Solar Side Up Highlights Tax Incentives for Denver Residents in 2024

Solar Side Up in Denver outlines 2024 tax incentives for local solar installations, aiming to help residents and businesses capitalize on solar energy savings.

DENVER, COLORADO, UNITED STATES, July 9, 2024 /EINPresswire.com/ -- Solar Side Up, a Denver-based company specializing in residential and commercial solar installations, has released a detailed overview of the tax incentives available to Denver residents for solar energy in 2024. This report provides crucial information for those considering solar energy solutions in the Denver metro area.

Overview of Incentives:

Federal Investment Tax Credit (ITC): The ITC remains one of the most significant incentives, offering a 30% credit on the cost of solar systems for both residential and commercial properties. This credit is applicable to the entire system, including equipment, labor, and permitting costs, and will remain at 30% until 2032, before decreasing to 26% in 2033 and 22% in 2034 (EnergySage, 2024; EcoWatch, 2024).

State Sales Tax Exemption: Colorado provides a 2.9% sales tax exemption on solar equipment, significantly reducing the upfront cost of solar installations (EcoWatch, 2024).

Property Tax Exemption: The added value of a solar power system is exempt from property taxes in Colorado, ensuring that property owners do not face higher property taxes due to their solar investments (SolarReviews, 2024; Sunrun, 2024).

Financing Options: The Residential Energy Upgrade (RENU) Loan program in Colorado offers low-interest loans up to $75,000 with repayment terms up to 20 years, making solar more accessible to homeowners (EnergySage, 2024).

Local Utility Incentives

Several local utilities provide additional incentives to further reduce the cost of solar installations:
- Xcel Energy Solar*Rewards Program: Offers compensation per kilowatt-hour (kWh) produced by the solar system (Sunrun, 2024).
- Black Hills Energy: Provides $0.03 per kWh for the first 10 years for systems up to 30 kW (EnergySage, 2024).

Net Metering
Colorado supports net metering, which allows solar system owners to earn credits on their utility bills for excess power generated and fed back into the grid. This program is beneficial for maximizing financial returns on solar investments (SolarEmpower, 2024).

Additional Rebates
Local governments and utilities may offer additional rebates. For example, Boulder County provides a $200 rebate for systems installed through specific programs, and Holy Cross Energy offers upfront incentives of $250 per kW for systems up to 6 kW and $100 per kW for systems between 6-25 kW (EnergySage, 2024).

About Solar Side Up
Denver's solar incentives make it an excellent time for residents to consider transitioning to solar energy. Solar Side Up provides expertise in navigating these incentives to maximize savings for both residential and commercial properties. For more information, visit Solar Side Up.

Trey Crowell
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