2023 Solar Incentives Guide for Fishers, IN - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Fishers.
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.
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What Solar Tax Credits, Incentives, and Rebates are Available in Fishers?
Renewable Energy Property Tax Exemption
Wind, hydroelectric, geothermal, solar thermal, solar PV, and other solar energy systems: the assessed value of the system
NineStar Connect - Residential Energy Efficient Equipment Rebate Program
Pool Pumps: $250/unit
Heat Pump Water Heaters: $400/unit
Air-Source Heat Pumps: $250 - $1,500/unit
Geothermal Heat Pumps: $1,500/unit
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
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
Duke Energy - Residential and Builder Energy Efficiency Rebate Program
Heat Pump Water Heater: $350
Attic Insulation and Air Sealing: $250/unit
Duct Sealing: $100/unit
Variable Speed Pool Pump: $300
Indiana Michigan Power - Energy Savings Rebate Program
Air Source Heat Pump: $100 - $200/ton
Ductless Heat Pump/Mini Split: $80 - $285/ton
Geothermal Heat Pump: $120-$240/ton
Packaged Terminal Heat Pump: $100-$250
ECM Furnace Fan Motor: $100
Heat Pump Water Heater: $350
Variable Speed Pool Pumps: $200
Federal Residential Renewable Energy Tax Credit
The term "solar incentives" refers to 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 may include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are given by the federal government, some by the Indiana government and some by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Net Metering: Net metering is an incentive you can get once your solar panels are up and running. If you have a net metering agreement with your Fishers utility company, they will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some places, this is a dollar-for-dollar credit, while in other areas you might be refunded a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (This is different from a tax deduction.)
- Rebates: Rebates, or cash back after a purchase, are typically applied before any solar tax credits are calculated. These rebates might be offered by your local utility company, by your county or by your state.
- Tax Exemptions: Sales tax exemptions are applied at the time of purchase for your solar panels. Property tax exemptions allow you to exclude the value added by your solar system when you're calculating how much property tax you need to pay on your house.
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some familiarity with. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a percentage of your solar system's cost.
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. This credit can be claimed on solar panels installed on a primary or secondary residence in the United States that you own. 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 find out exactly how much the ITC could save you, talk to your local Fishers solar panel installer.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now called the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. American homeowners can now receive a 30% credit for solar systems installed between 2022 and 2032. This credit will then see a slight annual decrease until its expiration. The expansion to the program also makes claiming credit for energy storage systems easier than ever before, starting in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Fishers solar panel installer can answer your questions and explain how the new Clean Energy Credit may apply to you.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more may be available at a more local level. Some incentives are offered for only a limited time, while others are ongoing. These local incentives may come from the Indiana government, or from your specific county or municipality.
Next Steps for Installing Solar in Fishers
Solar incentives can be offered by the federal government, the Indiana government or your local utility company. The growing number of solar incentives available has helped nationwide use of solar energy increase greatly in the last 15 years. If you're ready to switch over to solar energy, getting in touch with your local Fishers solar panel installation expert is a great first step.
EcoWatch's Fishers, IN Solar Incentives FAQs
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.