2024 Solar Incentives Guide for Greencastle, IN - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Greencastle.
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 Greencastle?
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
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
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
Parke County REMC - Energy Efficient Equipment Rebate Program
Air-Source Heat Pump: $150 - $500
Geothermal Heat Pump: $800
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" includes 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. Various kinds of incentives, including discounts, cash back or credit towards your monthly utility bill, might be available to you. Certain incentives may be offered by the state of Indiana, by your utility company or by county or municipality, while other incentives are federal. Some solar incentives you might qualify for are:
- 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 Greencastle utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some places, this credit is dollar-for-dollar, while in others you might be refunded a percentage of the value.
- Rebates: Solar rebates can be offered by your state or county, or by your local utility company. These rebates work as partial refunds that are applied after you pay for solar panels and before tax credits are calculated.
- Tax Exemptions: Your solar system could qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you exclude the value that solar panels add when you are calculating property taxes on your house.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
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 probably think of federal incentives first. 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 percentage of the cost of your solar system.
The ITC can be credited towards the value of a solar system installed on your primary or secondary residence in the United States. The solar system must have been installed on a property you own after January 1, 2006, for you to be eligible for the credit. The ITC originally paid out 30% of all system costs (panels, labor, equipment and accessories), although the covered amount has fluctuated over the years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the claim amount.
To better understand how the ITC may apply to you, contact your local Greencastle solar panel installation expert and request more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now called the Clean Energy Credit. For solar systems installed between January 1, 2022, and December 31, 2032, homeowners can apply for a credit equal to 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. Your local Greencastle solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. Like with federal incentives, these might include tax credits, rebates and more. Incentives might be handled by your county or municipality, or by the state of Indiana. Some incentives may be available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Greencastle
Solar incentives might come from your local utility company, the federal government or the Indiana government. The growing number of available incentives has facilitated the nationwide growth of solar energy use in the last 15 years. Your local Greencastle solar panel installation expert can provide you with more details about which incentives you should apply for, and get you on track to switch to renewable energy today.
EcoWatch's Greencastle, IN Solar Incentives FAQs
If my house already has solar panels, can I still claim incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If you had your system installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the year it was installed. Reaching out to the company that installed your solar system, or any local Greencastle solar installer, can help you learn more about what incentives you qualify for.
How much can I save annually on my electric bill if I install solar panels on my house in Greencastle?
On average, Greencastle homeowners who install solar panels save around $951.28 per year, or approximately $18,074.27 over 20 years after they make the switch.
How long until the federal solar tax credit ends?
The Clean Energy Credit (formerly named the federal solar tax credit, or 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 change out my appliances for ones that are more energy-efficient. Are there any benefits I can apply for?
The new Inflation Reduction Act creates several new financial incentives to encourage you to make eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found here.
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.