Incentives for Solar Panel Installation in Nashville, TN
Nashville, TN is known for its vibrant music scene, rich history, and southern charm. But in recent years, the city has also been making a name for itself as a leader in sustainable energy initiatives. One such initiative is the promotion of solar panel installation through various incentives.
The state of Tennessee doesn’t have any specific statewide solar incentives; however, residents can take advantage of federal tax credits. The federal government offers an investment tax credit (ITC), also known as the federal solar tax credit. It allows homeowners and commercial property owners to deduct 26% of the cost of installing a Nashville commercial solar company energy system from their federal taxes. This incentive is available until December 31, 2022.
Besides this substantial federal tax credit, there are other financial benefits that Nashville residents can enjoy when they switch to solar power. One such benefit comes from TVA’s Green Power Providers program which was unfortunately discontinued at the end of 2019 but had offered long-term contracts to purchase 100% of the green power output from qualifying renewable generation systems at a premium rate per kilowatt-hour.
Another key incentive is net metering which allows residential and commercial customers who generate their own electricity from solar power to feed electricity they do not use back into the grid. Although Tennessee does not have any mandatory statewide net metering policy in place yet, many utilities offer it voluntarily or provide similar programs that offer monetary credits for excess generation.
Additionally, several local banks and credit unions throughout Nashville offer special financing options for those looking to install solar panels on their homes or businesses including low-interest loans specifically designed for clean energy projects.
Furthermore, with Nashville Electric Service’s Shared Solar Program anyone can access affordable renewable energy even if they rent or don’t have a suitable roof for traditional panels. Participants receive monthly bill credits based on how much electricity their subscribed portion produces each month.
Solar installations bring more than just financial savings—they’re an investment in our environment and our future. The use of solar power reduces dependence on fossil fuels, decreases greenhouse gas emissions, and contributes to the fight against climate change.
In conclusion, while there may not be any specific statewide incentives for solar panel installation in Nashville, TN, residents can still take advantage of several financial benefits. From federal tax credits to net metering programs and affordable financing options, these incentives make it easier than ever for Nashville homeowners and businesses to switch to clean, renewable energy. And with the city’s commitment to sustainability only growing stronger, it’s an excellent time for Nashvillians to consider going solar.
Green Wave Solar
231 W Rutherford Blvd, Murfreesboro, TN, 37130
615-237-1737