2024 Solar Incentives Guide for Old Jamestown, MO - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Old Jamestown.
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.
Get a free quote from one of our trusted Old Jamestown solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Old Jamestown?
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
Cuivre River Electric - Energy Efficiency Rebate Programs
Ground-Source Heat Pumps: $750/ton
Ground-Source Heat Pump Replacement: $150/ton
Dual Fuel Heat Pumps: $150/ton
Basement/Crawl space/slab insulation: 50% of installed cost
Advanced Thermostat: 50% of installed cost
Heat Pump Water Heater: 50% of installed cost
Window Air Conditioning: 50% of installed cost
Business Lighting Rebate: Varies, visit program website or contact utility for details
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. Incentives can include things like discounts, cash back or credit on your utility bill each month. Some incentives are provided by the federal government, while others are offered by the state of Missouri or by your specific utility company, county or municipality. Some broad categories of solar incentives include:
- Rebates: Solar rebates might be offered by your state or county, or by your local utility company. These rebates are essentially partial refunds that are applied after your purchase of solar panels and before tax credits are calculated.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
- Net Metering: You can sign a net metering contract with your Old Jamestown utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your monthly utility bill.
- Tax Exemptions: Your solar panels may qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to ignore the added value of the solar panels when calculating property taxes on your home.
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 incentives are the type of incentives that you are most likely to have some knowledge of. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a predetermined percentage of the money you spend on your solar system.
The ITC originally covered 30% of the total cost of solar system installation, and has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The cost of installation includes the panels themselves as well as the cost of accessories, labor and equipment. There is no maximum claim amount. The ITC can be applied to solar systems installed after January 1, 2006, on your primary or secondary residence. The residence must be in the United States and owned by you.
Your local Old Jamestown solar panel installation expert can offer more information about the ITC and how it may apply to your situation.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit is valid until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit; this amount will then decrease slightly each year until the end of the current program. Starting in 2023, the program expansion will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. The easiest way to fully understand how the new Clean Energy Credit will apply to you is to get in touch with your local Old Jamestown solar panel installers.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. Like with federal incentives, these could include rebates, tax credits and more. Incentives might be given by the state of Missouri, or by your county or municipality. Some incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Old Jamestown
The expanding number of solar incentives available has contributed greatly to the increase in the nationwide adoption of solar energy over the last 15 years. You may receive solar incentives from the Missouri government, the federal government or your local utility company. Getting in touch with your local Old Jamestown solar panel installer is a great first step towards getting all the incentives you qualify for when you switch to solar energy.
EcoWatch's Old Jamestown, MO Solar Incentives FAQs
If my house already has solar panels, can I still claim incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the recently increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the date of installation. Speaking with a representative from the company that installed your solar system, or any local Old Jamestown solar installer, can help you learn more about what incentives you might want to apply for.
How much will solar panels save me annually on my electric bill in Old Jamestown?
Once you add solar panels to your Old Jamestown home, you can expect to save about $823.98 per year, or about $15,655.65 over 20 years.
What are some of the environmental benefits of switching to solar?
Solar energy is a renewable energy source — by switching where you get your energy, you can help reduce the strain on our planet's resources. You can also lower your home's CO2 emissions by 500 pounds a year, or roughly 13,000 pounds over 20 years.
When does the federal solar tax credit end?
The Clean Energy Credit (previously referred to as the federal solar tax credit, or the ITC), currently ends on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
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.