2023 Solar Incentives Guide for Park, MI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Park.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Park?
Michigan Saves - Home Energy Loan Program
Great Lakes Energy - Residential Energy Efficiency Rebate Program
Geothermal Heat Pumps: $500
Energy Optimization (Electric) - Residential Efficiency Program
Chest Freezer: $50
Window Air Conditioners: $15
WiFi Thermostat: $75
ECM Blower Motor: $200
Central Air Conditioning: 150 - $500
Central Air-Source Heat Pump: $250 - $500
Mini/Multi-Split Air-Source Heat Pump: $250 - $750
HVAC Combo Bonus: $100 bonus
Smart HVAC Combo Bonus: $150 bonus
Tune-Up Central Air Conditioner or Air-Sourse Heat Pump: $50
Ground-Source Heat Pump: $500 - $750
Efficient Circulation Pump: $100
Heat Pump Water Heater: $500
Pool Pump: $250
Pipe Wrap Insulation: $0.80/ft. ($8 max)
ENERGY STAR Products
LED Bulbs: In-store savings vary by retailer
LED Downlight Kits: In-store savings vary by retailer
Outdoor LED Fixtures: $5
Ceiling Fan: $10
Advanced Power Strip: $5
Room Air Conditioner: $10
Air Purifier: $10
Clothes Washer: $20
Chest Freezer or Upright Freezer: $15
Television: $10 - $20
Personal Computer: $10
Occupancy Sensor: $5
Wifi-Enabled Thermostat: $75
Income Qualified Services
Free Product Kit: May include energy-saving items, such as LED lights and a smart power strip
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" includes a range of financial incentives designed to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Incentives could include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are provided by the federal government, while others are offered by the state of Michigan or by your utility company, county or municipality. Types of solar incentives might include:
- 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.)
- Net Metering: Make sure you talk with your Park utility company about signing a net metering contract. This allows you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You might receive either a dollar-for-dollar credit or a percentage of the value.
- Rebates: A rebate is a partial refund after the purchase of your solar panels. Rebates could be offered by your local utility company, your county or your state. The rebates are usually applied before calculating tax credits.
- Tax Exemptions: Your solar system could qualify for exemptions on both sales and property tax. Sales tax exemptions are effective at the time of purchase. Property tax exemptions allow you to exclude the added value of the solar panels when you are calculating property taxes on your house.
Federal Solar Incentives
Federal solar incentives are likely the first thing that comes to mind when thinking about solar incentives. 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 certain percentage of the cost of your solar system.
The ITC applies to a solar system installed on your primary or secondary residence in the United States. The solar system must have been installed after January 1, 2006 on a property owned by you for you to claim the credit. The ITC originally paid out 30% of all costs (panels, equipment, accessories and labor), although the amount has fluctuated slightly 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.
Have questions about how the ITC applies to your specific situation? Get in touch with your local Park solar panel installation expert to get more information.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit lasts until 2035. Solar installation projects started after January 1, 2022 and completed by the end of 2032 may qualify for a 30% tax credit; this amount will then decrease slightly on a yearly basis until the current program ends. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. Your local Park solar panel installation expert is the best person to answer 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. Similar to federal incentives, these could include rebates, tax credits and more. Incentives may be given by the state of Michigan, or by your county or municipality. Certain incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Park
The variety of available solar incentives has enormously increased the use of solar power nationwide over the last 15 years. You might qualify for solar incentives from the Michigan government, the federal government or your local utility company. Your local Park solar panel installer can help you learn more about which incentives you can apply for, and get you on track to switch to renewable energy today.
EcoWatch's Park, MI Solar Incentives FAQs
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.