2024 Solar Incentives Guide for Greeley, CO - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Greeley.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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What Solar Tax Credits, Incentives, and Rebates are Available in Greeley?
Property Tax Exemption for Residential Renewable Energy Equipment
Sales and Use Tax Exemption for Renewable Energy Equipment
Eagle County - Energy Smart Colorado Renewable Energy Rebate Program
PV: 50% up to $500
Solar Thermal: 50% of project costs
Commercial
50% of project costs
City of Boulder - Solar Sales and Use Tax Rebate
Roaring Fork Valley - Energy Smart Colorado Renewable Energy Rebate Program
Solar Water Heat: $25% of cost
Solar Thermal Tune-up: 25% of project cost
Micro-hydro and Geothermal: 25% of cost
Property Tax Exemption for Community Solar Gardens
Xcel Energy - Solar*Rewards Program
Medium-sized Systems 25.1-500 kW: $0.0375/kWh
Large Systems (>500kW): Determined through competitive bid
Local Option - Sales and Use Tax Exemption for Renewable Energy Systems
Local Option - Property Tax Exemption for Renewable Energy Systems
Efficiency Works - Residential Energy Efficiency Rebate Program (Offered by 4 Utilities)
Insulation: Up to $1,815
Duct Sealing: $200 (gas-heated homes only)
Window Replacement: Up to $1,000
Air Handler Blower Motor: $150
Whole House Mechanical Ventilation: 20% of cost
Heat Pumps: $500
Replacement Furnace: $300-$500 (gas-heated homes only)
Ductless Mini-Split: $250/head
Replacement Gas Boiler: $300 (gas-heated homes only)
Replacement Water Heater: $100-$500
AC System: $150-$500
Whole House Fan: $275
Evaporative Cooler: $500
United Power - Residential Energy Efficient Appliance Rebate Program
New Energy Star Refrigerator/Freezer: $30
Refrigerator/Freezer Recycling: $75
New Energy Star Clothes Washer: $40
New Energy Star Dishwasher: $20
New Electric Thermal Storage Units (on automated Time-of-Day control panel): $4-$16/kW
New Electric Thermal Slab (on automated Time-of-Day control panel): $4-12/kW
Water Heaters: $20-$400
Terminal Unit for Heat Pump A/C Units: $75-$85/Unit
Heat Pumps: $100-$450/ton
Geothermal Heat Pumps: $200-$500/ton
Air Conditioners: $100-$150
Xcel Energy - Residential Energy Efficiency Financing
Xcel Energy - Residential Energy Efficiency Rebate Programs
Natural Gas Furnace: $300
EC Motor in New or Existing Furnace: $100
Air Conditioning/Air Source Heat Pump: $300-$600
Mini-Split Heat Pump: $300
Water Heater: $70-$450
Evaporative Cooling: $200-$1,200
Attic Insulation: $350-$600
Wall Insulation: $350-$600
Air Sealing, bypass sealing, and weather-stripping: $175-$450
Ground Source Heat Pump: $300/ton
Smart Thermostat: $50
Xcel Energy - Home Performance with ENERGY STAR
Air Sealing/Bypass Sealing/Weather-Stripping: $250-$550
High Efficiency Lighting: 30% of cost
Wall Insulation: $450-$700
Evaporative Cooling System: $325-$1200
Central Air Conditioner (New): $400 - $700
Central Air Conditioner (Trade In): $550
Ground Source/Geothermal Heat Pump: $300 per ton
Electric Heat Pump Water Heater: $550
Programmable Thermostat: $25
High Efficiency Furnace: $400
Electrically Commuted Motor: $125
Tankless Water Heater: $200
Standard Tank Water Heater: $100
ENERGY STAR Refrigerator: $15
ENERGY STAR Clothes Washer: $30
Residential Energy Upgrade (RENU) Loan Program
Green Colorado Credit Reserve
Xcel Energy - Solar*Rewards Community Program
Determined through competitive bid. RFP released on March 3, 2016
Eagle, Garfield, Gunnison, Lake, and Pitkin Counties - Energy Smart Colorado Loan Program
Poudre Valley REA - Energy Efficiency Rebate Program
Refrigerator/Freezer Recycling: $60
Clothes Washers: $30-$40
Clothes Dryers: $30-$90
Dishwashers: $20
Standard Water Heaters: $30-$50
Heat Pump Water Heaters: $350
Heat Pump Waste Heat (geothermal): $100 plus $25 for a lifetime warranty
Geothermal Heat Pumps: $500/ton plus $200/ton 2019 bonus incentive
Ground Source Heat Pump Desuperheater: $100/unit
Air Source Heat Pumps:$300-$450/ton plus $200-$300/ton 2019 bonus incentive plus $100/unit for integrated controlled ETS backup
Terminal Air Source Heat Pumps: $85/unit
Air Conditioners: $100-$150
Residential LED Lighting: 50% of cost
Commercial Lighting: Varies, see program website
Irrigation Motors: $1.50-$8.00/hp
Variable Frequency Drives: the lesser of 50% of cost or $1,600-$6,800/unit
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" covers a wide range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You might be eligible for various types of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the Colorado government and others from the federal government. Categories of solar incentives include:
