Georgia’s Key Solar Incentives: A Breakdown

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Georgia is steadily emerging as a leader in solar energy in the Southeast, thanks to its abundant sunshine and growing interest in renewable energy. To encourage more homeowners and businesses to adopt solar power, the state offers several incentives and programs that make going solar more affordable and accessible. From net metering policies to federal tax credits, these incentives can significantly reduce upfront costs and increase long-term savings. In this article, we’ll explore Georgia’s key solar incentives and how they can benefit those looking to harness the power of the sun.

The Residential Clean Energy Credit

The Residential Clean Energy Credit, previously known as the Federal Investment Tax Credit (ITC), can reduce the cost of your solar panel system by 30%. This incentive covers the entire system, including equipment, labor, permitting, and sales tax.

To claim this incentive, you need to purchase your system with cash or a solar loan, as leasing does not qualify for the ITC. You must have a sufficient federal tax liability to use the credit, though any unused portion can be rolled over year-to-year until the ITC expires at the end of 2034. Direct payment of the ITC is only available to tax-exempt entities, such as nonprofit organizations.

Net Metering

Georgia no longer requires full net metering for new solar customers, but some utilities, including Georgia Power, offer a reduced option called net billing.

With net billing, you receive a cash credit on your energy bill for any excess electricity your solar panels send to the grid. Georgia Power offers around 6.8 cents per kilowatt-hour (kWh) for this excess energy, and some smaller utilities provide similar rates.

Unlike traditional net metering, where credits accumulate over a monthly billing cycle, net billing calculates credits instantly. This means the best way to maximize your solar power is to use it at home as it’s generated or store it in a solar battery before sending it to the grid.

Solar for All

• The Community Power Coalition (CPC)’s SFA program, “Powering America Together,” aims to collaborate with and enhance the impact of the US Department of Energy’s National Community Solar Partnership and Community Power Accelerator program. Led by Inclusive Prosperity Capital, Inc., CPC comprises seasoned community solar experts working to support the development of low-income community solar projects, reduce carbon emissions, lower energy costs, and promote quality jobs and community wealth-building. 
• The Southeast Rural Power: SFA Coalition (SE Rural Power Coalition), led by Groundswell, will implement the Southeast Rural Power: SFA Program to deliver residential-serving community solar, energy storage, and energy efficiency improvements for low-income and disadvantaged households across eight states in the American Southeast. This initiative, which includes comprehensive project development and workforce development programs, aims to transform the residential solar market in the region while enhancing community resilience.
• The Georgia BRIGHT Communities Coalition, spearheaded by Capital Good Fund, seeks to extend solar energy benefits to disadvantaged communities in Georgia through various solar programs and investments in enabling upgrades and technical assistance.
• The Clean Energy Fund of Texas (TxCEF), in collaboration with the Bullard Center for Environmental and Climate Justice at Texas Southern University (BCECJ), aims to deploy technical assistance, private capital, and grants to facilitate the establishment of residential-serving community solar projects in low-income and disadvantaged communities across 19 states in the US South and Southeast, including EPA Regions 3, 4, and 6.
• Teaming up with GRID Alternatives, a coalition of ten nonprofit solar and affordable housing providers has developed the Solar Access for Nationwide Affordable Housing Program (SANAH) to expand access to solar and storage for income-qualified households, delivering significant energy savings and other benefits.

SELF Solar System Loans 

SELF (Solar Energy Loan Fund) offers unsecured personal loans for home improvement projects, including energy efficiency and renewable energy upgrades. Key features include:

• Loan Amounts: $3,000 to $25,000
• Interest Rates: 5% to 9.99% fixed
• Terms: 3 to 10 years
• Fees: Origination fee of 2.5%, with a 1.25% discount for military, plus a project management fee of 2.75-2.99%
• Eligibility: Open to homeowners in Florida, Alabama, Georgia, South Carolina, and Tennessee

Disclaimer

The information provided herein is for informational purposes only and is accurate as of the time of publication. Please be aware that the solar energy landscape, including technology, regulations, incentives, and market conditions, changes frequently. Therefore, it is essential to consult with qualified experts and professionals before making any decisions regarding solar energy installations or investments. This will ensure that you receive the most current and applicable advice tailored to your specific circumstances.