You might have seen those large solar panels on homes and buildings and wondered if you need to switch. This can be frustrating since solar panels can be perfect for you and your family.
You might be stuck wondering “how do I switch to solar power?”
Continue reading below as we cover what you need to know about Washington solar incentives for 2022.
Washington Solar Incentives for 2022
Solar incentives in Washington are available to help offset the cost of solar installation. The Solar Energy Industries Association (SEIA) has estimated that the average cost of installing a solar PV system has fallen by 70% over the last decade.
The cost of solar continues to fall and Washington solar programs remain strong. Switching to solar in Washington now is very timely. Read this article to find out more about solar savings.
State Tax Credit
The Washington state solar incentives offer a tax credit for those who install solar panels on their homes or businesses. The amount of the credit is 30% of the cost of the installation, up to a maximum of $1,000.
The credit is available for both new and existing construction. The solar panel arrays placed in service on or after January 1, 2022, are the ones eligible.
Solar Production Incentive
The Washington state legislature recently passed a bill that extends production incentives for solar photovoltaic (PV) systems through December 31, 2023.
This means that you could receive a payment for every kilowatt-hour (kWh) of electricity your PV system produces. For systems installed after January 1, 2022, the incentive rate will be $0.02 per kilowatt-hour (kWh) of production for a period of ten years.
Low-Interest Loan Program
One of the best Washington solar programs is the Low-Interest Loan Program, which offers low-interest loans for the buy and installation of solar photovoltaic systems. This program is available through 2022, so now is the perfect time to make the switch to solar.
With the low-interest loan program, you can finance up to $50,000 of your solar project at a fixed interest rate of 3.5%. This is a great way to save money on your solar installation and make the switch to renewable energy.
Solar Renewable Energy Credits (SREC)
Solar renewable energy credits (SREC) is one type of incentive that helps make solar affordable. SREC sold or traded to utilities to meet their renewable energy goals.
The value of an SREC varies but is currently about $36. This incentive, along with other state and federal incentives, makes solar an attractive investment in Washington.
Solar Rebates in Washington State
The solar alternative compliance payment (SACP) offers significant rebates to homeowners and businesses. The SPI offered a $0.25 per kilowatt-hour (kWh) rebate for solar production.
Furthermore, SACP offered a $0.15 per kWh rebate for a solar product. But, with the incentives in place, the payback period for a solar installation was also reduced to about eight years.
Make the Switch to Solar
Solar is a great way to save on your energy costs. With Washington solar incentives for 2022, it’s more affordable than ever to switch to solar. So what are you waiting for? Make that switch!