Throughout the U.S., residential solar energy systems are eligible for several lucrative financial incentives. The federal solar tax credit, along with state and local grants, rebates and tax credits, can add up to savings of more than 50 percent on a home photovoltaic system.
But that’s not all you can save.
Some states also offer tax exemptions for photovoltaic installations. In Colorado, residential solar energy systems are eligible for both property tax and sales tax exemptions, helping you save even more on a home PV system.
Installing a residential solar panel system adds thousands of dollars in value to your home. And in some states, that increase may add a hefty amount to the property tax bill.
Not so in Colorado. Homeowners in Colorado don’t have to pay a dime in property taxes on the added home value. This property tax exemption makes investing in photovoltaic energy even more affordable.
Colorado homeowners who install solar energy systems save hundreds of dollars up front, thanks to the state’s sales tax exemption.
Home PV system components — including photovoltaic panels, inverters, mounting racks and balance of system equipment, like wires and batteries — are not taxed in the state of Colorado. Although installation labor is not exempt from taxes, this financial incentive provides a big bump in savings.
Colorado has a reputation for encouraging residents to go solar, and the state tries to make it as easy and affordable as possible.
Several Colorado utility companies offer significant solar rebates to homeowners who install PV systems. In addition, the state has excellent solar access laws. This means your homeowners association can’t stop you from installing photovoltaic panels on your roof.
Perhaps best of all, Colorado has one of the most progressive net metering policies in the country. Here, homeowners are paid the retail rate for excess electricity produced by their photovoltaic energy systems and sent back to the grid. If you’re careful about your household energy use, you can recover the cost of your system more quickly.
If you live in Colorado and want expert advice on installing a home PV system, the professionals at Intermountain Wind & Solar can help. As the leading residential and commercial photovoltaic provider for the Intermountain West region, our team can explain all your options and give you information about how to maximize your savings.
To learn more about Colorado residential solar energy systems, contact Intermountain Wind & Solar and schedule a free, no-pressure consultation today.
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