The solar energy systems in Texas have increased over time. Texas is now one of the solar energy states in the US. Homeowners are investing in solar because it is a smart financial move.
Electricity is not cheap in Texas. The average household spends $150 per month on electricity bills, which makes Texas the 5th most expensive state for electricity. The cost of electricity for a household is 20% higher than the national average. The initial investment to go solar is pretty much higher, and everyone can’t afford it. But federal and local incentives are created to make it affordable, thus motivating homeowners to go solar.
If you are looking for where to start, we will provide you with a turnkey solution. At Cosmo Solaris, we aim to give you a hustle-free solution for your solar energy system. If you have any questions regarding equipment, installation, process, rebates, or incentives, feel free to contact, us and we will assist you in the best possible way.
FTC is also known as the investment solar tax credit, that gives you a rebate of 30% on the cost of the installation of a solar energy system in the form of a tax credit.
The tax is available for anyone who installs or upgrades the solar energy system and can be claimed on your annual tax return. If you don’t have enough tax liability to utilize 30% of the tax credit, then the remaining credit will rollover to next year’s tax returns.
Those who choose to finance their solar energy system will get the FTC on the complete loan amount. But if homeowners go for a solar lease, they won’t be able to get this incentive.
Texas doesn’t offer statewide rebates or tax credits, but Texans can utilize different rebate programs and special policies by the local government or the utilities to save a large amount on the cost of solar energy system. Below are just a few of them.
If you are an Austin Energy customer, you can get $2,500 as a rebate on installing a solar energy system. Moreover, you’re eligible for the Value of Solar Tariff, which means you can get $0.097 per kWh that your solar energy system produces.
As a CPS Energy customer, a rebate of $2,500 can be received for installing a solar energy system. You're also eligible for an extra $500 if you install locally-sourced solar panels.
There is no statewide net metering policy; utilities offer credit for the excess energy your solar energy system produces. This includes CPS Energy, Austin Energy, Pedernales Electric, and many electric providers within Oncor. At night you can utilize these credits instead of buying electricity from the grid.
Utilities in Texas usually offer four types of buyback plans.
There is no cap on the production of solar energy, and homeowners can get credit for all the excess electricity produced by the solar energy system. However, the buyback rate can vary from utility to utility.
Some utilities put a cap on the amount of electricity that can be sent to the grid. No credit will be given for the energy produced by your solar energy system that exceeds your consumption during that month.
The excess energy your solar energy system sends to the grid is credited at a real-time market price. This rate may vary with time.
Instead of the retail rate or the real-time market price, some utilities credit solar energy at the VOS (value of solar) rate.
Other than saving on your electricity bills, the solar energy system increases your home value, but you don’t have to pay the extra tax for the higher home value. This is because of the renewable energy system property tax exemption, so that the homeowners don’t have to pay extra taxes as a result of the increased value of their homes after installing solar energy systems.
Some of the HOAs restrict homeowners from going solar, but Texas has a solar rights law that allows homeowners to install solar energy systems on their properties.
163 Parkhouse Street #1101, Dallas, TX 75207
3521 50th St #1060, Lubbock, TX 79413
3323 N Midland Drive Suite 113 PMB 1094, Midland, TX 79707
3403 West T C Jester Blvd - 1065, Houston, TX 77018
13359 North Highway 183 Suite 406-680, Austin, TX 78750
13423 Blanco Rd #999, San Antonio, TX 78216
100 Independence Pl
Ste 214 Tyler, Tx 75703
If you have any concerns regarding solar or if you need to inquire about anything like equipment, warranties, rebates, incentives, or financing, We would love to answer all of your questions.
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