2024 Solar Incentives Guide for Garden City, ID - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Garden City.
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 Garden City?
Low-Interest Energy Loan Programs
All others: $100,000
Idaho Falls Power - Residential Energy Efficiency Rebate Program
Air Source Heat Pump Conversion with Duct Sealing: contact IFP
Ground Source Heat Pump: $2,700-$3,150
Ductless Heat Pump: $720
Water Heater: $270-$450
Insulation (Attic, Floor, Wall): Varies, see program website for details
Windows: Varies, see program website for details
Residential Alternative Energy Tax Deduction
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" covers a 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. These incentives can include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the state of Idaho and some by your utility company, county or municipality. Categories of solar incentives include:
- Rebates: Solar rebates might be offered by your local utility company, or by your state or county. These rebates work as partial refunds that are applied after you purchase solar panels and before tax credits are calculated.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (A tax credit is different from a tax deduction.)
- Tax Exemptions: These could come in the form of property tax exemptions, which can let you ignore the value added by your solar panels when calculating the taxes you pay on your home. They may also include exemptions on sales tax at the time of purchase.
- Net Metering: You may be able to sign a net metering agreement with your Garden City utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your monthly utility bill.
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
Outstanding Local Installer
ES Solar
- Representatives are experts on local policies
- Lifetime workmanship warranty
- Outstanding customer service
- No leases or PPAs
- Energy audits only available 12 months after installation
Federal Solar Incentives
When you think about solar incentives, you probably think of federal incentives first. A federal incentive that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a certain percentage of your solar system's cost.
The ITC applies to solar systems installed after January 1, 2006, on a primary or secondary residence that you own in the United States. Initially, the credit applied to 30% of the total cost – for panels, accessories, labor and equipment – although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the amount you can claim.
To better understand how the ITC may apply to your situation, speak to your local Garden City solar panel installation expert and ask for more information.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. With the new provisions, solar installation projects begun after January 1, 2022, and finished by December 31, 2032, might qualify for a 30% tax credit. This credit amount will then decrease slightly each year until the end of the current Clean Energy Credit in 2035. The 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. The best way to understand how the new Clean Energy Credit will apply to you is to reach out to your local Garden City solar panel installation expert with your questions.
State & Local Solar Incentives
Some solar incentives may be offered at the local or state level. Like with federal incentives, these may include rebates, tax credits and more. These incentives may be handled by the Idaho government, or by your county or municipality. Certain incentives are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Garden City
The variety of solar incentives available has enormously increased the adoption of solar energy nationwide over the past 15 years. You can get solar incentives from the Idaho government, the federal government or your local utility company. Talking to your local Garden City solar panel installation expert is an excellent first step towards getting all the incentives you qualify for when you switch to solar energy.
EcoWatch's Garden City, ID Solar Incentives FAQs
How do I learn if I qualify for solar incentives?
It's a smart idea to get in touch with your local Garden City solar installer for a better understanding of which incentives your project will qualify for. In most cases, solar incentives apply to new solar systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, such as those given by the state of Idaho, may have other requirements.
How much can I save annually on my electric bill if I install solar panels on my Garden City home?
On average, Garden City homeowners who install solar panels save about $849.83 per year, or around $16,996.68 over 20 years after making the switch.
When does the federal solar tax credit end?
The federal solar tax credit, formerly called the ITC and now called the Clean Energy Credit, is set to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of solar panels. Depending on precisely 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 ensure that you are claiming incentives correctly and getting the most money you can.
Can I use a combination of multiple types of renewable energy to power my home?
Yes, you can utilize multiple types of renewable energy to power your home, such as a combination of wind and solar. You can also combine renewable energy generation with a backup source of non-renewable energy. Make sure that you discuss your proposed plan with your local Garden City solar panel installer, to get an understanding of what will be needed and what incentives you may or may not qualify for.
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.