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There are various financial incentives available to encourage solar panel installation and promote renewable energy adoption. One of the most common incentives is the federal investment tax credit (ITC), which allows homeowners and businesses to deduct a percentage of the cost of installing a solar energy system from their federal taxes. The ITC typically covers 26% of the system cost for residential installations and 22% for commercial installations, making solar panel installation more affordable.

Furthermore, many state and local governments offer additional incentives such as rebates, grants, or performance-based incentives to offset the upfront costs of solar panel installation. These incentives vary depending on location and may include cash rebates based on system size, performance-based incentives tied to energy production, or property tax exemptions for solar installations.

Moreover, some utility companies offer net metering programs that allow solar panel owners to receive credit for excess electricity generated by their solar energy systems. This credit can be applied to future electricity bills, effectively reducing energy costs and increasing the return on investment for solar panel installation.

Additionally, solar financing options such as solar leases, power purchase agreements (PPAs), or solar loans make solar panel installation more accessible by spreading out the upfront costs over time or providing alternative financing arrangements with no upfront payment required. By taking advantage of these financial incentives and financing options, homeowners and businesses can significantly reduce the cost of solar panel installation and accelerate the transition to clean, renewable energy.