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Add a solar panel system to your house can reduce your energy bill. Can generate even greater savings by taking full advantage of the tax incentives, rebates and favorable financing programs available to you.
Coloradans can tear down The important cost of solar panels for thousands of dollars thanks to the federal tax credit. But the savings opportunities don’t end there. A wide variety of state and local incentives can bring the price down a bit further.
Policies change from time to time. Be sure to confirm that the incentives still exist and haven’t changed since this article was written, and if you don’t see your city or utility on this list, check yourself to make sure you haven’t added an incentive that you can claim.
Comparison of Colorado Incentives for Solar Panels
| colorado incentive | Description | Eligibility | Estimated value |
|---|---|---|---|
| Federal Solar Energy Tax Credit | Get an income tax credit worth 30% of the cost of your solar installation. | Anyone who has a tax obligation. | It varies (for example, receive a $7,200 credit for a system that costs $24,000). |
| Solar Sales Tax Exemption | Solar Equipment Sales Tax Exemption | colorado residents | Avoided sales tax at 2.9% |
| Smart energy reimbursement | A rebate on the costs of energy efficiency improvements. | Residents of 18 Colorado counties | It varies depending on the project and income level. |
| High Country Conservation Center Refund | Separate rebates for solar panels and energy efficiency. | Homes in Summit County | Up to 100% of the project cost, up to $4,000. ($1,500 for solar). |
| Cloud City Conservation Center Energy Improvement Rebates | Reimbursements for home energy assessments. | Lake County Residents | Up to 50% of the total project cost, up to $300 per home. |
| Repower Garfield County | Reimbursements for home energy assessments. | Low and moderate income households in Garfield County | The maximum refund ranges from $2,000 to $4,000 depending on income. |
| Residential BASIC Rebates | Reimbursement for home energy improvements. | Residents in Roaring Fork Valley (Pitkin County and parts of Eagle County) | Maximum of $7,500 or $15,000 depending on income. |
| Colorado Smart Energy | A state initiative that partners with companies and public service organizations. | Colorado Homeowners | It varies |
State of Colorado Solar Loan Programs and Tax Exemptions
Here are some programs in the state that can help you save on the costs of installing a home solar panel system.
Solar Sales Tax Exemptions
Colorado does not collect sales taxes in purchases of solar energy and storage equipment. This includes not only solar panels and systems, but also system components and support structures and racks.
Colorado Residential Energy Upgrade Loan Program (RENU)
This special loan program is a partnership between the Colorado Clean Energy Fund and Colorado credit unions. Eligible homeowners can borrow up to $75,000 for their home solar, battery storage or water heating systems. There is no down payment; Low, fixed interest rates and a 20-year loan term.
Local Incentives for Solar Panels in Colorado
Below are some of the local solar and energy efficiency rebates available in Colorado.
Energy Smart Colorado Rebates
Colorado Smart Energy is a nonprofit organization that has partnered with 10 community partners to make home energy efficiency affordable in 18 counties across the state. This includes home energy assessments, special financing programs and rebates for heat pumps, heat pump water heaters, appliances and air conditioning projects. Homeowners can receive rebates worth up to 25% or $300 off select projects. If you live in a manufactured home, you may qualify for larger rebates.
Energy Smart programs are administered by these local partners.
Repower Eagle County
Walking Mountains Sustainability says information on its 2024 solar incentives is coming soon, but it’s available now information on energy efficiency rebates worth up to $1,000.
High Country Conservation Center Refund
You can get up to 100% or $1,500 on your solar panel or solar thermal installation and up to $4,000 when combined with other efficiency upgrades, depending on your income.
Rebates for Cloud City Conservation Center (Lake County) energy upgrades
You may be able to receive a 50% discount on the total cost of a home energy assessment, up to $300 per home.
Repower Garfield County
This helps low and moderate income households in Garfield County receive Free home energy upgrades and financial assistance to become more energy efficient.. The program’s website says low-income households “typically receive 100% of the cost of recommended measures,” while moderate-income households can receive a refund of $2,000 to $4,000.
Residential CORE Rebates (Roaring Fork Valley)
Those who live in the Roaring Fork Valley, which includes Pitkin and Eagle counties, can get refunds for a series of improvements in energy efficiency. Refunds can total $7,500 or $15,000, depending on income.
Utility Rebates for Solar Equipment in Colorado
Some utility companies offer rebates for solar equipment in the Centennial State.
Holy Cross Energy Renewable Energy Incentives
Holy Cross Energy customers may be eligible for Refunds in your solar system.: $250 per kilowatt for the first six kilowatts, then $100 per kilowatt up to 25 kilowatts. You can also get a rebate for your battery: $250 per kilowatt or $500 per kilowatt (up to 25 kilowatts) depending on how much you let Holy Cross Energy control your battery charge.
Incentives are awarded on a first-come, first-served basis.
Reimbursement for battery systems from the San Miguel Electrical Association
Customers of the San Miguel Electrical Association can obtain a Refund on your battery systems.. The rebate is $750 for battery systems of 6 kWh or more.
Federal Solar Tax Credits for Colorado Residents
There are two federal tax credits you can use to go solar or improve your home’s energy efficiency.
Residential Clean Energy Credit
You can claim a 30% federal income tax credit. of the cost of a solar panel and installing batteries in the home.
Energy Efficient Home Improvement Credit
He Federal Energy Efficient Home Improvement Credit allows you to claim income tax credits for home energy efficiency improvements: up to $3,200 credit each year until 2032. The credit is segmented by technology (up to $2,000 each year for heat pumps and $1,200 per year for other technologies) and you cannot renew the credit, so plan accordingly.
Colorado Net Metering Rules for Solar Energy
According to Colorado law, net metering works different depending on the type of utility you have. It should be credited to the retail rate to some extent. For investor-owned utilities, that should account for at least 120% of their usage. For municipal or cooperative utilities, the limit is set at 10 kilowatts of solar capacity. Above that, you may be credited at a different rate. Excess credits from each month will be transferred to the next.
Details vary depending on the utility, so make sure you understand its requirements before moving forward.
Community Solar Projects in Colorado
If you are not in a financial position to purchase or lease a home solar system, you can take advantage of the benefits of renewable energy through community solar projects in the state.
Empire Electric Association Solar Gardens
The electric cooperative Empire Electric Association operates two community solar programs. People can rent a portion of the larger pool to earn credits on their energy bill. One of the programs is designated for those who meet income eligibility criteria.
Xcel Energy Solar Rewards Community Program
Instead of installing a home solar system, homeowners who are Xcel Energy customers can subscribe to a local third party solar garden and purchase electricity through the program. By signing up, you’ll get a Solar Community credit on your monthly bill.
Solar cooperatives
Solar cooperatives, which are groups of people who pool their funds to increase their purchasing power to obtain solar energy. Solar cooperatives are powered by their members and are free to join.
Members receive offers to install solar energy on their home from an installer carefully selected by the group. Once you receive an offer, you may decide to move forward.
Solar United Neighbors is looking for members in its Solar Cooperative for Routt and Steamboat Springs Counties. Membership is open to home and business owners through April 15, 2024.
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