2023 Solar Incentives Guide for Crown Point, IN - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Crown Point.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 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 Crown Point solar installers to see how much you can save.
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Updated May 04, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Crown Point?
Renewable Energy Property Tax Exemption
Wind, hydroelectric, geothermal, solar thermal, solar PV, and other solar energy systems: the assessed value of the system
Noble REMC - Residential Energy Efficiency Rebate Incentives
Variable Speed Pool Pump: $250
Air-Source Heat Pump: $250-$750
Ground Source Heat Pump: $1500
Heat Pump Water Heater: $400
Wabash Valley Power Association (28 Member Cooperatives) - Residential Energy Efficiency Program
Variable Speed Pool Pump: $250
Air-Source Heat Pump: $250 - $750
Geothermal Heat Pump: $1,500
Heat Pump Water Heater: $400/unit
HVAC: Varies depending on ZIP code. See program website
NIPSCO - Feed-In Tariff
Wind 10 kW-200 kW: $0.15 - $0.138/kWh
Solar 5 kW - 10 kW: $0.17 - $0.1564/kWh
Solar 10 - 200 kW: $0.15/kWh - $0.138/kWh
Biomass 100kW - 1 MW: $0.0918/kWh
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" broadly refers to financial incentives that are in place to encourage people to use renewable energy by making installing and using solar panels more affordable. Various kinds of incentives, including cash back, discounts or monthly utility bill credits, may be available to you. Some incentives may be handled by the Indiana government, by your utility company or by county or municipality, while other incentives are federal. Some broad categories of solar incentives include:
- Tax Exemptions: Your solar system may qualify for both sales tax and property tax exemptions. Sales tax exemptions are effective at the time of purchase. Property tax exemptions allow you to ignore the added value of the solar panels when you are calculating property taxes on your home.
- Net Metering: Net metering factors in after your solar system is up and running. If you've signed a net metering agreement with your Crown Point utility company, it will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this is a dollar-for-dollar credit, while in other places you may make back a percentage of the value.
- Rebates: Solar rebates can be provided by your local utility company, or by your county or state. These rebates work as partial refunds that are applied after you purchase solar panels and before tax credits are calculated.
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have some familiarity with. The Federal Solar Investment Tax Credit, or ITC, is likely the most well-known federal solar incentive. The ITC offers a tax credit for a set percentage of the cost of your solar system.
The ITC applies to the total cost of solar panel installation, including the panels themselves as well as equipment, accessories and labor. This credit can be claimed for panels installed after January 1, 2006 on a primary or secondary residence that you own and that is located in the United States. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.
To better understand exactly how much the ITC could save you, get in touch with your local Crown Point solar panel installation expert.
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 new Clean Energy Credit extends until 2035. You can now apply for a 30% credit for solar systems that began installation after January 1, 2022 and are completed by the end of 2032. This new credit will then decrease annually until it expires. The expansion to the program also makes credits for energy storage systems even easier to claim, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. The easiest way to understand how the new Clean Energy Credit will apply to you is to talk with your local Crown Point solar panel company.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. As with federal incentives, these can include rebates, tax credits and more. Certain incentives are offered for only a limited time, while others are ongoing. Your local solar incentives could come from the Indiana government, or from your specific county or municipality.
Next Steps for Installing Solar in Crown Point
The large number of solar incentives available has enormously increased the nationwide adoption of solar energy over the last 15 years. You may receive solar incentives from the federal government, the Indiana government or from your local utility company. When you're prepared to make the change to solar energy, getting in touch with your local Crown Point solar panel installation expert is a great first step.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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
EcoWatch's Crown Point, IN Solar Incentives FAQs
Can I claim incentives for adding solar panels to a vacation home, rental property or commercial property?
While we recommend speaking with your local solar installer and/or tax professional to best understand what solar incentives apply to you, many apply to a second home, as long as it is in the United States and owned by you. There may be other incentives available for commercial properties specifically, depending on the specifics.
How can I learn if I qualify for certain solar incentives?
It's a good idea to talk to your local Crown Point solar installer for a better understanding of which incentives your project may qualify for. Typically, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) within a specified date range. Some incentives, like those provided by the Indiana government, may have other requirements.
How much will a solar system save me annually on my electric bill in Crown Point?
Typically, Crown Point homeowners who install solar panels save about $1,013.18 per year, or about $19,250.35 over 20 years after making the switch.
What are some environmental benefits of adding solar panels to my house?
You can reduce your carbon footprint by 450 pounds of CO2 a year when you install solar panels. This adds up to around 9,000 pounds in 20 years. In addition, solar power is a renewable energy source, meaning that switching your home over lessens the drain on our planet's resources.
Can I use multiple types of renewable energy to power my home?
Yes, you can employ multiple types of renewable energy to power your home, such as a combination of wind and solar. You can also use both renewable energy sources and a non-renewable backup source of energy. Make sure that you discuss your proposed plan with your local Crown Point solar panel installer, to get an understanding of what will be needed and what incentives you will or won't 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.