2024 Solar Incentives Guide for Dickinson, ND - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Dickinson.
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 Dickinson?
Renewable Energy Property Tax Exemption
Wind, hydroelectric, geothermal, solar thermal, solar PV, and other solar energy systems: the assessed value of the system
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" broadly refers to financial incentives put in place by solar companies and the government to encourage increased use of renewable energy by making the installation and use of solar panels more affordable. Incentives could include things like discounts, cash back or credit on your utility bill each month. Some incentives are handled federally, while others are handled by the state of North Dakota or your utility company, county or municipality. Categories of solar incentives include:
- Net Metering: Net metering is an incentive you can get after your solar system is up and running. If you have a net metering agreement with your Dickinson utility company, the company will subtract the value of the excess energy produced by your solar system from your utility bill each month. In some areas, this is a dollar-for-dollar credit, while in other areas you might get refunded a percentage of the value.
- Tax Credits: Different from tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the government.
- Tax Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar system. Property tax exemptions let you ignore the value that your solar panels add when you calculate how much property tax you need to pay.
- Rebates: Solar rebates can be provided by your local utility company, or by your state or county. These rebates are essentially partial refunds that are applied after you purchase a solar system and before tax credits are calculated.
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Best Technology
Tesla Energy
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Federal Solar Incentives
When someone says "solar incentives," you probably think of federal incentives first. A federal incentive that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a certain percentage of your solar system's cost.
The ITC can be applied to solar systems installed after January 1, 2006, on a primary or secondary residence in the United States that you own. Initially, the credit applied to 30% of the total cost – for panels, labor, equipment and accessories – although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
To find out exactly how much the ITC could save you, speak with your local Dickinson solar panel installation expert.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. For solar system installations that begin after January 1, 2022, and are completed by the end of 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 expires in 2035. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. Your local Dickinson solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
Federal solar incentives are not your only option; tax credits, rebates and more might also be offered at the local or state level. Certain incentives are ongoing, while others might only be available for a limited time. Incentives may be given by your county or municipality, or by the North Dakota government.
Next Steps for Installing Solar in Dickinson
The nationwide use of solar energy has significantly increased in the last 15 years, in part due to the proliferation of solar incentives. You may get these incentives from your local utility company, the federal government or the North Dakota government. If you're ready to make the change to solar energy, talking to your local Dickinson solar panel installation expert is a great first step.
EcoWatch's Dickinson, ND Solar Incentives FAQs
How can I learn if I qualify for specific solar incentives?
It's a good idea to talk to your local Dickinson solar installer to get an understanding of which incentives your project may qualify for. Usually, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, such as those provided at the level of the North Dakota government, may have other requirements.
How much will a solar system save me annually on my electric bill in Dickinson?
Typically, homeowners in Dickinson who install solar panels save around $749.57 per year, or about $14,241.92 over 20 years after making the switch.
What are the highest-rated solar panel installation companies near me?
To find the best solar panel installation companies near you, take a look at our article on Dickinson's best solar panel companies.
When does the federal solar tax credit end?
The Clean Energy Credit (previously referred to as the federal solar tax credit, or ITC), is slated to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I use 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. Make sure you go over your ideas with your local Dickinson solar installation expert. They can help you as you plan for your project and also help you understand the various incentives that 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.