Solar power is a great investment in Oregon for a few reasons. The state offers great solar incentives, including a tax credit and a solar rebate, which makes solar more affordable. In addition, Oregon has great solar resources, meaning that your solar panels will produce more electricity than in other states. Here are 5 Reasons Why Solar is Worth it in Oregon:
1. You’ll Save on Your Electric Bill
Solar panels will lower your electricity bill by offsetting the cost of the electricity you would otherwise purchase from your utility company. In Oregon, you can expect to save about $600 per year on your electricity bill with a typical solar panel system.
2. You’ll Increase the Value of Your Home
A solar panel system will increase the value of your home by an average of $3,000. This increase in value is in addition to the savings on your electricity bill, meaning that you’ll recoup your investment in solar panels very quickly.
3. You’ll Be Helping the Environment
Solar panels produce clean, renewable energy that doesn’t pollute the environment. In Oregon, you can expect your solar panels to offset the emissions of about 1.5 cars annually.
4. Fantastic Solar Incentives
Oregon offers a great solar incentive package, which includes a tax credit and a solar rebate. The tax credit allows you to deduct 30% of the cost of your solar panel system from your state taxes. The solar rebate, meanwhile, covers up to $800 of the cost of your system. These incentives make solar more affordable and make it an even better investment.
List of Solar Incentives Available in Oregon
- Energy Trust of Oregon Cash Incentive (PGE & Pacific Power Only)
- Portland Clean Energy Fund (Portland Only)
- 30% Federal Tax Credit
- Dept. of Energy Solar & Battery Rebate
- Oregon Net Energy Metering (NEM)
- Solar Within Reach Program
5. Great Solar Resources
Oregon has great solar resources, meaning that your solar panel system will produce more electricity than in other states. In fact, Oregon has the 4th best solar resource in the country.
Does Oregon have a Solar Energy Tax Credit?
Yes, Oregonian homeowners and businesses are eligible for a 30% tax credit for solar energy systems including energy storage. This tax credit is called the federal Investment Tax Credit (ITC). Oregon itself does not offer any state tax credits for solar.
How Much Does Solar Cost in Oregon?
Solar panel systems typically cost between $15,000 and $25,000 after solar incentives. The cost of solar has been dropping rapidly in recent years and is now more affordable than ever.
What is the Average Payback Period for Solar in Oregon?
The average payback period for solar in Oregon is about 7 years. This also depends on factors, such as the solar resource where you live, the cost of electricity, the size of your system, the quality of equipment, and the solar incentives for which you qualify.
What is Net Energy Metering?
Net Energy Metering (NEM) is a program that allows you to sell the excess electricity generated by your solar panels back to the grid at the same rate that you pay for electricity. This program makes solar an even better investment by increasing the value of the electricity generated by your solar panels.
Try Out Our Free Solar Calculator
To find out how much you could save with solar, try out our free solar calculator. This calculator will show you the estimated cost of a solar panel system, the estimated savings on your electricity bill, and the payback period.
Ready for the Next Steps?
If you’re interested in learning more about solar or taking the next steps, we can help. We’ll help you find the right solar installer for your needs and connect you with solar financing options. Contact us today to get started.
Who is Sunbridge Solar?
Sunbridge Solar is a full-service solar company that is dedicated to helping homeowners and businesses go solar. We have a network of qualified solar installers who will help you every step of the way, from choosing the right solar panel system to getting the most out of solar incentives.