eorgia can easily become the top solar state in the nation in the very near future. The state has one of the fastest-growing solar markets in the country, and with so much sunlight throughout the year, Georgia is the perfect place to adopt solar. The average number of sun peak hours in Georgia is 4.74 hours per day, which ranks the Peach State quite high among the other states. Solar insolation during summer is much higher, which greatly improves solar panel efficiency and provides an excellent option for reducing high electric bills.
As of October 2019, Georgia’s cost of a solar panel ranges from $2.49/W to $3.37/W.
To install a typical 5kW solar panel system one would pay from $12,500 to $17,000. On average, a net market price for the solar power system in Georgia is about $15,000. This price does not account for Federal Tax credit or any other rebates or incentives. Once those accounted for, the net price can be lowered significantly.
The Federal Investment Tax Credit – this government program allows you to get a 30% credit on your federal taxes in the following year, including parts and labor. The tax credit does not have a limit on its value. That will be the biggest saving for solar for residents of Georgia.
Net Metering Program – Net Metering is a special policy that allows you to sell any extra electricity generated by your solar power system back to the utility company. The utility company will determine how much surplus electricity your solar system generated and pay you at the rate, which is determined by Georgia’s Public Service Commission.
Georgia Solar Power Rebates – Some of the smaller utility companies offer rebates to customers who install and connect their solar power systems to the grid. If you are a customer of one of these utility companies, you might be eligible for extra savings.
Georgia sunny weather makes it a perfect place for switching to solar even though the state might not get some of the financial benefits from the local government as other states do. Nevertheless, Georgia has definitely taken action to become not only more solar-friendly but also a leader in the solar industry in the last few years. This fact, together with many other advantages of solar power makes it obvious that there is no better time than now to adopt solar in Georgia.
When you install a solar system, 26% of your project expenses apply toward a credit to offset any taxes you owe that year. This federal tax credit is a major incentive to go solar, but it is going to be phased out by 2024.
To be eligible to claim this credit, you must owe federal taxes.