2024 Solar Incentives Guide for Prairie Village, KS - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Prairie Village.
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 Prairie Village?
Renewable Energy Property Tax Exemption
Wind, hydroelectric, geothermal, solar thermal, solar PV, and other solar energy systems: the assessed value of the system
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" generally refers to financial incentives designed to encourage the use of renewable energy by making solar panels more affordable. Various kinds of incentives, such as cash back, discounts or monthly utility bill credits, might be available to you. Some incentives may be provided via the Kansas government, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:
- Net Metering: Net metering becomes relevant once your solar system is up and running. If you've signed a net metering agreement with your Prairie Village utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in others you might make back a percentage of the value.
- Rebates: Rebates, or partial refunds after a purchase, are usually applied before any solar tax credits are calculated. Rebates might be given by your local utility company, by your county or by your state.
- Tax Exemptions: Tax exemptions can 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. This allows you to exclude the added value of your solar system when paying property tax on your home.
- Tax Credits: Tax credits reduce, dollar-for-dollar, the total amount of tax you owe the federal government. Tax credits differ from tax deductions.
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 probably the first thing that you think of when you think about solar incentives. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit that reduces your taxes by a specified percentage of the money you spend installing solar panels.
The ITC originally covered 30% of the total cost of installing solar panels, and has fluctuated slightly over the years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total cost of installation includes the panels themselves as well as the cost of labor, equipment and accessories. There is no maximum claim amount. The ITC applies to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
Your local Prairie Village solar panel installation expert can offer more information about the ITC and how it applies to your situation.
In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The new Clean Energy Credit now runs until 2035. Homeowners are now eligible for a 30% credit for solar systems installed between 2022 and 2032. The credit will then see a slight annual decrease until its expiration. Starting in 2023, the program expansion will also make claiming credit for energy storage systems easier than ever before.
More information about the new Inflation Reduction Act can be found here. Your local Prairie Village solar panel installer can answer any questions you have and explain how the new Clean Energy Credit may 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 could include rebates, tax credits and more. Some incentives are ongoing, while others may only be available for a limited time. These incentives may be given by the Kansas government, or by your county or municipality.
Next Steps for Installing Solar in Prairie Village
Solar energy use nationwide has gone up significantly in the last 15 years, in part due to the increase in availability of solar incentives. You might receive these incentives from your local utility company, the federal government or the Kansas government. Getting in touch with your local Prairie Village solar panel installer is the right first step towards getting all the incentives you qualify for when you switch to solar energy.
EcoWatch's Prairie Village, KS Solar Incentives FAQs
How do I learn if I qualify for solar incentives?
It's best to speak with your local Prairie Village solar installer to get an understanding of which incentives your project may qualify for. Usually, 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, such as those provided by the Kansas government, might have additional requirements.
If I already have solar panels, can I still claim incentives?
You should plan to talk to someone from the company that installed your system – or call a local Prairie Village solar installer — to better understand which incentives you may qualify for. If your system was installed after January 1, 2022, you likely qualify for the recently increased 30% tax credit under the Inflation Reduction Act. Solar panels installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much will solar panels save me annually on my electric bill in Prairie Village?
On average, Prairie Village homeowners who install solar panels save around $1,060.39 per year, or around $20,147.36 over 20 years after they make the switch.
Who installs solar panel systems near me?
To learn about the top solar panel installation companies near you, take a look at our article on the best solar companies in Prairie Village.
What if I am planning to add a solar system to a vacation home, rental property or commercial property? Will I still qualify for incentives?
Many solar incentives are intended to apply to a property you own that is located within the United States; most secondary residences will fall into this category. There may be other solar incentives available for commercial properties, depending on the details. We recommend talking to your local solar installer and/or tax professional to fully understand what incentives will apply to your specific situation.
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.