Solar Incentives in Georgia
Going solar would not only allow you to produce electricity for your personal needs, but also, thanks to a practice known as net metering, you might be able to sell it back to the utility.
In accordance with this policy, participating utilities will calculate the surplus solar electricity you supply to the grid and compensate you at a rate set by the Georgia Public Service Commission.
Georgia’s net metering rate is determined at the avoided cost of the utility, which is the price that the utility would have to pay to power generators otherwise.
If they hadn’t purchased it from you and your solar panels, they would have had to pay a major electric power plant.
For instance, in 2016, the utilities would pay you $40 to $60 for each megawatt hour (MWh) you produced; if you installed a 5-kW system, you might sell the electricity you produced for $200 to $300. The best utility net metering program in Georgia is provided by Georgia Power.
Inflation Reduction Act 2022
Thanks to our government’s Inflation Reduction Act 2022, the Investment Tax Credit for solar was extended and increased, now equaling 30%. Prior to this act, the Investment Tax Credit equaled 26% and was set to expire in 2024.
But, thanks to the change, you can now claim a 30% federal tax credit off of your solar panel installation costs.
This Investment Tax Credit lasts up to 2032, and there are no income limits on this credit, meaning that all individual taxpayers can apply for this incentive.