2023 Solar Incentives Guide for Imperial, MO - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Imperial.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Imperial?
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 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. Incentives could include things like discounts, cash back or credit on your utility bill each month. Some incentives are handled federally, while others are provided by the Missouri government or by your specific utility company, county or municipality. Types of solar incentives might include:
- Rebates: Rebates, or cash back after a purchase, are typically applied before any solar tax credits are calculated. These rebates can be given by your local utility company, by your county or by your state.
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar system. Property tax exemptions allow you to exclude the value that your solar panels add when calculating the amount of property tax you need to pay on your home.
- Net Metering: Don't forget to speak to your Imperial utility company about signing a net metering contract. This allows 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 Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (A tax credit is different from a tax deduction.)
Federal Solar Incentives
When thinking about solar incentives, federal incentives are likely the first thing that comes to mind. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a specified percentage of your solar system's cost.
The ITC can be applied to solar panels 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 you own for you to be eligible for the credit. Originally, the ITC covered 30% of all system installation costs (panels, accessories, equipment and labor), although the total amount has fluctuated over the last few years 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.
To know exactly how much the ITC could save you, talk to your local Imperial solar panel installer.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now dubbed the Clean Energy Credit. Now, solar installation projects started after January 1, 2022 and completed by the end of 2032 might qualify for a 30% tax credit. The amount of the credit will then see a slight annual decrease until the end of the current Clean Energy Credit in 2035. The program expansion also makes claiming credit for energy storage systems easier than ever before, starting in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Imperial solar panel company is the best resource for answering your questions regarding the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
Not all solar incentives are federal; tax credits, rebates and more are often offered at the state and local level. Incentives may be offered by your county or municipality, or by the state of Missouri. Certain incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Imperial
Solar incentives may be offered by your local utlity company, the Missouri government or the federal government. The large number of incentives available has facilitated the nationwide growth of solar energy use in the last 15 years. We suggest talking to your local Imperial solar installation company for more information about these incentives and to ensure that you're getting all of the money you can for your solar panels.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries (coming 2022)
- 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
EcoWatch's Imperial, MO Solar Incentives FAQs
How much will solar panels save me annually on my electric bill in Imperial?
Typically, Imperial homeowners who install solar panels save approximately $866.34 per year, or approximately $16,460.50 over 20 years after making the switch.
Who installs solar panel systems near me?
To find the best solar panel installer in your area, check out our guide to Imperial's top solar panel companies.
How long until the federal solar tax credit ends?
The Clean Energy Credit (previously referred to as the federal solar tax credit, or ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I qualify for incentives both towards the initial cost of solar panels, and later as reimbursement?
The order in which incentives are applied might vary depending on which incentives you receive but generally yes, you can claim multiple types of incentives for your solar project. Get in touch with your solar installer or a local tax professional to verify you are claiming all of the incentives you qualify for and applying them in the correct order.
Can I use solar and another type of renewable energy in combination to power my home?
Yes, you can employ multiple types of renewable energy to power your home — for example, a combination of solar and wind power. You can also combine renewable energy generation with a backup source of non-renewable energy. You should discuss the details of your plan with your local Imperial solar panel installer, so that you understand what you'll need and what kinds of incentives you might or might not 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.