2024 Solar Incentives Guide for Monroe, LA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Monroe.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Monroe?
Home Energy Loan Program (HELP)
New Orleans City - Energy Smart Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" generally refers to financial incentives put in place by solar companies and the government to encourage the adoption and use renewable energy by making installing and using solar panels more affordable. Solar incentives can include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are offered by the federal government, some by the Louisiana government and some by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Rebates: A rebate is a partial refund given after you've purchased your solar panels. Rebates might be offered by your local utility company, your county or your state. The rebates are usually applied before tax credits are calculated.
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
- Net Metering: You can sign a net metering agreement with your Monroe utility company, that may apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then subtract this value from your utility bill each month.
- Tax Exemptions: Your solar panel system might qualify for both sales tax and property tax exemptions. Sales tax exemptions are effective at the time of purchase. Property tax exemptions allow you to exclude the value that solar panels add when you are 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 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 incentives are the kind of incentives that you are most likely to have some familiarity with. The Federal Solar Investment Tax Credit, or ITC, is likely the most commonly known federal solar incentive. The ITC allows you to claim a tax credit for a predetermined percentage of the cost of your solar system.
The ITC can be credited towards the value of solar panels installed on your primary or secondary residence in the United States. The solar system must have been installed on a property you own after January 1, 2006, for you to claim the credit. The ITC originally paid out 30% of all system costs (panels, accessories, equipment and labor), although the total amount has fluctuated over time between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the claim amount.
To best understand how the ITC may apply to you, get in touch with your local Monroe solar panel installation expert and request more information.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Under the new program, solar installation projects started after January 1, 2022, and completed by the end of 2032, might qualify for a 30% tax credit. This credit amount will then see a slight annual decrease until the end of the current Clean Energy Credit in 2035. Starting in 2023, it will also be easier to claim credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. Your local Monroe solar panel installer can answer any questions you have and explain how the new Clean Energy Credit 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 may include tax credits, rebates and more. Certain incentives are offered for only a limited time, while others are ongoing. These local incentives may come from your county or municipality, or from the Louisiana government.
Next Steps for Installing Solar in Monroe
There are a number of different solar incentives: those provided by local utility companies, those provided by the Louisiana government and those given by the federal government, to name a few. Solar energy utilization has grown enormously in the last 15 years, partially thanks to these incentives. It is a good idea to talk to your local Monroe solar installer for more information about these incentives and to ensure that you're getting the most money possible for your solar system.
EcoWatch's Monroe, LA Solar Incentives FAQs
How can I learn if I qualify for solar incentives?
Broadly, solar incentives apply to:
- a new solar system
- installed on property you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including ones handled by the Louisiana government or by your county/municipality, might have additional qualifications. Talk to your local Monroe solar installer to learn more about what incentives your project may qualify for.
How much can I save annually on my electric bill if I add solar panels to my house in Monroe?
When you add solar panels to your Monroe home, you can expect to save about $786.85 per year, or approximately $14,950.09 over 20 years.
What are the top solar panel installation companies near me?
To find a top-rated solar panel installer, check out our guide to the best solar companies in Monroe.
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 receive but generally yes, you can receive multiple types of incentives for your solar project. Speak to your solar installer or a local tax professional to ensure you are claiming all the incentives you qualify for and applying them in the correct order.
Can I use both solar and another type of renewable energy to power my home?
Yes, you can utilize multiple types of renewable energy to power your home — for example, a combination of solar and geothermal. You can also use both renewable energy sources and a backup source of non-renewable energy. You should discuss your plan with your local Monroe solar installation expert, to get an understanding of what will be needed and what incentives you may or may not qualify for.
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.