Louisiana Solar Rebates
Louisiana, a state distinct and famous for its century old traditions and rich embodiment of classic southern culture. In recent years, all eyes have focused on Louisiana and its struggle to rebuild after the devastating hurricanes. In the midst of all of the rebuilding and the courageous struggle to recreate a unique way of life, how supportive has the government been in creating incentives for the inclusion of solar energy?
Tax Credits
- Tax Credit for Solar and Wind Energy Systems on Residential Property (Corporate). This program applies to residential and multi-family residential properties and provides a 50% tax credit on the first $25,000 of the cost of the materials and installation of a solar system. To qualify, the systems must be installed on a form of residential property.
- Tax Credit for Solar and Wind Energy Systems on Residential Property (Personal). This credit is essentially the same as the previously listed one.
Tax Exemption
- Solar Energy System Exemption. This is for residential purposes and allows for owner-occupied residential buildings or swimming pools with solar components attached to be exempt from tax assessments.
State Loan Programs
- Home Energy Loan Program. Through this program, coined "HELP," homeowners can borrow 50% of the cost of installing various solar systems. The loans are offered for a five-year term at 2% interest, with a maximum amount of $6,000.
State Rebate Programs
- Home Energy Rebate Option (HERO). This rebate program rewards homeowners who make energy efficient improvements to their homes. There are specific criteria to qualify, and it is not immediately clear what solar components fall under this classification.
Net Metering Programs
- The State of Louisiana Net Metering Program. The State of Louisiana allows for commercial, residential, and agricultural sectors to apply any extra energy generated by their alternative energy systems to their monthly utility bills in the form of a credit. This includes solar systems. The city of New Orleans has their own individual net metering program as well.
The State of Louisiana is to be commended for its great solar tax credit incentive. However, it still has a ways to go to complete a solar incentive package. Although on the right track, more focus should be placed on developing solar energy.
