Colorado Solar Incentives 2023

As the demand for renewable energy sources increases, more and more homeowners and businesses in Colorado are turning to solar power as a way to save on energy costs and reduce their carbon footprint.

To encourage this trend, the state of Colorado offers a variety of solar incentives that can help offset the cost of installing solar panels.

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Solar Investment Tax Credit (ITC)

One of the most popular solar incentives in Colorado is the Federal Investment Tax Credit (ITC). This program allows homeowners and businesses to claim a credit on their federal taxes for the cost of installing solar panels. The credit is equal to 30% of the cost of the solar system, with no maximum limit. This means that homeowners and businesses can receive a significant tax break for investing in solar power.

Colorado Energy Resource Center (ERC) Solar Rebate Program

In addition to the Federal ITC, Colorado also offers a state-specific solar incentive known as the Energy Resource Center (ERC) Solar Rebate Program. This program provides rebates to homeowners and businesses who install solar panels on their property. The rebates are based on the size of the solar system and can be as much as $1,800 for a residential installation and $2,500 for a commercial installation.

CO Property Assessed Clean Energy (PACE) Program

Another popular solar incentive in Colorado is the Property Assessed Clean Energy (PACE) program. This program allows homeowners to finance the cost of installing solar panels through a special assessment on their property tax bill. The assessment is paid over a period of up to 20 years, with interest rates typically lower than traditional loans. This makes it easier for homeowners to afford the cost of installing solar panels and take advantage of the energy savings.

Colorado Net Metering Program

Net metering is also available for customers in Colorado. This program allows customers who generate their own electricity from solar panels to sell any excess power back to the utility company. This allows customers to receive credits on their utility bill for the power they generate, making it more affordable to install solar panels and reduce their dependence on traditional energy sources.

Other Colorado Solar Incentives

Finally, Colorado also offers a variety of other financial incentives for solar power. These include grants for solar research and development, as well as grants for businesses that install solar panels on their property. Additionally, the state has set a Renewable Energy Standard (RES) that requires utilities to generate a certain percentage of their electricity from renewable sources. This standard helps to create a market for solar power and encourages utilities to invest in solar power.

Overall, Colorado offers a variety of solar incentives that make it more affordable for homeowners and businesses to install solar panels. These incentives include the Federal Investment Tax Credit, the Energy Resource Center Solar Rebate Program, the Property Assessed Clean Energy program, and net metering. Additionally, the state also offers a variety of other financial incentives for solar power, including grants and the Renewable Energy Standard. With these incentives, it is now more affordable than ever for Colorado residents to invest in solar power and reduce their dependence on traditional energy sources.

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Do I Qualify?

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