Arizona Homeowners Benefit from Solar Savings

• Arizona is 5th in the nation for solar power installations, and experts predict the number of those using solar power in the state will only increase
• By switching to solar energy, homeowners in the state can benefit from savings linked to tax credits, exemptions, and rebates

No Better Time for Arizonans to Go Solar ?

As the world and the nation focuses on new and innovative renewable energy initiatives, the prospect of switching to solar energy only gets better. And, for residents of Arizona, the benefits of going solar in the valley of the sun could add up to awesome savings. With federal and state incentive programs for solar energy, individual residents might consider jumping at the chance to put some panels on their roof.

How to Save With Solar

• Federal Solar Tax Credit: The federal government offers a tax credit so that homeowners can recoup part of the installation cost of their solar panel system. Residents only need to enter the installation amount in their tax return and see their income tax amount adjusted dollar-for-dollar. In 2022, the government is processing the solar tax rebate at about 22%. Given that the tax credit is currently set to expire in 2024, there might be no better time to look at switching to solar energy.
• Arizona Solar Tax Credit: Like the federal government, the state offers tax credit for solar panel installation at 25% of costs. However, it is limited to $1000. The credit is also claimed on income tax for the next year.
• Energy Equipment Property Tax Exemption: When assessing property taxes, the entire value of a home is included. Solar power typically adds to the value of a home. But, in Arizona, one program exempts the cost of an installed solar power system from property tax. This exemption means even more savings in the long run for homeowners who make the switch to solar energy.
• Solar System Sales Tax Exemption: Arizona also offers a program that exempts a homeowner from having to pay sales tax when buying a solar power system. This exemption can result in savings of nearly 6% of the installation cost.
• Arizona Solar Buy-Back Rates: As set by government regulations, utility companies run electricity buyback programs that deduct some costs from a homeowner’s final energy bill. In Arizona, the Export Rate model is used to measure power generated against power used from the grid. This can result in decent savings related to solar prior to the state payback period, which is about 11 years.

What Solar Means for Arizona’s Future and for You

Arizona is currently ranked at 5th in the nation for use and installation of solar energy, according to SEIA. Solar energy as a primary and usable source of power within the state is only expected to expand. Due to this, incentives and benefits for solar energy installation will likely increase. Project Sunroof estimates that the average solar-powered home in Arizona brought about savings of at least $9000 over 20 years after purchase. Living in Arizona means more solar energy output and less solar panels needed to produce power.

Consider Solar Living in Arizona

Homeowners in the state of Arizona stand to benefit greatly from solar power. State legislators and courts are making clean energy more affordable, reducing costs, and bringing in larger investments. Solar energy might mean more money for you and a better world for all. It might be time to look at enjoying the sunshine by letting it power your life.

Related reading: https://www.rockethomes.com/blog/housing-market/67-percent-of-households-want-solar-panels