2024 Solar Incentives Guide for Peru, IN - Tax Credits & Rebates

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

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.
Get a free quote from one of our trusted Peru solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated April 21, 2024

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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 Peru?

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

Wabash Valley Power Association (28 Member Cooperatives) - Residential Energy Efficiency Program

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

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

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/


The term "solar incentives" refers to a wide range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Different kinds of incentives, including cash back, discounts or monthly utility bill credits, may be available to you. Some incentives may be handled 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:

  • Rebates: A solar rebate is a partial refund credited to your account after you've paid for your solar panels. These could 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 calculating tax credits.
  • Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
  • Net Metering: Make sure you talk to your Peru utility company about signing a net metering agreement. This will allow you to receive credit towards your utility bill every month for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
  • Tax Exemptions: These can come in the form of property tax exemptions, which let you exclude the value of your solar system when paying property tax on your house. You could also look for exemptions on sales tax at the time of purchase.

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

Best Technology

Tesla Energy

★★★★★
3.2
  • 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 might be the first thing that comes to mind. An incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a predetermined percentage of the cost of your solar system.

The ITC can be applied to solar systems installed after January 1, 2006, and allows you to deduct from your taxes a percentage of the total cost of solar panels, accessories, labor and equipment. 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 the amount you can claim may range between 26-30%. There is no maximum claim amount.

To better understand how the ITC could apply to you, reach out to your local Peru solar panel installation expert and ask for more information.

The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). Now, solar installation projects begun after January 1, 2022, and finished by December 31, 2032, can qualify for a 30% tax credit. This credit amount will then decrease slightly each year until the current Clean Energy Credit expires in 2035. The expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.

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

State & Local Solar Incentives

Some solar incentives may be provided at the state and local level. As with federal incentives, these can include rebates, tax credits and more. Some incentives are ongoing, while others are available for a limited time. These incentives might be provided by the Indiana government, or by your county or municipality.

Next Steps for Installing Solar in Peru

Solar energy use nationwide has gone up significantly 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. When you're prepared to make the switch to solar energy, reaching out to your local Peru solar panel installation expert is an excellent place to start.

EcoWatch's Peru, IN Solar Incentives FAQs

How do I learn if I qualify for specific solar incentives?

Generally, solar incentives apply to:

  1. a new solar panel system
  2. installed on 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. Speak with your local Peru solar installer to find out what incentives your project will qualify for.

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

When you add solar panels to your Peru home, you can anticipate savings of around $913.42 per year, or about $17,354.99 over 20 years.

Who installs solar panel systems near me?

To find the right solar panel installer for you, check out our guide to the top solar companies in Peru.

When does the federal solar tax credit end?

The Clean Energy Credit (previously called the federal solar tax credit, or the ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.

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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