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Georgia Solar Incentives and Rebates
Taking Advantage of the Sun in the Peach State
The peaches in Georgia know how good the sun in the state is as do many in the state, which is emerging as a frontrunner in solar power. With abundant sunshine and a supportive policy environment, Georgia offers homeowners and businesses ample incentives and rebates to embrace solar energy.
Here we’ll explore the state’s solar potential, Georgia Solar Incentives and the rebates that are available to help homeowners and businesses embrace sustainable energy solutions.
Solar Energy Potential in Georgia
Georgia enjoys abundant sunshine throughout the year, making it an ideal location for solar energy generation. The state receives an average of about 4.5 to 5.5 peak sun hours per day and the latest figures from the Solar Energy Industries Association (SEIA) shows that 710,506 homeowners have already installed solar panels to power their homes. With advances in solar technology and decreasing solar installation costs, harnessing this renewable resource has become increasingly feasible for residents and businesses alike.
Georgia Solar Incentives for Homeowners
Homeowners in Georgia have several incentives and rebates available to them to offset the initial costs of installing solar panels and for making energy efficiency upgrades. These incentives not only make solar energy more affordable but also contribute to reducing overall energy bills and carbon footprints. These solar incentives are mainly offered through customer utility companies.
Central Georgia EMC Home Plus Loan Program
Through the Home Plus Loan Program, Central Georgia EMC provides financing options for solar installations and various energy efficiency measures. The program lends homeowners up to $25,000 for eligible home upgrades. The program has an annual percentage rate (APR) of 9.90% and a maximum repayment period of 96 months (8 years).
Under the program, some of the initial power bill savings will go towards repaying the loan. But solar panels have a 25-year lifespan, meaning you will enjoy low electricity bills for years after the loan is repaid.
Incentive Value:
Green loans with 9.90% APR and a term of up to 96 months.
Frequency:
Single-use
Georgia Power Home Energy Improvement Program
This rebate program doesn’t cover solar installations, but it can help people go solar through the Georgia Power Home Energy Improvement Program (HEIP). If you install solar panels together as part of other energy-saving upgrades for your home, you can still reap the benefits. The incentive is only available for customers of Georgia Power.
To qualify for the Georgia Power rebate, your home’s energy efficiency measures must result in a minimum 20% reduction in electricity use. The 50% rebate will cover up to $1,100 of project costs. The maximum incentive of $1,100 per year may be claimed for several home energy upgrades in a year. Georgia Power also offers grants for electric car owners who are thinking about using solar power for charging EVs.
Incentive Value:
50% of home upgrade costs up to $1,100
Frequency:
Once per home upgrade project
Central Solar Easement Laws
Georgia has solar easement laws that protect access to sunlight. Once you install a solar power system, this law means no one can build something that casts a shadow over your panels. Solar easement laws are not a financial incentive, but they ensure that your solar panels remain productive during their lifespan.
Incentive Value:
Guaranteed access to sunlight for solar panel owners
Frequency:
Continuous
Net Metering in Georgia
In Georgia, net metering is available for residential renewable energy systems up to 10 kW in capacity, including rooftop solar. Under the program, you don’t receive full credit for excess energy sent to the grid. Instead, you are paid at the avoided cost, which is essentially the wholesale price paid to large power generators.
When you have the right size solar panel installation for your energy needs, the net metering program will help you see a slightly faster solar payback period and a higher return on investment. But since the net-metering program has a low rate, it doesn’t encourage people to build systems that feed a lot of excess energy back to the grid.
Federal Solar Tax Credit for Homeowners in Georgia
The most appealing incentive for solar energy systems in Georgia and most of the United States is still the Investment Tax Credit (ITC). Installing solar panels on a house or business entitles you to a tax credit equal to 30% of the project expenditures, which you may claim on your next IRS filing. In addition to solar power, the incentive also covers energy storage systems and other sustainable energy installations.
Georgia Commercial Solar Incentives
Businesses in Georgia also have access to incentives and rebates designed to promote solar energy adoption and sustainability initiatives. These incentives not only benefit the environment but also contribute to long-term cost savings and corporate responsibility efforts.
Depreciation of Solar Energy Property in MACRS
For solar projects that meet the requirements for the Investment Tax Credit (ITC), an additional benefit is accelerated depreciation. This financing program permits a five-year depreciation period of 85% of the project’s tax basis, with the majority of the deduction occurring in the first few years of the project.
Rural Energy for America Program
Like other states, Rural Energy for America Program (REAP) offers guaranteed loan financing and grant funding to rural small businesses and agricultural producers for renewable energy systems or energy efficiency upgrades in Georgia.
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When it comes to transitioning to solar power in Georgia, SolarSME is your premier partner every step of the way. As a leading solar installation company, SolarSME provides innovative solar solutions tailored to meet the unique needs of Georgia homeowners and businesses.
