*State incentives may be available, depending on your utility territory. The average residential system is 5 kW or 5,000 watts. For more information on incentives, visit DSIRE. Note: Homeowners must have the tax liability to utilize the credit, but a portion of the credit may be carried forward if not completely usable in the installation tax year.ĭepending on your local utility, there may be local solar rebates or incentives available. 1, 2020, the tax credit will start to decline.įederal Investment Tax Credit Placed in Service 31, 2019, a federal tax credit of 30% of the total system cost is available. If the system is placed in service before Dec. The cost of a small wind turbine can vary by tens of thousands of dollars depending on the type of system you are building. The credit is based on a percentage of the total solar PV system cost. What incentives and tax credits are available?Ī one-time “Residential Renewable Energy” federal investment tax credit (ITC) is available for residential solar PV systems. That means the average 5-kW residential system will cost $15,000-$25,000, prior to tax credits or incentives. The average cost for a residential system is currently $3-5 per watt. The cost of a solar electric system is measured in dollars per watt. A number of factors determine the final price of a PV system, including its size, component options and configuration, labor costs, local permitting costs and available incentives and tax credits.
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