2024 Solar Incentives Guide for Mount Morris, MI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Mount Morris.
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 Mount Morris?
Michigan Saves - Home Energy Loan Program
Consumers Energy (Electric) - Residential Energy Efficiency Program
Washing Machine: $25 - $50
WiFi Enabled Thermostat: $50 - $100
Room Air Conditioner: $20
Pool Pump: $350
Refrigetor/Freezer Recyclilng: $50
Room Air Conditioner/Dehumidifier Recycling: $15
Heating & Cooling
Split System Central AC: $50 - $500
Air Source Heat Pump: $150 - $250
Ground Source Heat Pump: $200 - $300
Ductless Mini-Split Heat Pump: $350
ECM Motor: $50
Thermostat: $10 - $100
Central AC Tune-Up: $50
Windows & Insulation
Roof Insulation: $50 - $200
Wall Insulation: $50 - $125
Crawlspace Insulation: $10 - $50
Rim Joist Insulation: $20 - $50
Window Replacement: $15/window
Patio Door Replacement: $40/door
Federal Residential Renewable Energy Tax Credit
The term "solar incentives" refers to financial incentives designed to encourage the use of renewable energy by making installing and using solar panels more affordable. Various kinds of incentives, including cash back, discounts or monthly utility bill credits, may be available to you. Certain incentives may be offered by the Michigan government, by your utility company or by county or municipality, while other incentives are federal. Some solar incentives you might qualify for are:
- Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the federal government. Tax credits are different from tax deductions.
- Tax Exemptions: These might come in the form of property tax exemptions, which can let you ignore the value of your solar system when calculating the taxes you pay on your home. You could also look for exemptions on sales tax at the time of purchase.
- Net Metering: You can sign a net metering agreement with your Mount Morris utility company, that may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your monthly utility bill.
- Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. If you receive a rebate, that amount will usually be deducted from your total price before tax credits are calculated.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have heard of. An incentive many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a specified percentage of your solar system's cost.
The ITC originally covered 30% of the cost of installing solar panels, although that number has fluctuated slightly over the last few years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The cost of installation includes the panels themselves as well as the cost of labor, accessories and equipment. There is no maximum claim amount. The ITC can be applied to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
Wondering how the ITC applies to your specific situation? Contact your local Mount Morris solar panel installer to get more information.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now titled the Clean Energy Credit. The Clean Energy Credit has increased the current credit up to 30% for solar systems installed between 2022 and 2032. After this, the percentage will see a slight decrease annually until the program expires in 2035. The program expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Mount Morris solar panel company can answer your questions and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
Rebates, tax credits and more might be claimed at multiple levels. Along with federal solar incentives, there are often state and local ones, too. These incentives may be given out by the Michigan government, or by your county or municipality. Certain incentives are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Mount Morris
You can apply for solar incentives from the federal government and the Michigan government, as well as from your local utility company. The increased availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Getting in touch with your local Mount Morris solar panel installation company is an excellent first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Mount Morris, MI Solar Incentives FAQs
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