The nation’s capital is gearing up for a brighter future with its climate and energy plan, Clean Energy DC.1 It plans to cut greenhouse gas emissions in half by 2032, so you can be sure that they’re taking solar seriously. DC already has a few incentives in place to help households go solar.
Want to see savings fast? Washington DC solar company Sunrun can help you save. Read on to learn how.
|Solar Savings Types||Value of Savings|
|Federal Solar Tax Credit (ITC)||26% of the final cost of the solar system|
|Washington DC Solar Renewable Energy Credit (SREC)||Varies depending on market value|
**Customer’s ability to monetize rebates, incentives and tax credits depends on several factors, including, without limitation, continued state subsidization of these policies, the applicable Sunrun product type, and whether a customer purchases or leases a solar system from Sunrun.
Solar renewable energy credits, or SRECs, are another way that DC helps homeowners save on solar.3 D.C. sets a Renewable Portfolio Standard, or RPS, that requires companies that provide electricity, like your local utility, to get a portion of its energy from renewable sources like solar power. To meet the RPS, electric companies can buy solar credits from home solar systems. Home solar system owners can sell SRECs to an aggregator like SRECTrade, bundling up their SRECs and selling them to the utility.
On top of DC’s solar renewable energy credits, you’d also be eligible for the 30% Federal Investment Tax Credit, or ITC, if you buy your own solar system outright.* The tax credit amounts to 30% of the cost of purchasing your solar system, but only after deducting the value of your state rebates. However, ITC credits will begin stepping down from 30% at the end of 2019. The tax credit for systems in service after 12/31/19 will drop to 26%. After 12/31/20, it’ll drop even further to 22%, and by 2022 the residential credit will drop to zero.4
While both SRECs and the ITC are great reasons to go solar, they can get complicated fast. Not only that, but the upfront cost of a home solar system can leave a pretty big dent in your wallet. So why not keep things simple and still save big? That’s where Sunrun steps in.
Thanks to BrightSave™ Monthly and Prepaid, you pay for the power, not the panels. For as little as $0 down, you’ll get a Washington DC solar installation while we pass on all the above DC incentives down to you in the form of a low, predictable energy bill. BrightSave also comes with free monitoring, maintenance, and repairs for your solar system for the next 25 years. All you have to do is sit back and soak up the savings. Plus, you’ll still be able to get credits for net metering, which could lower your electricity bill even more.
Looking for a solar company near you? See how much you could save with Sunrun and get your free quote today.
*We recommend contacting a tax professional to most accurately determine the impact of the ITC on your federal taxes.