With the rise of battery storage and the push for EVs in California, more incentives are available than ever for Solar, Battery Backup, and EV Charging. Read this article as we breakdown each incentive available for your home.
As part of the Inflation Reduction Act, all Solar Installations from 2022-2032 are eligible for a 30% Federal Tax Credit. This Tax Credit works by directly lowering the amount of Federal taxes that you pay until you receive your full amount. Since this is money that would have been spent anyways, this is as effective as cash back in your bank account.
However, you must own your panels in order to claim this credit. If you choose to do a PPA (Power Purchase Agreement a.k.a. Lease) then you will not be able to claim this massive tax incentive.
If you do not pay enough income tax in one year to qualify for the full credit, you can have this credit carry over for up to 5 years. If you still do not pay enough income tax, then the PPA option may be better for you.
Solar Financing tends to have better terms and rates than most other HELOCs or Home Improvements. Since Solar is being pushed by the Federal Government, you can get Solar with no down payment required or added fees. This works similar to a VA Loan for a home. All finance options are fully transferable when selling your home, and have the option to be paid off early.
PPAs have become very popular since 2023. This is in part due to rising interest rates. PPAs offer a $0 out of pocket solar installation where the bank must maintain the system for the duration of the PPA. This is a great option for people who are worried about debt-to-income, or people who pay little to no income tax. All PPA options that we offer are fully transferable when selling your home.
Receive $500 per kWh when you add a battery to an existing solar array. This is highly recommended for homes built after 2020 as well as any home looking to add Battery Backup.
Receive $300 per kWh for any new solar installation with Battery storage. $4050 per Tesla Powerwall 3. All SLO County residents are eligible. Rebate is usually received within 60 days of install.
Receive a $2400 rebate for installing a Level 2 (240 Volt) EV charger on your home. Rebate is usually received within 60 days of install.
Serv Solar, Inc.
9477 El Camino Real, Atascadero, California 93422, United States