2024 Solar Incentives Guide for Grand Forks, ND - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Grand Forks.
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 Grand Forks?
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 term "solar incentives" refers to financial incentives implemented by the government and by solar companies to encourage increased use of renewable energy by making solar panels more affordable. Different types of incentives, such as cash back, discounts or monthly utility bill credits, might be available to you. Certain incentives may be handled by the state of North Dakota, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:
- Tax Exemptions: Your solar panel system may qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions let you ignore the value added by your solar panels when you are calculating property taxes on your home.
- Net Metering: You may be able to sign a net metering agreement with your Grand Forks utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your utility bill each month.
- Rebates: A rebate is a partial refund given after you've purchased your solar system. Rebates could be offered by your local utility company, your county or your state. The rebates are usually applied before calculating tax credits.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
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Federal Solar Incentives
When thinking about solar incentives, you likely think of federal incentives first. One of the incentives that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a specific percentage of your solar system's cost.
The ITC applies to a solar system installed on your primary or secondary residence in the United States. The solar system has to have been installed on a property you own after January 1, 2006, for you to claim the credit. Originally, the ITC covered 30% of all system installation costs (panels, labor, equipment and accessories), although the amount has fluctuated slightly over time between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the amount you can claim.
Curious how the ITC might apply to your specific situation? Reach out to your local Grand Forks solar panel installer to get more information.
The Inflation Reduction Act, passed in August 2022, added more provisions to the ITC (as well as renaming it to the Clean Energy Credit). The new Clean Energy Credit now runs until 2035. You can now receive a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. This new credit will then decrease annually until it expires. The expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Grand Forks solar panel installation expert is the best person to answer your questions about the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
In addition to those provided at the federal level, there are often also state solar incentives. Rebates, tax credits and more may be available at a more local level. These incentives might be given out by your county or municipality, or by the North Dakota government. Some are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Grand Forks
Solar energy use nationwide has gone up tremendously in the last 15 years, in part thanks to the proliferation of solar incentives. You might receive these incentives from your local utility company, the federal government or the North Dakota government. If you're prepared to make the switch to solar energy, reaching out to your local Grand Forks solar panel installation expert is a great first step.
EcoWatch's Grand Forks, ND Solar Incentives FAQs
How much will a solar system save me on my electric bill in Grand Forks annually?
On average, homeowners in Grand Forks who install solar panels save approximately $839.17 per year, or around $15,944.31 over 20 years after making the switch.
Who installs solar panel systems near me?
To find a top-rated solar panel installer, check out our guide to the top solar companies in Grand Forks.
What are some environmental benefits of installing solar panels on my house?
You can lower your carbon footprint by 450 pounds of CO2 annually by switching to solar panels. This adds up to around 9,000 pounds in 20 years. Solar is also a renewable energy source, meaning that making the switch lessens the drain on our planet's resources.
If I switch my appliances out for ones that can utilize solar energy, are there incentives I can claim?
The new Inflation Reduction Act includes provisions for several incentives designed to reward homeowners for making eco-friendly upgrades. Some of these incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives here.
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.