Thinking about getting solar panels in Arkansas? Thanks to the new net metering regulations in the state, going solar is getting even better.
Net metering means that when your solar panels produce more energy than you are using, the excess energy will get sent back into the grid and the utility company will pay you for the extra energy.
Many utility companies have discussed getting rid of net metering altogether. But, good news for Arkansas residents! State regulators ruled that utility companies must keep the current net metering system in place until at least 2023.
According to InsideClimate News, “utilities can propose changes to the net metering rates for solar systems larger than 1 megawatt, which are large commercial and industrial systems.” Therefore, smaller systems would retain the current rates until at least 2023.
Gary Moody, the National Audubon Society’s national director of state and local climate strategy said, “the state may be primed for a solar boom, and they are pleased that regulators are not standing in the way.”
- Federal Solar Investment Tax Credit – An increased 30% federal tax credit that’s good for all new solar energy systems. This renewable energy tax credit is available to residential homeowners in Arkansas and can significantly reduce the payments for your solar power investment.
- Solar Property Tax Deduction – Adding a solar system to your roof can raise the property value significantly, often tens of thousands of dollars. However, Arkansas homeowners are exempt from these increases. In other words, your property taxes won’t increase, but your home value will.
Not to mention, the long, sunny days in Arkansas that are great for solar panels and homeowners that like savings.
Going solar can save you money but it can also help the environment become more green and clean and this is the year for Arkansas residents to take the plunge!
To learn more about increasing your home value, while cutting your electric bill significantly schedule your free solar savings estimate. We can determine just how much you can save with solar panels in Arkansas.
*Tax and credits or incentives including those provided by federal, state, or local governments may change or end. This can impact the amount of money you might save. Consult a tax professional to understand any tax liability or eligibility for any tax credits that may result from the purchase of your solar system.
If you have taxable income and own the system, you may qualify for the federal investment tax credit (ITC). It is your responsibility to determine your eligibility and to apply. Consult a qualified tax professional for assistance and details.