2023 Solar Incentives Guide for Noblesville, IN - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Noblesville.

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 Noblesville solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated March 14, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Noblesville?

Renewable Energy Property Tax Exemption

Incentive Type:
Property Tax Incentive
Solar energy systems used for heating or cooling: out-of-pocket expenditures by the owner for the components and labor
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

Incentive Type:
Rebate Program
Dual Fuel Heat Pump: $500
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

Incentive Type:
Feed-in Tariff
Wind 3 - 10 kW: $0.23 - $0.25/kWh
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

Incentive Type:
Rebate Program
HVAC Install (Heat Pumps, Geothermal Heat Pumps, Central Air Conditioners): $300 - $400/unit with additional $125 if installed along with a smart thermostat
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

Incentive Type:
Rebate Program
Wi-Fi/Smart Thermostat: $50-$100
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

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


Solar incentives are meant to help mitigate the cost of installing a solar panel system on your home. This category of financial incentives is designed to encourage more Americans to convert their home partially or fully to renewable energy. These incentives can include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are given by the federal government, some by the state of Indiana and some by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:

  • Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (This is different from a tax deduction.)
  • Net Metering: Net metering becomes relevant after your solar system is up and running. If you have in place a net metering agreement with your Noblesville 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 make back a percentage of the value.
  • Rebates: Solar rebates might be provided by your state or county, or by your local utility company. These rebates work as cash back that is applied after you pay for solar panels and before tax credits are calculated.
  • Tax Exemptions: Your solar system might qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you ignore the value added by your solar panels when calculating property taxes on your house.

Federal Solar Incentives

Federal solar incentives are probably the first thing that you think of when you think about solar incentives. An incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a specific percentage of the cost of your solar system.

The ITC applies to solar panels installed on your primary or secondary residence in the United States. The solar panels must have been installed on a property you own after January 1, 2006 for you to be eligible for the credit. The ITC initially covered 30% of all system costs (panels, accessories, labor and equipment), although the amount has fluctuated over the last few years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the amount you can claim.

To better understand exactly how much money the ITC could save you, speak with your local Noblesville solar panel installer.

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 is valid until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit. The amount will decrease slightly on a yearly basis until the current program ends. Starting in 2023, it will also be easier to claim credits for energy storage systems under this new program.

Click here to learn more about the new Inflation Reduction Act. The best way to learn more about how the new Clean Energy Credit will apply to you is to speak with your local Noblesville solar panel installation expert directly.

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. The incentives — which might be given by your county or municipality, or by the state of Indiana — could be offered for only a limited time, or on an ongoing basis.

Next Steps for Installing Solar in Noblesville

Solar energy use nationwide has significantly increased in the past 15 years, in part due to the proliferation of solar incentives. You may get these incentives from the Indiana government, the federal government or your local utility company. We suggest talking to your local Noblesville solar installation expert for more information about these incentives and to be sure that you're getting the largest number possible for your solar system.

Best National Provider

SunPower

★★★★★
5.0

  • 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

★★★★★
4.5

  • Industry-leading in-house financing
  • Competitive pricing
  • Excellent reputation
  • Doesn't offer solar batteries (coming 2022)

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

EcoWatch's Noblesville, IN Solar Incentives FAQs

What if I want to add a solar system to a rental property, vacation home or commercial property? Do I still qualify for incentives?

While we recommend talking to your local solar installer and/or tax professional to better understand what solar incentives apply to you, many can be claimed on a second home, provided that it is in the United States and owned by you. There may be other incentives available for commercial properties specifically, depending on the details.

How can I find out if I qualify for specific solar incentives?

In most cases, solar incentives apply to:

  1. a new solar panel system
  2. installed on a property that you own
  3. within the U.S.
  4. within the date range specified by a particular incentive.

Specific incentives, including those run by the Indiana government or by your county/municipality, might have additional qualifications. Get in touch with your local Noblesville solar installer to discover what incentives your project will qualify for.

My home already has solar panels installed. Do I qualify for any 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 installed your system between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the year it was installed. Reaching out to the company that installed your system, or any local Noblesville solar installer, can help you learn what incentives you might want to apply for.

How much will a solar system save me on my electric bill in Noblesville annually?

On average, homeowners in Noblesville who install solar panels save about $850.69 per year, or about $16,163.07 over 20 years after making the switch.

Can I use solar and another type of renewable energy in combination to power my home?

You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you discuss your plan with your local Noblesville solar installer. They can help you plan your project and give you an understanding of various incentives that you will or won't 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.

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