If you’re considering going solar in Delaware, you’re in luck! The state offers several incentives, including the Solar Renewable Energy Credit (SREC) program, which can help reduce the upfront cost of your solar installation and provide ongoing savings.

What is an SREC?

An SREC is a certificate that proves you’ve generated one megawatt-hour (MWh) of electricity from your solar system. In Delaware, solar system owners can earn an SREC for every 1,000 kilowatt-hours (kWh) of electricity their panels produce. These credits can be sold to utility companies that need to meet state renewable energy mandates, creating a potential revenue stream for you.

Delaware SREC Price

The Delaware SREC price fluctuates based on market demand, but it typically ranges between $20 to $50 per SREC. The price can vary, so it’s important to stay updated on the market to maximize your earnings. By selling your SRECs, you can offset part of your solar installation cost over time.

How Do Solar Incentives Work in Delaware?

Delaware solar in delaware offers a solar tax credit that works alongside the SREC program. You can claim the federal solar tax credit of up to 30% of your system’s cost, reducing the financial burden even further. In addition, Delaware has state-specific incentives that may apply, such as grants and rebates for solar installations.

How to Claim Your Solar Tax Credit

To claim the solar tax credit at the federal level, you must file IRS Form 5695 along with your tax return. This credit reduces the amount of taxes you owe based on a percentage of your solar system’s cost. For Delaware residents, checking eligibility for state rebates and incentives can help you save even more.

Incorporating both SRECs and the tax credit can make solar energy an incredibly affordable and sustainable option for Delaware homeowners!