Federal Tax Credit
Tennessee doesn’t currently have a state income tax, so there isn’t a state tax incentive for going solar. There is a 30% tax credit from the federal government for the entire cost of your installed system. This means if your system and installation cost $30,000, you’re able to write off $10,000 on your federal taxes!
TVA Green Power Providers Partnership
You can get paid monthly for the electricity your solar grid produces. Local energy authority, TVA, incentivizes the transfer to solar energy by crediting your power bill or sending you checks for what you’ve given back to the system. If you live in an area serviced by the 91 power companies within the Tennessee Valley Authority umbrella, you may qualify for their Green Power Providers partnership.
You need to have a photovoltaic system with an alternating current output between 500 watts and 200 kilowatts. Once your solar system is set up to send energy produced by your solar panels back into the grid, TVA will purchase 100 percent of the energy produced at $0.12 per kWh.
More information can be found at the TVA website or by calling 866-673-4340.