2024 Solar Incentives Guide for Radcliff, KY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Radcliff.
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 Radcliff?
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" covers a wide range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Different kinds 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 Kentucky, by your utility company or by county or municipality, while others are federal. Categories of solar incentives include:
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the federal government.
- Tax Exemptions: These might come in the form of property tax exemptions, which can let you exclude the value added by your solar panels when calculating the taxes you pay on your house. They may also include exemptions on sales tax at the time of purchase.
- Rebates: A rebate is a partial refund after the purchase of your solar system. Rebates might be offered by your local utility company, your state or your county. The rebates are usually applied before calculating tax credits.
- Net Metering: You may be able to sign a net metering agreement with your Radcliff utility company, that may 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.
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. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a specified percentage of the money you spend installing solar panels.
The ITC covers solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, accessories, equipment and labor. You can receive this credit for solar panels installed on a primary or secondary residence in the United States that you own. The original claim amount was 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum claim amount.
Your local Radcliff solar panel installer can offer more information about the ITC and how it might apply to your situation.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). Under the new program, solar installation projects that are completed between 2022 and 2032, can qualify for a 30% tax credit. This percentage will then see a slight annual decrease until the current Clean Energy Credit expires in 2035. Beginning in 2023, it will also be easier to get credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. Your local Radcliff solar panel company is the best resource for answering 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. Like with federal incentives, these can include tax credits, rebates and more. The incentives — which may be provided by your county or municipality, or by the state of Kentucky — could be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Radcliff
There are many kinds of solar incentives: those offered by local utility companies, those provided by the Kentucky government and those provided by the federal government, to name a few. The use of solar energy has increased tremendously in the last 15 years, partially thanks to these incentives. Contact your local solar panel installer today to find out more information and to save the most money possible on a solar system for your Radcliff home.
EcoWatch's Radcliff, KY Solar Incentives FAQs
How much will a solar system save me on my electric bill in Radcliff annually?
Typically, Radcliff homeowners who install solar panels save about $832.03 per year, or approximately $15,808.50 over 20 years after they make the switch.
What are the best solar panel installation companies near me?
To discover the best solar panel installation companies near you, take a look at our article on Radcliff's best solar panel companies.
I want to trade in my old appliances for ones that are more energy-efficient. Are there any credits I can apply for?
Under the new Inflation Reduction Act, there are a variety of new financial incentives that are available when you make eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found here.
What if I am planning to add solar panels to a vacation home, rental property or commercial property? Can I still qualify for incentives?
Many solar incentives are intended to apply to a property located within the United States that you own, and most secondary residences fall into this category. Other solar incentives may be available for commercial properties, depending on the specifics. We recommend talking to your local solar installer and/or tax professional to better understand what incentives 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.