Interested in generating your own power?
Net metering is an incentive designed to encourage homeowners and business owners to produce their own power using renewable energy sources such as solar or wind.
In addition to federal tax credits and low interest loans from the State of Idaho, the power generated will reduce the amount owed on your utility bill.
Before you go out and buy solar panels, though, keep in mind that you’ll need to submit your plan to IFP for review and approval. You’ll also need a permit through the city’s Planning and Building Department. Once the equipment has been installed, IFP staff will install a new meter and related equipment.
To help cover your costs, Idaho’s Office of Energy Resources offers low-interest loans – 4 percent over five years, with a maximum cost of $15,000 for home equipment and $100,000 for businesses. Go here for more information.
The state also offers an income tax deduction of 40 percent of the cost of installing most renewable energy generating equipment, including solar and wind. Idaho residents can also deduct 20 percent of the cost of the equipment each year after installation for three years. The maximum deduction in any one year is $5,000, and the total maximum deduction is $20,000. Click here for more information.
At the federal level, tax credits can cover 30 percent of the total cost, with no upper limit. Existing homes and new construction qualify, as do principal residences and second homes. Rentals do not qualify. Go here for more information.
If you’re curious about the potential for solar energy generation here in the Gem State, take a look at this web site to see the potential for solar energy in Idaho.
For more information, please contact Matt Evans at (208) 612-8436 or via email.