Idaho Solar
The use of solar power is growing around the world due to solar panel installation becoming more affordable. Over the last decade, solar power has become immensely more affordable. There are government grants that are given that can help offset some of the costs. Idaho is known for its farming and natural beauty across the Gem State. Below will be everything you need to know about solar energy and solar panel installation in the state of Idaho.
For citizens that are concerned about the cost of Idaho solar power, there are incentives from the state government. The state tax credit is combined with the federal tax credit that will be received. There is a 30 percent federal tax credit which when combined with the state tax credit totals around 40 percent of the system’s cost in deductions on your taxes.
Idaho is one of the country’s leaders in renewable energy with a large amount coming from hydroelectric dams. Throughout the lifetime of your solar energy system, you should expect to save over $10,000 or more depending on the size of the system.
Idaho Solar Power Statistics
Idaho is slowly creeping its way up the list of states in terms of solar energy rankings. The Idaho solar power statistics might surprise quite a few individuals. In 2020 they were ranked 21st which was a huge improvement over 2019 where they ranked 33rd. Around 78,000 homes can be powered by solar alone which is a staggering number. The state’s total electricity due to solar power is a little less than 4 percent. Jobs generated are over 500 in the solar industry which can include marketers, installers, and those manufacturing the systems. The total investment made by businesses and residents in the state is nearly $800 million. The costs over the last 5 years have decreased by a massive 38 percent.
Idaho Solar Energy Policy
Idaho helps encourage the use of solar energy and the Idaho solar energy policy. This helps with cash flow for a citizen that has just invested in a solar panel system. Idaho solar power is making its way up the ranks in terms of the rest of the country. There will be a tax break on taxable income along with the 30 percent tax credit from the federal government. Policies include submitting plans for the system and enlisting the help of a licensed professional. There are a myriad of ways to get licensed but asking for a license can save a homeowner quite a large headache.
Idaho Solar Incentive
While Idaho solar incentives are not as thorough as other states, there is still plenty to be excited about. The state allows the cost of the system to be used as a tax break during the first four years after installation. A homeowner is still going to be eligible for the federal tax credit which is 30 percent. Net metering is the process of selling the energy you still have garnered back to utility companies. This can get rid of your electricity bill completely.
The Idaho state tax credit will be important as it can be deducted from your income taxes. 40 percent can be claimed the first year and 20 percent after that for the next 3 years. Your cash flow will stay healthy during the first few years in ownership which is a concern of many people considering solar power.
Idaho Solar Energy Facts
Idaho is ranked 21st in the country when it comes to the percentage of citizens/businesses that utilize this renewable energy. Idaho does not have a rebate for installing solar panels but does give an income tax break. Idaho has relatively expensive electricity which makes savings even more important when switching to solar. Around 4 percent of all electricity produced in the state is that of solar energy although this number is expected to increase.
IDAHO SOLAR PROGRAM
Whether you are looking into Idaho solar Twin Fall or in Boise, the programs will be similar. There are going to be tax breaks on your income which can help alleviate cash flow issues. Making sure to use a licensed installer cannot be stressed enough or the project will cost far more. Solar is growing in Idaho at amazing rates in a state that is already dedicated to renewable energy. Idaho already has a great hydroelectric program and is looking to incentivize citizens to commit to renewable energy.
HAVE SOLAR QUESTIONS?
Our Solar Power Experts Can Help
Yes! On average an American household spends $1,500 a year on electricity bills. By installing a solar panel system that covers 80% to 100% of your needs you can save around $100 a month. Many people who go solar eliminate their electricity bill after the first year.
Yes, solar energy is the most affordable along with hydroelectric power. Going solar is a great investment in the long term because it reduces or even eliminates your electricity bill. Moreover, in the future, this energy will be more expensive. By installing panels you ensure your power source.
Companies purchase renewable energy credits along with their electricity, and the RECs certify that 1 MWh of electricity was generated. RECs transfer the benefits of renewable energy to the company. For that reason, when you pair renewable energy credits with electricity from the grid, renewable energy is being generated on your behalf.
Yes, there is a tax credit and an income tax deduction.
As the government encourages people to opt for alternative energy solutions, citizens are switching to solar power. Did you know that in Idaho you can claim up to 30% of your solar system costs plus a tax deduction?
It is renewable, which means it will not be scarce. As long as there is sunlight there will be solar energy. It is clean because it does not pollute during the process of generating electricity.
