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Financial Incentives and Cost Considerations
The cost of installing a solar battery backup system can vary widely, depending on the size of the system and your location. However, several financial incentives can significantly reduce the upfront cost. Federal tax credits, such as the Investment Tax Credit (ITC), allow you to deduct a portion of the installation cost from your federal taxes. As of 2023, the ITC offers a 26% credit, which can lead to substantial savings3.
Furthermore, many states offer additional rebates and incentives, which can further decrease the overall cost. For instance, California's Self-Generation Incentive Program (SGIP) provides rebates for homeowners who install energy storage systems4. It's advisable to explore these options to maximize your savings.