Oregon Residential Solar Incentives
Oregon Incentives Are Better Than Ever
With today’s Oregon solar incentives, you can cover 80% of the upfront costs associated with a brand new solar energy system. Solar energy can provide a significant return on your investment.
Low financing rates, cash rebates, and tax credits combine together to make solar energy a smart financial investment. Between federal and various state incentives, get paid over $10,000.
Federal Investment Solar Tax Credit
The Federal Solar Tax Credit will directly credit your federal taxes, wiping out any tax liability that you have on a one-to-one basis.
This incentive is a credit to your tax return worth 30% of the total cost of your solar electric system. The credits can be used within 5 years from the date of installation.
Example Using the Federal Solar Tax Credit
Cost of System:
Federal Tax Credit Gained
Combined with other Oregon residential solar incentives paybacks are quick and the energy savings are long-lasting.
Residential Energy Tax Credit (RETC)
This state tax credit offers Oregon homeowners up to $6,000 in tax credits. The amount you receive is determined by how large your solar panel system is. The current rate is $1.3 per watt. The larger the solar system, the more tax credits you will receive. As a tax credit, it will reduce your Oregon state taxes in a one-to-one fashion. The credit is dispersed over 4 years in $1,500 increments.
Example of Resiential Energy Tax Credit
Current Tax Credit Rate: $1.3 per watt.
You purchase 4,800 watts of solar energy
Multiple $1.3 by 4,800 which equals $6,240
Your tax credit is $6,000 because you hit the max
Solar Tax Credit Will Expire At The End Of 2017
To secure your $6,000 solar tax credit you must:
1) Request a Free Solar Quote + Analysis
2) Have placed a deposit before December 31, 2017
3) Have your solar system inspected by the utility before April 1st, 2018
Energy Trust of Oregon Cash Incentive
If you are a Portland General Electric (PGE) or Pacific Power customer, you will receive a cash rebate from the Energy Trust of Oregon. This rebate goes to the solar installer and drops your cost of going solar.
How much you will receive can vary a bit depending on which company services your home. Current incentive levels are below.
Current Energy Trust Incentive Levels
Portland General Electric (PGE): $0.30 per watt
(up to $2,100).
Pacific Power: $0.30 per watt
(up to $1,800).
Please remember, Energy Trust cash rebates can decrease without warning. This is because each incentive level is only allocated a certain amount of funding. Once this “step funding” is used up, incentive rates DROP to a new level. As a result, be cautious about waiting too long before reaching out to us for an official quote. See the live PDF status update at the Energy Trust of Oregon’s website.
Solar Rebate Qualifications
1) The solar installer must be a certified Solar Trade Ally by the Energy Trust of Oregon.
2) All solar equipment must be new and UL listed.
3) Verification from Energy Trust tax technicians.
Net Energy Metering
Net Energy Metering is how your utility compensates homeowners with solar panels for providing clean, renewable energy to your neighbors. Your utility must keep a “running tab” on how much solar energy you generate and then remove that charge from your bills. Any extra electrical credits that you save up must be carried forward to the next month’s bill for a full year.
Each credit is worth equal the market rate which is the price you pay for electricity.This means that you can bank up energy credits for solar power that you create in the summer, then use it in the winter when the sun isn’t shining so much.
Example of Net Energy Metering
You generate 1,000 kilowatt-hours of solar power.
You consume 650 kilowatt-hours of utilit energy.
Therefore, you net 350 energy credits.