2023 Solar Incentives Guide for St. Clair, MO - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in St. Clair.
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 St. Clair?
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 designed to encourage homeowners to make the switch to renewable energy by offering incentives meant to lower the financial burden of solar panel installation and use. Incentives might include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are offered federally, while others are offered by the state of Missouri or by your utility company, county or municipality. Types of solar incentives might include:
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
- Rebates: Solar companies may help you claim a rebate, or partial refund of your purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. The value of a rebate will usually come off your total price before any tax credits are calculated.
- Net Metering: You may be able to sign a net metering contract with your St. Clair utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your monthly utility bill.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar panels. Property tax exemptions let you ignore the added value of your solar system when you calculate the amount of property tax you need to pay on your house.
Federal Solar Incentives
When people think of solar incentives, federal incentives may be the first thing that comes to mind. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which provides a credit on your taxes equal to a predetermined percentage of the cost of your solar system.
The ITC can be applied to solar systems installed after January 1, 2006 and lets you deduct from your taxes a percentage of the total cost of solar panels, labor, accessories and equipment. You can receive this credit for a solar panel system installed on a primary or secondary residence that you own in the United States. The original amount you could claim was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum claim amount.
To better understand how the ITC might apply to you, call your local St. Clair solar panel installation expert and ask for more information.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit runs until 2035. Any solar installation project that is completed between January 1, 2022 and December 31, 2032 may qualify for a 30% tax credit. This amount will decrease slightly on a yearly basis until the current program ends. The expansion to the program also makes it easier to get credit for energy storage systems, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. Your local St. Clair solar panel installation experts can answer your questions and explain how the new Clean Energy Credit will apply to you.
State & Local Solar Incentives
Tax credits, rebates and more can be provided at multiple levels. In addition to federal solar incentives, there are often state and local ones, too. These incentives may be handled by your county or municipality, or by the Missouri government. Certain incentives are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in St. Clair
Solar incentives might be provided by the Missouri government, the federal government or your local utility company. The growing number of available solar incentives has contributed to a large increase in solar energy use in the last 15 years. Speak with your local solar panel installation company today to find out more information and to save as much money as possible on a solar system for your St. Clair home.
EcoWatch's St. Clair, MO Solar Incentives FAQs
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