2024 Solar Incentives Guide for Elizabethtown, KY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Elizabethtown.
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 Elizabethtown?
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 term "solar incentives" refers to financial incentives designed to encourage the adoption and use renewable energy by making the installation and use of solar panels more affordable. You may be eligible for various kinds of incentives, such as cash back, discounts or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of Kentucky and others from the federal government. Types of solar incentives might include:
- Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you have in place a net metering agreement with your Elizabethtown utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in others you might make back a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
- Rebates: Rebates, or partial refunds after a purchase, are usually given before any solar tax credits are calculated. These rebates can be offered by your local utility company, by your county or by your state.
- Tax Exemptions: Your solar panel system might qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to exclude the added value of the solar panels when calculating property taxes on your house.
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 you think about solar incentives, you likely think of federal incentives first. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a percentage of the cost of your solar system.
The ITC is applied to the total cost of solar system installation, including the panels themselves as well as accessories, labor and equipment. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own, as long as it 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 amount you can claim.
Speaking with your local Elizabethtown solar panel installer is the best way to understand how the ITC may apply to your situation.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). With the new provisions, solar installation projects that are completed between 2022 and 2032, can qualify for a 30% tax credit. The amount of the credit will then decrease slightly each year until the current Clean Energy Credit expires in 2035. 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. To fully understand how the new Clean Energy Credit will apply to you, speak with your local Elizabethtown solar installation expert.
State & Local Solar Incentives
Federal solar incentives are not your only option; rebates, tax credits and more are often offered at the local or state level. Certain incentives are ongoing, while others are offered for only a limited time. These local incentives may come from your county or municipality, or from the Kentucky government.
Next Steps for Installing Solar in Elizabethtown
You can apply for solar incentives from the federal government and the Kentucky government, as well as from your local utility company. The growing availability of solar initiatives in the past 15 years has helped greatly increase nationwide adoption of solar energy. Your local Elizabethtown solar panel installation company can help you learn more about which incentives you can apply for, and get you started on the path to switching to renewable energy today.
EcoWatch's Elizabethtown, KY Solar Incentives FAQs
How can I learn if I qualify for certain solar incentives?
It's best to speak with your local Elizabethtown solar installer to get an understanding of which incentives your project will qualify for. In most cases, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) within a specified date range. Some incentives, such as those provided by the Kentucky government, may have additional requirements.
How much can I save on my electric bill annually if I add solar panels to my Elizabethtown home?
Typically, Elizabethtown homeowners who install solar panels save around $834.42 per year, or approximately $15,853.89 over 20 years after they make the switch.
Who installs solar panels near me?
To find the best solar panel installers near you, take a look at our article on the best solar companies in Elizabethtown.
What are some of the environmental benefits of switching to solar?
Solar energy is a renewable energy source — by changing where you get your energy, you help reduce the strain on our planet's resources. You can also lower the CO2 emissions from your home by 400 pounds a year, or around 8,000 pounds in 20 years.
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.