2024 Solar Incentives Guide for Goshen, IN - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Goshen.
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 Goshen?
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
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
Dehumidifier: $25
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" covers a wide 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. Incentives might include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are handled federally, while others are provided by the state of Indiana or your utility company, county or municipality. Types of solar incentives might include:
- Tax Exemptions: Sales tax exemptions go into effect at the point of sale for your solar system. Property tax exemptions allow you to ignore the value added by your solar system when calculating the amount of property tax you need to pay.
- 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.)
- Net Metering: Be sure to speak with your Goshen utility company about signing a net metering agreement. This will allow you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar panels. States or counties will also offer limited-time rebates at various times. Any rebates you receive will usually be deducted from the total price before tax credits are calculated.
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
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 think about solar incentives, you likely think of federal incentives first. 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 predetermined percentage of your solar system's cost.
The ITC applies to solar panels installed after January 1, 2006, on a primary or secondary residence in the United States that you own. The credit initially covered 30% of the total cost – for panels, equipment, labor and accessories – 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 more fully understand how the ITC could apply to you, get in touch with your local Goshen solar panel installer and ask for more information.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit has increased the current credit 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 program expires in 2035. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems under the new laws.
More information about the new Inflation Reduction Act can be found here. To understand how the new Clean Energy Credit applies to you, speak with your local Goshen solar installers.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Tax credits, rebates and more may be available at a more local level. These solar incentives — which might be provided by the state of Indiana, or by your county or municipality — might be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Goshen
Solar incentives may be provided by the federal government, the Indiana government or your local utility company. The variety of available solar incentives has helped nationwide use of solar energy increase greatly in the last 15 years. We recommend talking to your local Goshen solar installation company for more information about these incentives and to ensure that you're getting all the money you can for your solar panels.
EcoWatch's Goshen, IN Solar Incentives FAQs
When does the federal solar tax credit end?
The Clean Energy Credit (formerly named the federal solar tax credit, or the ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
I want to switch my appliances out for ones that are more energy-efficient. Are there any credits I can claim?
The new Inflation Reduction Act includes provisions for a number of incentives that reward homeowners who make eco-friendly upgrades. Some of these incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
Can I apply for incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both tax credits and rebates towards the cost of your solar panels. Depending on which incentives you are eligible for, 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 that you're getting the most money possible.
Can I use solar and another type of renewable energy in combination to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Make sure you go over your plan with your local Goshen solar installation expert. They can help you plan your project and give you an understanding of various incentives that you might or might 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.