According to the Solar Energy Industries Association, the solar market has grown at a rate of 49% over the last decade. This popularity has caused the price of solar to drop, and people across the country are now investing in it.
However, the laws and incentives surrounding solar are different from state to state. Understanding them can therefore be tricky.
To make sure that everything is clear, we’ve put together this guide for you that breaks down what solar power in Oregon is like, as well as why you should make the switch.
Keep reading to learn more.
Understand the new solar power in Oregon incentives
The state of Oregon hopes to produce 50% of its statewide power from solar and other renewable energy sources by 2040. This is an ambitious goal, and to accomplish it, Oregon provides homeowners with several different incentives to make the switch.
The incentive program that Oregon residents can enjoy today came out in early 2020. Let’s take a look at what exactly it entails.
One of the most direct forms of support that Oregon provides its residents is a rebate program. This allows homeowners to recoup a huge chunk of their initial investment after installation.
If you own the solar system that you had installed, you’ll qualify for $950 off per kilowatt. If you lease your system, you can earn $750 per kilowatt. There’s a cap at $9,500 for owners and $5,000 for people who choose to lease.
That means that if you pay $22,000 for your solar system, that state will pay you up to 43% of your initial investment!
Do you hate paying property taxes? If you do, installing solar panels can be a smart move. Oregon provides its residents with a property tax exemption after they install a solar system.
This is huge, especially when you realize that solar can increase the value of your home—more on that later.
If you’re new to the state, you might also be surprised to learn that Oregon doesn’t have a sales tax. You won’t have to worry about factoring that into the amount you pay.
Oregon also provides its residents with tax credits if they install a home solar power system. These have a maximum value of $6,000.
The state will pay you $1,500 each year until the amount reaches the full value. If you qualify for the maximum amount of credits, then the state will pay you the amount over four years.
Why switch to solar?
So solar in Oregon is much more affordable than you might have realized—great. It does still require you to invest, however.
Why is that an investment worth it?
Great for the environment
Of course, one of the biggest benefits of solar energy is that it’s great for the environment. It allows you to produce electricity that doesn’t come from traditional fossil fuel sources, helping to reduce your carbon footprint.
Aside from staying away from fossil fuels, solar doesn’t put out any of the other dangerous chemicals that traditional sources do either. When producing it, you don’t have to worry about releasing nitrogen oxides or sulfur oxides.
Solar also uses much less water than traditional fossil fuel sources. It’s one of the greenest forms of energy that you can use!
Works in all climates
Many people across the world are apprehensive to make the switch to solar because they believe that the climate they live in isn’t suitable for it. This is a misconception.
You don’t need to live in Arizona to enjoy the benefits that go along with solar panels. As long as there are moments when the sun shines, then you can benefit from installing a solar power kit.
Even in Oregon where we get our fair share of cloudy and rainy days, you can be certain that switching to solar is a smart decision. The right solar installation companies will remind you of that fact.
Helps you save money
As explained, the state of Oregon offers a fantastic incentives program that helps cut down on the cost. This can make a solar power system affordable for most, if not all.
Solar is also a great financial investment. It helps cut down on your energy costs, reducing your monthly utility bills. The exact amount you save depends on how much energy you use and how much sunlight the panels get, but in many cases, the savings can be substantial.
In some cases, it can even take you to energy independence, reducing your monthly bills to zero.
Increases home value
Like a new kitchen or an expansive back deck, a solar panel is an upgrade for your home. As with all renovations and upgrades, this means that solar can help increase your home’s value.
There have been several different studies that show how solar increases the value of homes by an average of 4.1%. If you have a $200,000 home, that means it’ll increase its value by $9,060.
Other studies found that number to be even higher. In some instances, a solar power system can increase the value of your home by around 15%.
Enjoy solar power and all of its benefits
The options for solar power in Oregon are bountiful. If the idea of helping the environment while also helping your bank account appeals to you, then you might want to consider investing in it. You’ll thank yourself later!