2024 Solar Incentives Guide for Gary, IN - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Gary.
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 Gary?
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
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/
Solar incentives are intended to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. Different kinds of incentives, like discounts, cash back or monthly utility bill credits, might be available to you. Some incentives may be provided via the state of Indiana, by your utility company or by county or municipality, while other incentives are federal. Types of solar incentives might include:
- Rebates: Rebates, or cash back after a purchase, are usually given prior to any solar tax credits being calculated. These rebates can be given by your local utility company, by your county or by your state.
- Net Metering: Net metering factors in after your solar system is up and running. If you have a net metering agreement with your Gary utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some locations, this credit is dollar-for-dollar, while in other places you may receive a refund equivalent to a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the federal government.
- Tax Exemptions: These might come in the form of property tax exemptions, which allow you to exclude the value added by your solar panels when paying taxes on your house. You could also look for exemptions on sales tax at the time of purchase.
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
Federal Solar Incentives
When you hear the term "solar incentives," federal incentives may be the first thing that comes to mind. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of your solar system's cost.
The ITC covers solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, labor, equipment and accessories. You can receive this credit for a solar panel system 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 depending on when the project was completed, your credit may range from 26-30%. There is no maximum amount you can claim.
Your local Gary solar panel installation expert can provide more information about the ITC and how it may apply to your situation.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now titled the Clean Energy Credit. The Clean Energy Credit bolsters the current credit, increasing it up to 30% for solar installation projects started after January 1, 2022, and completed by the end of 2032. After this, the credit percentage will see a slight decrease annually until the end of the program in 2035. The expansion 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 Gary solar panel company can answer any questions you have and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Tax credits, rebates and more might be available at a more local level. Some incentives are offered for only a limited time, while others are ongoing. Your local incentives might come from the Indiana government, or from your specific county or municipality.
Next Steps for Installing Solar in Gary
Solar energy use nationwide has increased enormously in the last 15 years, in part thanks to the growth in the number of solar incentives. You might receive these incentives from the federal government, the Indiana government or your local utility company. Reaching out to your local Gary solar panel installer is a great first step towards getting the most money possible when you switch to solar energy.
EcoWatch's Gary, IN Solar Incentives FAQs
How do I learn if I qualify for different solar incentives?
Broadly, solar incentives apply to:
- a new solar panel system
- installed on a property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including those given out by the Indiana government or by your county/municipality, may have additional qualifications. Talk to your local Gary solar installer to learn more about what incentives your project may qualify for.
If I trade in my appliances for ones that can utilize solar energy, are there credits that I can claim?
The new Inflation Reduction Act creates a number of new financial incentives for making eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of your solar panels. Depending on which incentives you are claiming, they may apply in a different order. Make sure that you talk to 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 receive any incentives when I add solar panels to a rental property, vacation home or commercial property?
Many solar incentives apply to a property you own that is located within the United States; most secondary residences fall under this distinction. Other solar incentives may be available for commercial properties, depending on the specifics. We recommend reaching out to your local solar installer and/or tax professional to better understand what incentives will 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.