2023 Solar Incentives Guide for Breckenridge Hills, MO - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Breckenridge Hills.
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 Breckenridge Hills?
Wabash Valley Power Association (28 Member Cooperatives) - Residential Energy Efficiency Program
Variable Speed Pool Pump: $250
Air-Source Heat Pump: $250 - $750
Geothermal Heat Pump: $1,500
Heat Pump Water Heater: $400/unit
HVAC: Varies depending on ZIP code. See program website
Empire District Electric - Solar PV Rebates
Solar Property Tax Exemption
Ameren Missouri (Electric) - Residential Heating and Cooling Energy Efficiency Rebate Program
Ductless Air-Source Heat Pump: $300-$500
Dual Fuel Heat Pump: $175-$200
Ground Source Heat Pump: $800-$2,000
Central Air Conditioner: $300-$500
Electronically Commutated Motor (ECM): $50-$100
Air Conditioner/Heat Pump Tune-Up: $75
Local Option - Clean Energy Development Boards
Federal Residential Renewable Energy Tax Credit
Solar incentives are intended to encourage people to switch their home over to renewable energy by providing incentives that lower the financial burden of solar panel installation and use. Various kinds of incentives, like discounts, cash back or credit towards your monthly utility bill, may be available to you. Some incentives may be offered by the Missouri government, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:
- Rebates: Rebates, or cash back after a purchase, are usually applied before any solar tax credits are calculated. Rebates may be offered by your local utility company, by your state or by your county.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the federal government.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you've signed a net metering agreement with your Breckenridge Hills utility company, it will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this is a dollar-for-dollar credit, while in other places you may receive a refund equivalent to a percentage of the value.
- Tax Exemptions: Tax exemptions may come in two forms. The first is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when paying property tax on your house.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have heard of. The solar incentive that you're most familiar with is probably 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 solar panels installed after January 1, 2006 on a primary or secondary residence that you own in the United States. The credit initially covered 30% of the total cost — for panels, accessories, labor and equipment — although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.
To better understand exactly how much money the ITC could save you, speak with your local Breckenridge Hills solar panel installation expert.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now dubbed the Clean Energy Credit. For solar systems installed between January 1, 2022 and December 31, 2032, homeowners can receive a credit equal to 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit ends in 2035. Beginning in 2023, it will also be easier to claim credits for energy storage systems under the new laws.
Click here to learn more about the new Inflation Reduction Act. The easiest way to fully understand how the new Clean Energy Credit might apply to you is to speak with your local Breckenridge Hills solar panel installation expert directly.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Like with federal incentives, these can include rebates, tax credits and more. Some incentives are ongoing, while others are available for a limited time. Solar incentives might be provided by the Missouri government, or by your county or municipality.
Next Steps for Installing Solar in Breckenridge Hills
Solar incentives can come from your local utility company, the federal government or the Missouri government. The variety of available incentives has contributed to a large increase in solar energy use in the last 15 years. Getting in touch with your local Breckenridge Hills solar panel installation expert is the best first step towards getting all the incentives you qualify for when you switch to solar energy.
EcoWatch's Breckenridge Hills, MO Solar Incentives FAQs
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