Idaho may be known for its agriculture, but it may soon be known for its solar powered homes. Every day more homeowners are turning to solar for potential savings, predictable energy payments, and to preserve the environment. There are many reasons to go solar in the Gem State, but preserving its resources and agriculture may be the biggest one.
Depending on your utility company, you may be eligible for solar incentives and programs. The residential Energy Efficiency Tax Credit can provide up to $500 in state tax credit for homeowners who purchased a system between 2005-2021. Low-interest state energy loans are offered to support solar installation: up to $15,000 can be borrowed for five years, at 4% interest. Residential Alternative Tax Deduction* allows a deduction of 40% of the cost of your solar panel equipment and installation, and 20% of the cost each year for three years following installation. Max deduction is $5,000/year and $20,000 total.
Idaho homeowners are also eligible for the Solar Investment Tax Credit (ITC).*** The ITC allows you to deduct 26% of the cost of installing a solar energy system from your federal taxes.
Many Idaho homeowners are going solar for the potential savings. If you are on a Time of Day plan you may pay higher energy rates certain times of day. With a solar system, you can run on the sun. If you have batteries, you can even keep running off excess energy at night. You may not even need to use any energy from the grid. If you offset your production, you may only have a minimum energy bill.
Your utility may schedule outages to conserve energy. As the weather warms up, they may become more frequent. In the event of an unplanned or planned power outage, you won’t be left in the dark. As long as you have batteries, you will continue to have power.
Idaho is an agriculture-rich state. The state is actually ranked in the top 10 for the production of over 25 crops and livestock. Of course the state also has beautiful outdoor recreation areas. By going solar, you directly contribute to the reduction of greenhouse gas emissions. Your system is actively helping preserve the state’s rich outdoors.
Time of day plans can make your energy bills unpredictable. Not only does your utility provider charge you based on how much energy you use, but the rate varies depending on when you use it. The winter is a peak time due to cold weather. Avoid the guessing game every month by going solar. With a solar system you can reduce your dependence on electricity from the grid and you are in control of what your electric bill can be each month. If you purchase or lease your system you can lock in your monthly solar payment for the duration of your loan or lease.You may notice your energy bills become a lot easier!
Idaho homes are quickly rising in value. The average home is valued at $348,483, an 18.9% increase from last year.* Many homeowners reportedly go solar to invest in their home and keep up with the market.**