Georgia - Energy tax credit, solar rebates and incentives
Georgia residential solar energy incentives
Clean energy tax credit
The clean energy tax credit gives Georgia residents a 35% credit towards the total cost of installation and equipment.
- The credit listings are as follows:
- $2,000 credit limit for geothermal heat pumps
- $2,500 credit limit for domestic solar water heating
- $10,500 credit limit for photovoltaic and wind energy systems.
In order to claim this credit, homeowners must make sure that all equipment and installation has met certification standards.
Georgia Power – Solar buy back program
This program allows solar energy system owners the option of selling power generated back to Georgia Power. Georgia Power then goes on to sell this energy to their customers. The purchase price is currently $17.74/ kWh and a total purchase amount of 500 kWh. In order to be eligibile for this program, solar customers must fill out a contract with Georgia Powers and must be connected to their grid.
TVA – Green power switch generation partners program
Tennessee Valley Authority customers may use this incentive program towards the installation of wind, hydropower, biomass, and solar PV systems. Through this program, TVA takes ownership of all rights in relation to any of credit from the renewable energy. Other power organizations buy the power back from TVA. Customers participating in this program receive payment via their monthly bill from the utility company where their system is located. To help lessen the setup cost, participating customers receive $1,000 upfront. Following this stage, TVA purchase system output at the rate of $.12/ kWh above solar retail price for $.03/kWh above retail pricing of other systems. In order to qualify, systems must produce a min rate of 500 Watts AC and have a maximum rate of 1,000 kW
Utility rebate programs
There are a number of different rebate programs that are offered by Georgian utility companies and municipal cities. The majority of programs are targeted towards solar water heat & solar PV systems. Rebates vary in nature. Some offer a flat rate of initial cost and setup fee and others give a per kW price amount.
Residential renewable energy tax credit
Through this personal tax credit, Georgia residents are able to reclaim 30% of payments made towards installation and labor costs of certified residential systems including: solar water heating, fuel cell, solar-electric geothermal heat pumps and small wind-energy systems.
If placed in service after 2008 there is no limit on incentives. At the end of the year, any left over federal tax credit may be rolled over for the next taxable year as long as it exceeds tax liability. This rollover can continue until 2016, but there is no established plan after that date.
Residential energy conservation subsidy exclusion
All Georgia residents are exempt from paying 100% of energy conservation subsidies that have been provided by public utilities. A purchase/installment of any energy conservation measure by a tax paying resident will not be valued in the customer’s gross income.
Homeowners are able to use the federal loan program: EEM (energy-efficient mortgages) for the use of financing residential renewable energy and technology systems