2024 Solar Incentives Guide for Campbellsville, KY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Campbellsville.
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 Campbellsville?
Inter-County Energy Efficiency Program
Button-Up Weatherization Program: up to $750
SimpleSaver Program: $20 credit for installed air conditioner switches plus $25 sign-on bonus
CARES Program: Up to $2,000
Inter-County Energy Efficiency Loan Program
Nolin RECC - Residential Energy Efficiency Rebate Program
Air Sealing/Ceiling Insulation: Up to $750
SimpleSaver Program: $20/yr/air conditioner enrolled
ENERGY STAR Manufactured Home: Varies, contact utility for more information
CARES Program: Up to $2,000/household
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 the installation and use of solar panels more affordable. Solar incentives could include cash back, upfront discounts or monthly credits towards your utility bill. Some incentives are provided by the federal government, some by the Kentucky government and some by your utility company, county or municipality. Categories of solar incentives include:
- Net Metering: Be sure to talk with your Campbellsville utility company about signing a net metering agreement. This will allow you to get a credit towards your utility bill every month for the value of excess energy your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
- Tax Exemptions: Tax exemptions can come in two forms. First, there is sales tax exemption, which is applied at the time you purchase your solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when calculating property tax for your home.
- Rebates: Rebates, or partial refunds after a purchase, are usually applied prior to any solar tax credits being calculated. Rebates might be offered by your local utility company, by your state or by your county.
Best National Provider
SunPower
- 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
- 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
When people think of solar incentives, federal incentives are likely the first thing that comes to mind. A federal incentive many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a certain percentage of the cost of your solar system.
The ITC initially applied to 30% of the cost of solar system installation, and has fluctuated slightly over time between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total cost of installation includes the panels themselves as well as the cost of accessories, equipment and labor. 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 owned by you and in the United States.
To more fully understand how the ITC will apply to you, get in touch with your local Campbellsville solar panel installer and request more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. The new Clean Energy Credit is valid until 2035. American homeowners are now eligible for a 30% credit for solar systems installed between January 1, 2022, and December 31, 2032. The credit will then be decreased by a few percentage points every year until the date of expiration. Starting in 2023, the program expansion will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. Your local Campbellsville solar panel installer can answer any questions you have and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. Similar to federal incentives, these can include tax credits, rebates and more. These incentives may be handled by your county or municipality, or by the Kentucky government. Certain incentives are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Campbellsville
There are a number of different solar incentives: those offered by local utility companies, those provided by the Kentucky government and those offered by the federal government, to name a few. Solar energy use has increased enormously in the last 15 years, partially due to these incentives. Call your local solar panel installer today to discover more about the various programs and to save as much money as possible on a solar system for your Campbellsville home.
EcoWatch's Campbellsville, KY Solar Incentives FAQs
How do I know if I qualify for specific solar incentives?
It's a smart idea to get in touch with your local Campbellsville solar installer for a better understanding of which incentives your project may qualify for. Usually, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those provided by the Kentucky government, may have other requirements.
How much can I save on my electric bill annually if I add solar panels to my Campbellsville home?
After adding solar panels to your Campbellsville home, you can anticipate savings of around $808.14 per year, or approximately $15,354.61 over the next 20 years.
How long until the federal solar tax credit ends?
The federal solar tax credit, formerly known as the ITC and now titled the Clean Energy Credit, is set to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
I want to change out my appliances for ones that are more energy-efficient. Are there any incentives I can get?
The recently passed Inflation Reduction Act introduces several incentives that reward homeowners who make eco-friendly upgrades. Some incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
Can I qualify for incentives both towards the initial cost of solar panels, and later as reimbursement?
The order that incentives will be applied in could vary depending on which incentives you are eligible for but typically yes, you can receive multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to be sure you are claiming all possible incentives and applying them in the correct order.
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.