native incentives can chip some extra off the value.
Policies change on occasion. Be certain to substantiate incentives nonetheless exist and have not modified since this writing and, if you happen to do not see your city or utility on this listing, double test for your self to ensure it hasn’t added an incentive you would declare.
Comparing Colorado incentives for photo voltaic panels
| Colorado incentive | Description | Eligibility | Estimated worth |
|---|---|---|---|
| Federal photo voltaic tax credit score | Get an earnings tax credit score value 30% of the price of your photo voltaic set up. | Anyone with a tax legal responsibility. | Varies (e.g. Receive a $7,200 credit score for a system costing $24,000.) |
| Solar gross sales tax exemption | Sales tax exemption on photo voltaic tools | Residents of Colorado | Avoided gross sales tax at 2.9% |
| Energy Smart rebate | A rebate on the prices of vitality effectivity upgrades. | Residents of 18 Colorado counties | Varies by undertaking and earnings stage. |
| High Country Conservation Center rebate | Separate rebates for photo voltaic panels and vitality effectivity. | Homes in Summit County | Up to 100% of the undertaking price, as much as $4,000. ($1,500 for photo voltaic.) |
| Cloud City Conservation Center vitality enchancment rebates | Rebates for house vitality assessments. | Residents of Lake County | Up to 50% of the entire undertaking price, as much as $300 per family. |
| ReEnergize Garfield County | Rebates for house vitality assessments. | Low and average earnings households in Garfield County | Maximum rebate ranges from $2,000 to $4,000 primarily based on earnings. |
| Residential CORE Rebates | Reimbursement for house vitality enhancements. | Residents in Roaring Fork Valley (Pitkin County and components of Eagle County) | Maximum of $7,500 or $15,000 relying on earnings. |
| Energy Smart Colorado | A statewide initiative that companions with utility firms and organizations | Homeowners in Colorado | Varies |
Colorado state photo voltaic tax exemptions and mortgage applications
Here are some applications within the state that may aid you save on the prices of putting in a house photo voltaic panel system.
Solar gross sales tax exemptions
Colorado does not accumulate gross sales tax on purchases on photo voltaic vitality and storage tools. This consists of not solely photo voltaic panels and programs, however system parts and supporting buildings and racks.
Colorado Residential Energy Upgrade (RENU) Loan Program
This particular mortgage program is a partnership between the Colorado Clean Energy Fund and Colorado credit score unions. Eligible owners can borrow as much as $75,000 for his or her house photo voltaic, battery storage or water heating programs. There’s no down cost; low, fastened rates of interest and a 20-year mortgage time period.
Local photo voltaic panel incentives in Colorado
Here’s a take a look at among the native photo voltaic and vitality effectivity rebates obtainable in Colorado.
Energy Smart Colorado rebates
Energy Smart Colorado is a nonprofit that has teamed up with 10 group companions to make house vitality effectivity reasonably priced in 18 counties within the state. This consists of house vitality assessments, particular financing applications and rebates for warmth pumps, warmth pump water heaters, electrical home equipment and weatherization initiatives. Homeowners can obtain rebates value as much as 25% or $300 off of some initiatives. If you reside in a manufactured house, you could qualify for bigger rebates.
The Energy Smart applications are administered by these native companions.
ReEnergize Eagle County
Walking Mountains Sustainability says info on its 2024 photo voltaic incentives is forthcoming however has obtainable info on vitality effectivity rebates value as much as $1,000.
High Country Conservation Center Rebate
You can rise up to 100% or $1,500 in your photo voltaic panel or photo voltaic thermal set up and as much as $4,000 when bundled with different effectivity updates, relying in your earnings.
Cloud City Conservation Center Energy Improvement Rebates (Lake County)
You would possibly have the ability to obtain a rebate of fifty% of the entire price of a house vitality evaluation, as much as $300 per family.
ReEnergize Garfield County
This helps low and moderate-income households in Garfield County obtain free house vitality enhancements and monetary help to be extra vitality environment friendly. The applications web site says that decrease earnings households “sometimes obtain 100% of the price of really useful measures,” whereas moderate-income households can obtain a rebate of $2,000 to $4,000.
Residential CORE Rebates (Roaring Fork Valley)
Those who stay within the Roaring Fork Valley, which incorporates Pitkin and Eagle counties, can scoop up rebates for a number of vitality effectivity enhancements. Rebates can complete $7,500 or $15,000, relying on earnings.
Utility rebates for photo voltaic tools in Colorado
Just a few utilities provide rebates for photo voltaic tools within the Centennial State.
Holy Cross Energy renewable vitality incentives
Customers of Holy Cross Energy could also be eligible for rebates on their photo voltaic system: $250 per kilowatt for the primary six kilowatts, then $100 per kilowatt as much as 25 kilowatts. You may get a rebate to your battery: $250 per kilowatt or $500 per kilowatt (as much as 25 kilowatts) relying on how a lot you enable Holy Cross Energy to manage your battery’s cost.
Incentives are first come, first served.
San Miguel Power Association battery programs rebate
San Miguel Power Association clients can get a rebate on their battery programs. The rebate is for $750 for battery programs of 6 kWh or bigger.
Federal photo voltaic tax credit for Colorado residents
There are two federal tax credit you should use to go photo voltaic or enhance your property’s vitality effectivity.
Residential clear vitality credit score
You can declare a federal earnings tax credit score of 30% of the price of a photo voltaic panel and house battery set up.
Energy environment friendly house enchancment credit score
The federal vitality environment friendly house enchancment credit score permits you to declare earnings tax credit for vitality effectivity upgrades at house: as much as a $3,200 credit score every year via 2032. The credit score is segmented by applied sciences (as much as $2,000 every year for warmth pumps and $1,200 a yr for different know-how), and you possibly can’t roll the credit score ahead, so plan accordingly.
Colorado web metering guidelines for photo voltaic vitality
Under Colorado regulation, web metering works in another way primarily based on the kind of utility you have got. You must be credited on the retail charge for as much as a sure level. For investor owned utilities, that must be a minimum of 120% of your utilization. For municipal utilities or co-ops, the cap is ready at 10 kilowatts of photo voltaic capability. Above that, you could be credited at a distinct charge. Excess credit every month will roll over to the subsequent.
Specifics range by utility, so remember to perceive the necessities of yours earlier than transferring forward.
Community photo voltaic initiatives in Colorado
If you are not in a monetary place to purchase or lease a house photo voltaic system, you possibly can reap the advantages of renewable vitality via group photo voltaic initiatives within the state.
Empire Electric Association photo voltaic gardens
The electrical co-op Empire Electric Association operates two group photo voltaic applications. People can lease a portion of the bigger array for vitality invoice credit. One of the applications is designated for individuals who meet earnings eligibility standards.
Xcel Energy Solar Rewards Community program
Instead of putting in a house photo voltaic system, owners who’re Xcel Energy clients can subscribe to a neighborhood, third-party photo voltaic backyard and buy electrical energy via this system. By subscribing, you will get a Solar Community credit score in your month-to-month invoice.
Solar co-ops
Solar co-ops, that are teams of people that pool their funds collectively to spice up their shopping for energy to get photo voltaic. Solar co-ops are member-driven, and it is free to affix.
Members obtain bids to put in photo voltaic of their house from an installer that was handpicked by the group. Once you obtain a bid, you possibly can determine to maneuver ahead.
Solar United Neighbors is in search of members in its photo voltaic co-op for Routt and Steamboat Springs counties. Membership is open to owners and enterprise house owners via April 15, 2024.
