Solar Power & Renewable Energy Initiatives
If you’re interested in solar power and live in Oregon, you’ll have a variety of incentives to explore, as Oregon is very progressive when it comes to solar power and renewable energy sources.
Renewable Portfolio Standards
Oregon has mandated that by the year 2025, a massive 25% of all energy must come from a renewable energy source. That’s good news for all those who are gearing up to compare solar quotes!
Thanks to impressive net metering laws, consumers have another massive perk when it comes to installing solar panels onto their home. Net metering allows those who use solar panels to offset the cost of the power they draw from the utility. When your system produces more power than you consume, the excess is sold to the grid. Should that happen, you’ll see a credit on your power bill.
As Oregon has clear, strong interconnection standards, it is much easier for companies to offer net metering. With transparent guidelines for everyone to follow, panel owners can start seeing perks from their solar panel system right away!
The state’s rebate program is handled through the Oregon Incentive Trust. Oregon residents have the option of getting one lump sum payment, or having their installer take the amount off the final installed price.
Solar Tax Credit
The perks keep coming. Oregon offers state solar tax credits, all to help in the push towards renewable energy. This credit allows you to take a certain amount directly off your tax payment, rather than as a deduction from taxable income.
Solar Power Performance-Based Incentives (PBI)
Solar Power Performance Payments are also available to Oregon residents. These incentives are based on the metered power system that you use. You earn Solar Renewable Energy Credits based on the number of kilowatt-hours that your system generates, once again, making another strong case to go solar!
Property Tax Exemptions
Oregon offers property tax exemptions for installed solar systems, so don’t hesitate to find local installers and start comparing solar quotes today!
Federal Tax Credit
In addition to all the state-specific incentives that Oregon has to offer, those who purchase a solar panel system get to take advantage of the solar Investment Tax Credit. This credit allows owners to deduct 26% of the cost of installing the system from their Federal taxes. This percentage is only set to decrease in the coming years, so opt for solar panels sooner rather than later to make full use of this benefit.