Go Solar in Tennessee with Lucrative Incentives and Rebates
Harnessing solar power in the Volunteer State is rapidly gaining momentum for both residential and commercial properties. With abundant sunshine averaging 77.95% annually, Tennessee offers ideal conditions to make the switch to clean, renewable solar energy a smart investment.
As solar panel costs continue to fall and solar technology advances, there’s never been a better time to install a solar energy system on your Tennessee property. Even better, you can take advantage of attractive solar incentives, rebates, and benefits to drastically reduce the upfront costs.
Tennessee’s Solar Incentives, Rebates, and Benefits Explained
Tennessee Valley Authority (TVA) Solar Incentives
The Tennessee Valley Authority, one of the nation’s largest public power providers, offers generous solar incentives for homeowners and businesses that install qualifying renewable energy systems like solar panels, wind turbines, biomass, and small hydropower.
Solar system owners receive a premium rate of $0.12/kWh generated, while other renewable sources earn $0.03/kWh plus retail rates. New participants get a $1,000 signing bonus to offset installation expenses. Any excess energy produced is credited on your monthly electric bill or purchased at predetermined rates. Systems must be between 500W and 999kW to qualify.
Local Utility Rebates
Although Tennessee lacks statewide solar rebates, many municipalities and local utilities provide rebates for energy efficiency upgrades like solar panels, insulation, heat pumps, and LED lighting.
Sales Tax Exemption
When installing a solar energy system, Tennessee homeowners are exempt from the state’s 6.25%-8.25% sales tax – an instant upfront savings!
Performance-Based Incentives (PBIs)
Tennessee’s Solar Power Performance Payments are PBIs that compensate you for the actual energy your system produces, measured in kilowatt-hours or BTUs. This generated solar power is converted into tradable Solar Renewable Energy Credits (SRECs) whose value fluctuates with market supply and demand, helping your system pay for itself over time.
Green Energy Property Tax Assessment
Tennessee’s Green Energy Property Tax Assessment limits the taxable value increase from a solar installation to just 12.5% of the system’s total cost, minimizing added property taxes.
Federal Solar Tax Credit
On top of Tennessee’s solar incentives, you may qualify for the Federal Solar Investment Tax Credit (ITC) which provides a 26% tax credit for systems purchased outright with cash or a loan. This powerful incentive is unavailable for leased systems.
With such enticing solar incentives and the state’s ample sunshine, going solar in Tennessee is an opportunity you can’t afford to miss! Check if you qualify for $0 down solar installation and rebates by entering your zip code now.
