2023 Solar Incentives Guide for Republic, MO - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Republic.
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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What Solar Tax Credits, Incentives, and Rebates are Available in Republic?
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
City Utilities of Springfield - Residential Energy Efficiency Rebate Program
**Between Dec 15, 2018 and Mar 31, 2019: Insulation Upgrade: 30% of cost up to $400**
Programmable Thermostat: $15
Wi-Fi Thermostat: 50% of cost, up to $75
High Efficiency Toilet: 50% of cost, up to $75
Central A/C: $500
Natural Gas Furnace: $400
Air-Source Heat Pump: $500
Geothermal Heat Pump: $1,025
Federal Residential Renewable Energy Tax Credit
Solar incentives help mitigate the cost of installing a solar panel system on your home. This category of financial incentives is designed to encourage more homeowners to make the switch to renewable energy. These incentives can include cash back, upfront discounts or credit towards your monthly utility bill. Some incentives are given by the federal government, some by the Missouri government and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Rebates: A solar rebate is a partial refund after the purchase of your solar panels. These could be offered by your local utility company, your county or your state. The discount that rebates offer is normally applied to the price of solar panels before tax credits are calculated.
- Net Metering: Make sure you speak to your Republic utility company about signing a net metering agreement. This will allow you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Exemptions: Sales tax exemptions go into effect at the point of sale for your solar system. Property tax exemptions let you ignore the value that your solar panels add when you're calculating how much property tax you need to pay.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government. (A tax credit is different from a tax deduction.)
Federal Solar Incentives
When someone says "solar incentives," you likely think of federal incentives first. An incentive many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a specified percentage of your solar system's cost.
The ITC was originally for 30% of the total cost of solar system installation, although it has fluctuated slightly over time between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The total cost of installation includes the panels themselves as well as the cost of labor, accessories and equipment. There is no maximum amount you can claim. The ITC applies 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.
To find out exactly how much money the ITC could save you, contact your local Republic solar panel installer.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as retitling it the Clean Energy Credit). Homeowners can now receive a credit of 30% of the total costs of solar system installation for projects started after January 1, 2022 and completed before the end of 2032. This percentage will then begin to decrease yearly until the Clean Energy Credit ends in 2035. The expansion to the program also makes credits for energy storage systems even easier to claim, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. The best way to learn more about how the new Clean Energy Credit might apply to you is to talk with your local Republic solar panel installers.
State & Local Solar Incentives
In addition to those provided at the federal level, there are often also state solar incentives. Tax credits, rebates and more can be offered at a more local level. Certain incentives are ongoing, while others are only available for a limited time. Solar incentives might be offered by the Missouri government, or by your county or municipality.
Next Steps for Installing Solar in Republic
There are many kinds of solar incentives: those provided by local utility companies, those provided by the Missouri government and those provided by the federal government, to name a few. The use of solar energy has increased tremendously in the last 15 years, thanks to these incentives. Reaching out to your local Republic 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 Republic, MO Solar Incentives FAQs
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