2023 Solar Incentives Guide for Greenwood, IN - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Greenwood.
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 Greenwood solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Greenwood?
Renewable Energy Property Tax Exemption
Wind, hydroelectric, geothermal, solar thermal, solar PV, and other solar energy systems: the assessed value of the system
RushShelby Energy - Residential Energy Efficiency Rebate Program
Mini-Split Heat Pump: $300-$1,500
Heat Pump/Hybrid Water Heater: $500
Single Speed Compressor: $800
Dual/Variable Speed Compressor: $750 - $1,500
HVAC Tune-Up: 50% of cost
Lighting: Varies
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
South Central Indiana REMC - Residential Energy Efficiency Rebate Program
Geothermal Heat Pump: $1,500
Air-Source, Ductless Mini Split, or Dual Fuel Heat Pump with Dual/Variable Speed Compressor: $750
Air-Source, Ductless Mini Split, or Dual Fuel Heat Pump with Single Speed Compressor Replacing Electric Resistance Heat: $800
Air-Source, Ductless Mini Split, or Dual Fuel Heat Pump with Dual/Variable Speed Compressor Replacing Electric Resistance Heat: $1,500
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
Johnson County REMC - Residential Energy Efficiency Rebate Program
Geothermal Heat Pumps: $1,500/unit
Heat Pump Water Heater: $500/unit
Mini-Split ductless Heat Pump: $750/unit - $1500/unit
Lighting: Instant rebates through online lighting store (small businesses, farms, or workshops)
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
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are meant to encourage people to switch to renewable energy by offering incentives meant to lower the financial burden of solar panel installation and use. Various kinds of incentives, like discounts, cash back or credit towards your monthly utility bill, might be available to you. Certain incentives may be offered by the Indiana government, by your utility company or by county or municipality, while other incentives are federal. Some solar incentives you might qualify for are:
- Tax Credits: Tax credits decrease, dollar-for-dollar, the total amount of tax you owe the federal government. Tax credits differ from tax deductions.
- Rebates: A solar rebate is a partial refund given after you've purchased your solar panels. Rebates may be offered by your local utility company, your county or your state. The cash back that you get from the rebates is normally applied before tax credits are calculated.
- Tax Exemptions: Tax exemptions can come in two forms. The first is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to ignore the value added by your solar system when paying property tax on your home.
- Net Metering: You may be able to sign a net metering contract with your Greenwood utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then subtract this value from your utility bill each month.
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
Federal solar incentives are likely the first thing that comes to mind when thinking about solar incentives. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a certain percentage of the money you spend installing solar panels.
The ITC is applied to the total cost of installing solar panels, including the panels themselves as well as accessories, labor and equipment. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence that you own, as long as it 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.
Your local Greenwood solar panel installation expert can provide more information about the ITC and how it may apply to your situation.
In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. The Clean Energy Credit is valid until 2035. Solar installation projects started after January 1, 2022 and completed by the end of 2032 may qualify for a 30% tax credit; this amount will be decreased slightly on a yearly basis until the end of the current program. Starting in 2023, it will also be easier to claim credits for energy storage systems with the new act.
Click here to learn more about the new Inflation Reduction Act. To fully understand how the new Clean Energy Credit might apply to you, reach out to your local Greenwood solar installers.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. As with federal incentives, these can include tax credits, rebates and more. Incentives might be given by the state of Indiana, or by your county or municipality. Certain incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Greenwood
The large number of available solar incentives has helped tremendously increase the adoption of solar energy nationwide over the past 15 years. You might qualify for solar incentives from your local utility company, the Indiana government or the federal government. Reaching out to your local Greenwood solar panel installer is a great first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Greenwood, IN Solar Incentives FAQs
How can I learn if I qualify for different solar incentives?
It's best to speak with your local Greenwood solar installer to get an understanding of which incentives your project may qualify for. Generally, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those given by the state of Indiana, might have other requirements.
How much will solar panels save me on my electric bill in Greenwood annually?
Generally, homeowners in Greenwood who install solar panels save about $958.55 per year, or about $18,212.39 over 20 years after making the switch.
Who installs solar panels near me?
To find a top-rated solar panel installer, check out our guide to Greenwood's top solar panel companies.
What are the environmental benefits of switching to solar?
Solar energy is renewable — by switching where you get your energy, you can help lessen the strain on our planet's resources. Solar panels can also lower the CO2 emissions from your home by 450 pounds annually, or roughly 9,000 pounds in 20 years.
Can I use a combination of solar and another type of renewable energy to power my home?
Yes, you can employ multiple types of renewable energy to power your home — for example, a combination of solar and wind power. You can also combine renewable energy generation with a non-renewable backup source of energy. Make sure that you discuss your plan with your local Greenwood solar panel installer, to make sure you know what you'll need and what types of incentives you may or may 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.