2024 Solar Incentives Guide for Coralville, IA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Coralville.
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.
Get a free quote from one of our trusted Coralville solar installers to see how much you can save.
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Updated February 03, 2024
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What Solar Tax Credits, Incentives, and Rebates are Available in Coralville?
Property Tax Exemption for Renewable Energy Systems
Methane Gas Conversion Property Tax Exemption
Alliant Energy Interstate Power and Light - Residential Energy Efficiency Rebate Programs
Air Source Heat Pump: $300-$800 for existing homes, $180-$480 for new homes
Appliance Recycling: up to $50
Central A/C: $150-$600 for existing homes, $90-$360 for new homes
Ductless Mini-Split Heat Pump: Varies
Electric Heat Pump Water Heater: $300-$350 for existing homes, $180-$210 for new homes
Electric HVAC System Tune-Up: up to $50
Gas Furnace: $180 for existing homes, $80 for new homes
Geothermal Heat Pump: $1,320-$1,750 for existing homes, $790-$1,050 for new homes
Learning Thermostat: $100 for existing homes, $60 for new homes
LED Light Bulbs: In-Store Rebates
Online Home Energy Assessment: FREE
Room Air Purifier: up to $30
Variable Speed Pool Pumps: up to $220
Geothermal Heat Pump Tax Credit
Farmers Electric Cooperative (Kalona) - Residential Energy Efficiency Rebate Program
Security Yard Lights: $100
Geothermal Heat Pumps (New Construction): $350/ton
Geothermal Heat Pumps (Upgrade): $700/ton
Air Source Heat Pumps (New Construction): $400
Air Source Heat Pumps (Upgrade): $800
Central Air Conditioners: $200
Heat Pump Water Heaters: $400
Refrigerators: $50
Freezers: $50
Renewable Energy Equipment Exemption
Local Option - Special Assessment of Wind Energy Devices
Linn County Rural Electric Cooperative - Residential Energy Efficiency Rebate Program
Premier Electric Home (New Construction): $200/home
Heat Pump Water Heater: $650/unit
High Efficiency Electric Water Heater: $75-$150/unit
Drain Water Heat Recovery Systems: $450/unit
Clothes Washer: $40/unit
Clothes Dryer: $20/unit
Interior Lighting: $5/fixture
Outdoor Lighting: $10-$60/fixture
Geothermal Heat Pump: $150-$400/ton
Air Source Heat Pump: $200-$300/ton plus $250 bonus
Central A/C: $100
Heat Recovery Ventilator: $250/unit
Energy Replacement Generation Tax Exemption
Reduced rate for large hydro
Solar Energy Systems Tax Credit (Personal)
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" covers a wide range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Solar incentives can include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the Iowa government and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Net Metering: Net metering is an incentive you can get after your solar system is up and running. If you have in place a net metering agreement with your Coralville utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in other places you may make back a percentage of the value.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
- Tax Exemptions: These may come in the form of property tax exemptions, which would allow you to exclude the value of your solar system when paying property tax on your home. You could also look for exemptions on sales tax at the time of purchase.
- Rebates: Your solar installer might help you claim a rebate, or partial refund after purchase, for your solar panels. States or counties will also sometimes offer limited-time rebates. The value of a rebate will usually come off the total price before tax credits are calculated.
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 Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Federal Solar Incentives
Federal solar incentives are probably the first thing that comes to mind when thinking 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 your solar system's cost.
The ITC was originally for 30% of the cost of solar system installation, and has fluctuated slightly over the years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total installation cost includes the panels themselves as well as the cost of labor, accessories and equipment. There is no maximum amount you can claim. The ITC can be applied to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.
Contacting your local Coralville solar panel installation expert is the best way to understand how the ITC could apply to you.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now called the Clean Energy Credit. For solar systems installed between January 1, 2022, and December 31, 2032, homeowners may be eligible for a credit for 30% of the total cost. This percentage will decrease annually after 2032 until the Clean Energy Credit ends in 2035. Starting in 2023, it will also be easier to claim credits for energy storage systems under the new laws.
More information about the new Inflation Reduction Act can be found here. The best way to fully understand how the new Clean Energy Credit applies to you is to talk with your local Coralville solar panel installation expert.
State & Local Solar Incentives
There are more than just federal solar incentives; rebates, tax credits and more are often offered at the local or state level. These incentives — which may be given by your county or municipality, or by the state of Iowa — could be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Coralville
Solar incentives might come from your local utility company, the federal government or the Iowa government. The growing number of incentives available has helped nationwide use of solar energy increase greatly in the last 15 years. When you're ready to switch over to solar energy, getting in touch with your local Coralville solar panel installation expert is an excellent place to start.
EcoWatch's Coralville, IA Solar Incentives FAQs
What are the environmental benefits of switching to solar energy?
Solar energy is renewable — by switching where you get your energy, you help lessen the strain on our planet's resources. Solar panels can also reduce the CO2 emissions from your home by 450 pounds a year, or around 9,000 pounds in 20 years.
When does the federal solar tax credit end?
The Clean Energy Credit (formerly called the federal solar tax credit, or the ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I qualify for incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can receive both tax credits and rebates towards the cost of your solar panels. Depending on which incentives you are eligible for, they may apply in a different order. Be sure to speak with your solar installer or a local tax professional to confirm that you are claiming the correct incentives and that you're getting the most money you can.
What if I want to add solar panels to a vacation home, rental property or commercial property? Can I still qualify for incentives?
Many solar incentives apply to a property located within the United States that you own; most secondary residences fall into this category. There may be other solar incentives available for commercial properties, depending on the details. We recommend speaking with your local solar installer and/or tax professional to fully understand what incentives may 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.