- Rebates: Solar rebates may be offered by your local utility company, or by your county or state. These rebates work as cash back that is applied after your purchase of a solar system and before tax credits are calculated.
- Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption, which allows you to ignore the value added by your solar system when paying property tax on your house.
- Net Metering: Net metering is an incentive you can get after your solar system is up and running. If you've signed a net metering agreement with your Greeley utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this is a dollar-for-dollar credit, while in others you might be refunded a percentage of the value.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Best for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
Federal Solar Incentives
Federal solar incentives are probably the first thing that you think of when you think about solar incentives. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a percentage of the cost of your solar system.
The ITC can be applied to solar systems installed after January 1, 2006, and allows you to deduct from your taxes a percentage of the total cost of solar panels, labor, accessories and equipment. This credit can be claimed on a solar panel system installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum claim amount.
Reaching out to your local Greeley solar panel installer is the best way to learn more about how the ITC may apply to your situation.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). The Clean Energy Credit lasts until 2035. Solar installation projects started after January 1, 2022, and completed by the end of 2032 may qualify for a 30% tax credit; the amount will then decrease slightly on a yearly basis until the end of the current program. The program expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Greeley solar panel company can answer your questions and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. Like with federal incentives, these can include rebates, tax credits and more. These solar incentives — which may be given by your county or municipality, or by the state of Colorado — may be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Greeley
Solar incentives might be provided by the Colorado government, the federal government or your local utility company. The variety of available solar incentives has helped nationwide use of solar energy increase greatly in the last 15 years. We recommend talking to your local Greeley solar installation company to learn more about these incentives and to make sure that you're getting the most money possible for your solar system.
EcoWatch's Greeley, CO Solar Incentives FAQs
How can I learn if I qualify for certain solar incentives?
It's best to speak with your local Greeley solar installer for a better understanding of which incentives your project will qualify for. Generally, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) within a specified date range. Some incentives, such as those given by the state of Colorado, may have additional requirements.
How much will solar panels save me on my electric bill in Greeley annually?
After adding solar panels to your house in Greeley, you can anticipate savings of about $1,017.11 per year, or around $19,325.08 over 20 years.
Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order that incentives will be applied in might vary depending on which incentives you receive but typically yes, you can receive multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to verify you are claiming all possible incentives and applying them in the correct order.
Can I use a combination of multiple types of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Be sure to discuss your plan with your local Greeley solar installer. They can help you plan your project and give you an understanding of various incentives that you will or won't qualify for.
What if I want to add a solar system to a rental property, vacation home or commercial property? Can I still qualify for incentives?
Many solar incentives apply to a property located within the United States that you own, and most secondary residences will fall under this distinction. There may be other solar incentives available for commercial properties, depending on the details. We recommend talking to your local solar installer and/or tax professional to best understand what incentives apply to your specific situation.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.