2024 Solar Incentives Guide for Eastpointe, MI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Eastpointe.
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 Eastpointe?
Michigan Saves - Home Energy Loan Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are meant to encourage people to switch their home over to renewable energy by providing incentives meant to lower the financial burden of solar panel installation and use. These incentives might include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are handled by the federal government, some by the state of Michigan and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Rebates: Rebates, or partial refunds after a purchase, are usually given prior to any solar tax credits being calculated. These rebates may be offered by your local utility company, by your state or by your county.
- Net Metering: Don't forget to speak with your Eastpointe utility company about signing a net metering agreement. This will allow you to receive credit towards your utility bill every month for the value of excess energy your solar panels generate. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: These may come in the form of property tax exemptions, which let you ignore the value of your solar system when paying taxes on your house. You may also qualify for an exemption on sales tax at the time of purchase.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
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
Solar Veteran
Michigan Solar Solutions
- Great warranty coverage
- Outstanding customer service
- Offers products from leading manufacturers
- Slightly limited service offerings
- No leases or PPAs
Outstanding Local Installer
Strawberry Solar
- Outstanding customer service
- Representatives are experts on local policies
- Educational, no-pressure sales approach
- Limited warranty coverage
- No leases or PPAs
- Limited brands of solar equipment available
Federal Solar Incentives
Federal solar incentives are likely to be the first thing that comes to mind when you think about solar incentives. A federal incentive that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a certain percentage of your solar system's cost.
The ITC can be applied to solar panels installed after January 1, 2006, on a primary or secondary residence that you own in the United States. Originally, the tax credit was for 30% of the total cost – for panels, equipment, accessories and labor – although the percentage may range from 26-30%, depending on the installation date of your solar system. There is no cap on the amount you can claim.
To better understand how the ITC will apply to you, contact your local Eastpointe solar panel installer and ask for more information.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit extends until 2035. Homeowners are now eligible for a 30% credit for solar systems that began installation after January 1, 2022, and are completed by the end of 2032. The total credit will then decrease annually until it expires. Beginning in 2023, it will also be easier to get credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. Your local Eastpointe solar panel company is the best resource for answering your questions about the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. Like with federal incentives, these might include rebates, tax credits and more. Some incentives are offered for only a limited time, while others are ongoing. These local incentives might come from the Michigan government, or from your specific county or municipality.
Next Steps for Installing Solar in Eastpointe
The expanding number of available solar incentives has contributed greatly to the increase in the nationwide adoption of solar energy over the past 15 years. You may receive solar incentives from your local utility company, the Michigan government or the federal government. We suggest talking to your local Eastpointe solar installer for more information about these incentives and to make sure that you're getting the largest number possible for your solar panels.
EcoWatch's Eastpointe, MI Solar Incentives FAQs
What are the best solar panel installation companies near me?
To find the top solar panel installation companies near you, read our article on the best solar companies in Eastpointe.
I want to trade in my old appliances for ones that are more energy-efficient. Are there any incentives I can apply for?
The new Inflation Reduction Act introduces several incentives meant to 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 claim incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can receive both tax credits and rebates towards the cost of your solar panels. Depending on precisely which incentives you are claiming, they may apply in a different order. Be sure to talk to your solar installer or a local tax professional to confirm that you are claiming incentives correctly and that you're getting the most money you can.
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, such as a combination of solar and wind power. You can also combine renewable energy generation with a backup source of non-renewable energy. Be sure to discuss the details of your plan with your local Eastpointe solar panel installer, to make sure you know what you'll need and what types of incentives you will or won't 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.