2023 Solar Incentives Guide for Crestview Hills, KY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Crestview Hills.
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 Crestview Hills solar installers to see how much you can save.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Crestview Hills?
Duke Energy - Residential Efficiency Rebate Program
Central Air Conditioning or Heat Pump: up to $400/unit
Geothermal Heat Pump: $400/unit
Variable Speed Pool Pumps: $300/unit
Attic Insulation and Attic Air Sealing: $250/unit
Duct Sealing: $100/unit
Duct Insulation: $75/unit
Federal Residential Renewable Energy Tax Credit
Solar incentives are designed to mitigate the cost of installing solar panels on your home. Financial incentives like these are in place to encourage more homeowners to make the switch to renewable energy. Incentives may include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered by the federal government, while others are provided by the state of Kentucky or your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Tax Exemptions: Your solar panel system might qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you ignore the value that solar panels add when you are calculating property taxes on your house.
- Rebates: Rebates, or partial refunds after a purchase, are typically applied before any solar tax credits are calculated. Solar rebates might be provided by your local utility company, by your state or by your county.
- Net Metering: You can sign a net metering contract with your Crestview Hills utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your utility bill each month.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have some familiarity with. One of the incentives that most 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 your solar system's cost.
The ITC can be applied to solar systems installed after January 1, 2006 and lets you deduct from your taxes a percentage of the total cost of solar panels, labor, equipment and accessories. This credit can apply towards a solar panel system installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum claim amount.
Your local Crestview Hills solar panel installation expert can provide more information about the ITC and how it applies to your situation.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now called the Clean Energy Credit. Under the new program, solar installation projects that are completed between 2022 and 2032 might qualify for a 30% tax credit. This percentage will then decrease slightly each year until the end of the current Clean Energy Credit in 2035. The expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Crestview Hills solar panel installers are the best people to answer your questions regarding the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more can be offered at a more local level. Incentives might be offered by the state of Kentucky, or by your county or municipality. Some incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Crestview Hills
Solar incentives can come from your local utlity company, the Kentucky government or the federal government. The growing number of available solar incentives has facilitated the nationwide growth of solar energy use in the last 15 years. We recommend talking to your local Crestview Hills solar installation expert to learn more about these incentives and to make sure that you're getting the largest number possible for your solar system.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
- 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 Crestview Hills, KY Solar Incentives FAQs
If I already have a solar system installed on my house, can I still claim incentives?
If your solar system was installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the year it was installed. Talking to the company that installed your solar system, or any local Crestview Hills solar installer, can help you understand what incentives you might want to apply for.
How much can I save on my electric bill annually if I add solar panels to my Crestview Hills home?
Typically, homeowners in Crestview Hills who install solar panels save around $750.97 per year, or around $14,268.41 over 20 years after they make the switch.
Who installs solar panels near me?
To find the right solar panel installer for you, check out our guide to Crestview Hills' top solar panel companies.
I want to change out my appliances for ones that are more energy-efficient. Are there any credits I can claim?
The new Inflation Reduction Act creates a number of new financial incentives that are available when you make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I claim incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of your solar panels. Depending on which incentives you are eligible for, they may apply in a different order. Make sure that you speak with your solar installer or a local tax professional to confirm that you are claiming incentives correctly and getting the most money possible.
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.