2024 Solar Incentives Guide for Cedar Lake, IN - Tax Credits & Rebates

What Solar Tax Credits, Incentives, and Rebates are Available in Cedar Lake?

Source: https://www.dsireusa.org/

Solar incentives are intended to make renewable energy usage more affordable through financial incentives for individuals who install solar panels on their homes. Various types of incentives, like cash back, discounts or monthly utility bill credits, might be available to you. Certain incentives may be provided via the Indiana government, by your utility company or by county or municipality, while other incentives are federal. You might qualify for any of the following types of solar incentives:

• Net Metering: Net metering factors in after your solar system is up and running. If you've signed a net metering agreement with your Cedar Lake utility company, they will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in other areas you might receive a refund equivalent to a percentage of the value.
• Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (A tax credit is different from a tax deduction.)
• Rebates: A solar rebate is a partial refund after the purchase of your solar system. Rebates might be offered by your local utility company, your county or your state. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
• 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 house. They may also include exemptions on sales tax at the time of purchase.

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Federal Solar Incentives

Federal solar incentives are probably the first thing that comes to mind when thinking about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is the most well-known federal solar incentive. The ITC provides a tax credit for a set percentage of the cost of your solar system.

The ITC can be applied to solar systems installed after January 1, 2006, and lets you deduct from your taxes a percentage of the total cost of solar panels, labor, accessories and equipment. You can receive this credit for a solar panel system installed on a primary or secondary residence that you own in the United States. The original claim amount was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum amount you can claim.

To best understand how the ITC might apply to you, get in touch with your local Cedar Lake solar panel installation expert and ask for more information.

The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit is valid until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit; this amount will decrease slightly each year until the end of the current program. Beginning in 2023, it will also be easier to get credits for energy storage systems under the new laws.

More information about the new Inflation Reduction Act can be found here. Your local Cedar Lake solar panel installation experts can answer your questions and explain how the new Clean Energy Credit may apply to you.

State & Local Solar Incentives

Rebates, tax credits and more can be provided at multiple levels. Along with federal solar incentives, there are often state and local ones, too. Some incentives are ongoing, while others are only available for a limited time. Incentives might be given by the Indiana government, or by your county or municipality.

Next Steps for Installing Solar in Cedar Lake

There are a number of different solar incentives: those given by the federal government, those offered by the Indiana government and those offered by local utility companies, to name a few. The use of solar energy has grown enormously in the last 15 years, thanks to these incentives. Your local Cedar Lake solar panel installation company can help you learn more about which incentives you can apply for, and get you on track to switch to renewable energy today.