2024 Solar Incentives Guide for Hannibal, MO - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Hannibal.
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 Hannibal?
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
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
Missouri Rural Electric Cooperative - Residential Energy Efficiency Rebate Program
Heat Pump Water Heaters: 50% of cost, up to $700
Geothermal Heat Pumps: $250/ton, additional $500/ton available for new installations and replacement units
Geothermal Heat Pumps replacement without Ground Loop Replacement: $150 - $400/ton
Air Source and Mini Split Heat Pumps: $150/ton
Programmable Thermostat: 50% of cost, up to $50
Room AC Unit: $50
Energy Audits: $125 and 50% of improvement costs up to $500
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" covers a wide range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Different types of incentives, including discounts, cash back or credit towards your monthly utility bill, might be available to you. Certain incentives may be offered by the state of Missouri, by your utility company or by county or municipality, while others are federal. Some solar incentives you might qualify for are:
- Rebates: Solar rebates can be offered by your local utility company, or by your county or state. These rebates are essentially cash back that is applied after you pay for solar panels and before tax credits are calculated.
- Tax Credits: Tax 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 once your solar panels are up and running. If you have a net metering agreement with your Hannibal utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some locations, this credit is dollar-for-dollar, while in other places you may make back a percentage of the value.
- Tax Exemptions: These might come in the form of property tax exemptions, which would allow you to ignore the value of your solar system when calculating the taxes you pay on your house. You may also qualify for an exemption on sales tax at the time of purchase.
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 Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
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 solar incentives are likely the first thing that comes to mind when you think about solar incentives. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a certain percentage of your solar system's cost.
The ITC can be applied to solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, labor, accessories and equipment. This credit can be claimed on solar panels installed on a primary or secondary residence that you own in the United States. Originally, you could claim 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum amount you can claim.
Have questions about how the ITC applies to your specific situation? Contact your local Hannibal solar panel installation expert to get more information.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now referred to as the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. Homeowners can now receive a 30% credit for solar systems installed between 2022 and 2032. This credit will then see a slight annual decrease until its expiration. The expansion also makes claiming credit for energy storage systems easier than ever before, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit will apply to you is to get in touch with your local Hannibal solar panel installers.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. Like with federal incentives, these might include tax credits, rebates and more. The incentives — which might be provided by your county or municipality, or by the state of Missouri — could be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in Hannibal
The large number of available solar incentives has enormously increased the use of solar power nationwide over the past 15 years. You may receive solar incentives from the Missouri government, the federal government or your local utility company. When you're prepared to switch over to solar energy, talking to your local Hannibal solar panel installation expert is an excellent place to start.
EcoWatch's Hannibal, MO Solar Incentives FAQs
My home already has solar panels installed. Does my system qualify for any incentives?
An excellent idea would be to talk to the company that installed your system – or call a local Hannibal solar installer — to learn about which incentives you may qualify for. If your system was installed after January 1, 2022, you likely qualify for the newly increased 30% tax credit under the Inflation Reduction Act. Solar systems installed between 2006 and 2021 may qualify for a tax credit of 26-30%.
How much will a solar system save me annually on my electric bill in Hannibal?
Generally, homeowners in Hannibal who install solar panels save around $963.79 per year, or about $18,312.02 over 20 years after making the switch.
Who installs solar panels near me?
To find the best solar panel installer in your area, check out our guide to Hannibal's best solar panel companies.
If I trade in my appliances for ones that use solar energy, are there any credits I can claim?
The recently passed Inflation Reduction Act provides several incentives that reward homeowners who make eco-friendly upgrades. Some of these incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
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.