Solar Incentives and Government Programs to Watch in 2024

Solar energy is not only a great way to reduce your carbon footprint and energy costs, but there are also plenty of incentives and government programs available that make going solar even more affordable. If you’re a home owner thinking about switching to solar in 2024 or a solar company helping your clients maximize their savings, here are the key incentives and programs to keep an eye on:

1️⃣ Federal Tax Credits (US & Canada)
In both the US and Canada, federal tax credits can cover a significant portion of the cost of installing a solar system. The US solar tax credit allows homeowners and businesses to deduct up to 30% of installation costs, while Canada offers a Greener Homes Grant of up to $10,000.

2️⃣ State and Provincial Rebates
In addition to federal incentives, many states and provinces offer local rebates for solar installations. These programs can vary, but some areas provide thousands of dollars in additional savings for homeowners who install solar panels.

3️⃣ Net Metering
Net metering allows solar panel owners to sell excess electricity back to the grid, further reducing energy costs. Not every state or province offers it, but those that do can help solar users earn credit for the energy they generate but don’t use.

4️⃣ Solar Loans and Financing Programs
If you’re worried about the upfront costs of going solar, many governments have introduced low-interest loan programs to help cover installation expenses. These financing options make it easier to spread out the cost of your solar investment over time.

5️⃣ Community Solar Programs
For those who can’t install solar panels on their own property, community solar programs offer an exciting option. These programs allow individuals to buy into a shared solar array and receive credits for the power generated, even if they don’t have panels on their home.