2025 Solar Incentives Guide for Speedway, IN - Tax Credits & Rebates

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

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 Speedway solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Updated January 24, 2025

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

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

City of Indianapolis - Green Building Incentive Program

Incentive Type:
Green Building Incentive
30%-50% reduction in permit fees

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 range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Different types of incentives, including cash back, discounts or credit towards your monthly utility bill, 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. You might qualify for any of the following types of solar incentives:

  • Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
  • Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption, which allows you to ignore the added value of your solar system when calculating property tax for your home.
  • Net Metering: Don't forget to speak to your Speedway utility company about signing a net metering agreement. This allows you to receive credit towards your utility bill every month for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
  • Rebates: Rebates, or partial refunds after a purchase, are normally given prior to any solar tax credits being calculated. Solar rebates can be offered by your local utility company, by your county or by your state.
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Federal Solar Incentives

When people think of solar incentives, federal incentives may be the first thing that comes to mind. 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 certain percentage of your solar system's cost.

The ITC applies to the total cost of installing solar panels, including the panels themselves as well as labor, equipment and accessories. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own and that is located in the United States. Originally set at 30% of total costs, the credit has fluctuated over time, and you may qualify for different amounts depending on when your project was completed. There is no maximum claim amount.

Your local Speedway solar panel installation expert can offer 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 bolstered by the passing of the Inflation Reduction Act. Homeowners can now receive a credit equal to 30% of the total costs of solar system installation for projects that began after January 1, 2022, and will be finished by the end of 2032. This percentage will then decrease on a yearly basis until the Clean Energy Credit expires in 2035. Starting in 2023, the expansion will also make it easier to get credit for energy storage systems.

Click here to learn more about the new Inflation Reduction Act. Your local Speedway solar panel installation expert is the best person to answer your questions regarding the new Clean Energy Credit and how it will apply to you.

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. These incentives might be distributed by the Indiana government, or by your county or municipality. Some incentives may be ongoing, while others are available for a limited time.

Next Steps for Installing Solar in Speedway

There are a number of different solar incentives: those provided by local utility companies, those provided by the federal government and those given by the Indiana government, to name a few. The use of solar energy has grown enormously in the last 15 years, thanks to these incentives. Your local Speedway solar panel installation company can give you more information about which incentives you might qualify for, and get you started on the path to switching to renewable energy today.

EcoWatch's Speedway, IN Solar Incentives FAQs

What are the top solar panel installation companies near me?

To learn about the top solar panel installers near you, read our article on the best solar companies in Speedway.

What are some environmental benefits of adding solar panels to my home?

You can reduce your carbon footprint by 450 pounds of CO2 annually by switching to solar panels. This adds up to around 9,000 pounds in 20 years. Solar is also a renewable energy source, meaning that making the switch reduces the drain on our planet's resources.

Can I qualify for incentives both towards the initial cost of solar panels, and later as reimbursement?

The order your incentives will be applied in might vary depending on which incentives you are claiming but typically yes, you can claim multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to make sure you are claiming all the incentives you qualify for and applying them in the correct order.

Can I use a combination of solar and another type of renewable energy 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 talk through your plan with your local Speedway solar installation expert. They can help you plan your project and educate you on the various incentives that you will or won't qualify for.

Can I get any financial incentives when I add solar panels to a vacation home, rental property or commercial property?

While we recommend speaking with your local solar installer and/or tax professional to fully understand what solar incentives apply to you, many will apply to 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.

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.

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