2022 OREGON RESIDENTIAL SOLAR INCENTIVES
With incredible Oregon solar incentives available in 2022, Oregon homeowners have the opportunity to take advantage of incredible financial benefits when switching to solar.
When you switch to solar, we’ll take care of the majority of your incentive paperwork. All of our solar systems come with free project management support, and we’ll supply all the information necessary for your tax documents and communicate with your tax professional as needed.
Total Solar Resource Fraction (TSRF)
To be approved for certain Oregon Solar Incentive, the area of your property that will have solar installed on it must have a TSRF of greater than or equal to 75%. We can easily help you confirm whether or not you qualify with our proprietary solar audit.
Federal Solar Investment Tax Credit (ITC)
Your solar system must be installed before January 1st, 2023 in order to qualify for the entire 26% rebate. In 2023, this rebate will be reduced to 22%, and this incentive is going away in 2024. Below is a timeline of anticipated federal rebate changes.
2022: Owners of new residential and commercial solar systems can deduct 26% of the cost of the system from their federal tax obligations.
2023: Owners of new residential and commercial solar systems can deduct 22% of the cost of the system from their federal tax obligations.
2024: Owners of new commercial solar only (not residential) can deduct 10% of the cost of the system from their federal tax obligations. The ITC vanishes for homeowners in 2024.
Calculation example 1:
$20,000 cost x 0.26 rebate = $5,200
In this example, you will receive an extra $5,200 back from the federal government.
Calculation example 2:
$15,000 cost x 0.26 rebate = $3,900
In this example, you will receive an extra $3,900 back from the federal government.
Solar Boosts Home Resale Value
Solar panels don’t just reduce your energy costs and help the environment; they also increase your property value. According to Zillow, homes with solar sold for nearly 3% more than comparable homes without. That means an average home with solar across the United States sold for an additional $9,274.
Zillow’s findings reflect similar studies published by the Lawrence Berkeley National Renewable Energy Laboratory, which drew on a sample of 23,000 homes across the country.