What is the AEP Texas SMART Source Solar PV Program?

AEP is introducing the SMART Source Solar PV Program to encourage solar energy adoption among homeowners and businesses in Central and North Texas. This initiative aims to reduce the upfront cost of solar installations by offering incentives, capped at $3,000 per residential installation and up to $50,000 for businesses. In 2024, the total incentives are available on a first-come, first-served basis, with a cap of $553,620 for Central Texas and $256,264 for North Texas.

Given these caps, it's important to apply early to secure funding before it runs out. The incentive program opens on July 1, 2024, and projects must be completed by November 30, 2024. However, AEP retains the option to extend these deadlines if the allocated funds are not fully utilized.

For residential customers, the application process involves an AEP-certified solar contractor submitting the SMART application after completing the solar panel installation. The contractor must monitor funding levels to ensure availability at the time of project completion.

Additionally, each residential customer can only qualify for the incentive once per ID/interconnected meter. Since 2022, AEP has been checking for previous participation in the solar program and rejecting applications for newly created ESI-IDs that have previously received an incentive.

This program provides a significant opportunity for reducing the cost of solar installations, but due to the limited funding, interested parties are advised to act quickly. By partnering with certified contractors and adhering to the program's guidelines, homeowners and businesses can take advantage of these incentives to invest in sustainable energy solutions.

To learn more about the benefits and qualification process, read the complete article here!