2024 Solar Incentives Guide for Union, MO - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Union.
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 Union?
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
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to make renewable energy usage more affordable through financial incentives to help people install solar panels on their homes. Different types of incentives, such as cash back, discounts or monthly utility bill credits, might be available to you. Certain incentives may be provided via the state of Missouri, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
- Tax Exemptions: Tax exemptions can come in one of two forms. The first is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the added value of your solar system when calculating property tax for your home.
- Net Metering: Net metering factors in after your solar system is up and running. If you've signed a net metering agreement with your Union utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this is a dollar-for-dollar credit, while in other areas you may receive a refund equivalent to a percentage of the value.
- Rebates: Your solar installer might help you claim a rebate, or partial refund after purchase, for your solar system. States or counties will also offer limited-time rebates at various times. If you receive a rebate, that amount will usually come off your total price before any tax credits are calculated.
Best Solar Financing
Blue Raven Solar
- Industry-leading in-house financing
- Competitive pricing
- Excellent reputation
- Doesn't offer solar batteries
Federal Solar Incentives
Federal solar incentives are probably the first thing that comes to mind when you think about solar incentives. The Federal Solar Investment Tax Credit, or ITC, is the best-known federal solar incentive. The ITC allows you to claim a tax credit for a set percentage of your solar system's cost.
The ITC can be applied to solar panels installed after January 1, 2006, on a primary or secondary residence in the United States that you own. The credit initially covered 30% of the total cost – for panels, labor, equipment and accessories – although it may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
Talking to your local Union solar panel installation expert is the best way to learn more about how the ITC applies to your situation.
The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. For solar systems installed between January 1, 2022, and December 31, 2032, homeowners can apply for a credit equal to 30% of the total cost. This percentage will decrease annually after 2032 until the Clean Energy Credit ends in 2035. Starting in 2023, the program expansion will also make it easier to get credit for energy storage systems.
Click here to learn more about the new Inflation Reduction Act. The easiest way to learn more about how the new Clean Energy Credit applies to you is to talk with your local Union solar panel installation expert.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Similar to federal incentives, these may include rebates, tax credits and more. Certain incentives are ongoing, while others may only be available for a limited time. They might be offered by the Missouri government, or by your county or municipality.
Next Steps for Installing Solar in Union
Solar incentives may be provided by the federal government, the Missouri government or your local utility company. The variety of incentives available has helped nationwide use of solar energy increase greatly in the last 15 years. Speak with your local solar panel installation company today to find out more information and to save the most money possible on solar panels for your Union home.
EcoWatch's Union, MO Solar Incentives FAQs
Who installs solar panel systems near me?
To find the best solar panel installer in your area, check out our guide to the top solar companies in Union.
What are some environmental benefits of installing solar panels on my home?
Solar energy is a renewable energy source — by changing where you get your energy, you help lessen the strain on our planet's resources. You can also reduce your home's CO2 emissions by 500 pounds yearly, or around 13,000 pounds in 20 years.
If I trade in my appliances for ones that can use solar energy, are there any credits I can claim?
Under the new Inflation Reduction Act, there are a variety of new financial incentives that are available when you make eco-friendly improvements to your home. More details on these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I use a combination of multiple types of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Be sure to go over your ideas with your local Union solar installation expert. They can help you as you plan for your project and also help you understand the various incentives that you may or may 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.