See it there on the front of your tax bill or assessment? Yup, that’s your property tax — and for most homeowners, it’s a significant yearly expense.
So what if you could cut your property tax bill in half — or even avoid paying property taxes outright? Imagine the savings that could represent for you and your family.
It could be the difference between a vacation and paying the mortgage! Keep reading if you want to reduce property tax and save money on solar.
Homestead Exemption
The homestead exemption is a discount on your property taxes based on the value of your home. If you have a solar energy system, you may be able to get a discount on your property taxes.
Tax Exemptions
In many states, solar energy systems are eligible for tax exemptions. These exemptions can vary by state, but they typically range from 10-100% of the cost of the system.
Some states offer a sales tax exemption, while others provide a property tax exemption. Check with your state’s tax office to learn what’s available for you.
Sales Tax Exemption
Sales tax exemption is one of the many available solar incentives that can significantly offset the upfront costs of a solar energy system. By exempting the purchase and installation of a solar energy system from the state sales tax, the incentive can reduce the upfront costs of going solar by up to 10%.
In addition, some utilities offer a rebate for solar customers, which can further offset installation costs.
Property Tax Exemption
The exemption is based on the value of the solar energy system and the jurisdiction in which the property is located. Some jurisdictions exempt the entire value of the solar energy system from property taxes, while others exempt a portion of the value.
Homeowners should check with their local tax assessor to determine the exemption amount.
Solar Incentives
Many states and localities offer solar incentives through solar rebates, grants, or property tax credits. You can check with your local government to see what solar incentives are available in your area.
Net Metering
Net metering allows you to sell the excess electricity your solar panels generate back to the grid, and in some cases, you can even get a credit on your bill for the power you generate. This can significantly offset your property taxes and sometimes even make your property tax bill go away entirely.
Check out this affordable solar option if you want to reduce your property tax and save money.
Reduce Property Tax With Solar Energy
Solar energy is a great way to reduce property tax. Install solar panels can reduce your property taxes by up to 50%. Solar panels are a significant investment and will save you money in the long run.
Contact your local solar company today to get started.
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