Solar Energy Incentives In Tennessee

An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group.

Solar energy incentives in tennessee.

Federal solar tax credit. As the market has matured and the price of solar has fallen dramatically the market no longer needs these incentives. Keep in mind that the federal government currently offers a 30 tax credit for the whole installed cost of your system that s a huge benefit available to you no matter where you live in the us. 8am to 5pm pst.

In february 2019 the tva board voted to close the green power providers gpp program to new applications pending satisfactory completion of environmental reviews. Tennessee has something of a split identity going on with solar power policy. Tva has has several start and stop solar programs and the latest the dispersed power program is not all that great. Unfortunately tennessee does not offer a state income tax credit.

Tennessee is a grid parity state making solar power cheaper than the residential utility rates. Not only would you be saving over 800 a year on utility bills with such a system but these generally increase property values by about 10 000. Energy information administration tracks energy information by state reporting on statistics like energy generation consumption and more. Below is an interactive overview of tennessee s energy consumption reflecting the most recent year for which data is currently available.

Tennessee has lots of sunshine and laws that are favorable for solar power. The tax break reduces. However tennessee valley authority tva which serves virtually all of the counties in tennessee offered a distributed solar program of 10 mw for projects 50 kw to 5 mw in 2016. Tennessee has a solar rating of good meaning that with local and federal incentives a 3 kilowatt kw home solar system costing around 15 000 would pay for itself within 10 years.

Currently tennessee has 6 financial incentive programs and 1 regulatory programs supporting the adoption of solar energy. These are the solar rebates and solar tax credits currently available in tennessee according to the database of state incentives for renewable energy website. The most significant incentive to install solar panels for homes and businesses in tennessee is the federal solar tax credit at the end of 2020 the amount of the credit will decrease from 26 to 22 of the cost of the solar installation. 6am to 6pm and sat.