2024 Solar Incentives Guide for Jamestown, ND - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Jamestown.
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 Jamestown?
Renewable Energy Property Tax Exemption
Wind, hydroelectric, geothermal, solar thermal, solar PV, and other solar energy systems: the assessed value of the system
Otter Tail Power Company - Energy Efficiency Rebate Program
Air-Source Heat Pump: $400-$900/ton
Geothermal Heat Pump: $1,000/ton
Thermal Storage Heating and Cooling: $40/kW
Appliance Recycling: $50/item, capped to $100 per year
Electronically Commutated Motors: $100
Home Insulation: Up to $1,400
Smart Thermostat: $35-$150
Boiler/Furnace: $500/unit (9-20 kW), $25/kW (21+ kW)
Water Heaters: up to $400
Northern Plains EC - Commercial Energy Efficiency Loan Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to encourage people to switch their home over to renewable energy by providing financial incentives that lower the burden of solar panel installation and use. You may be eligible for different kinds of incentives, including cash back, discounts or monthly utility bill credits, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of North Dakota and others from the federal government. Some solar incentives you might qualify for are:
- Tax Exemptions: Your solar panel system might qualify for both sales tax and property tax exemptions. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to ignore the value added by your solar panels when you are calculating property taxes on your home.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
- Net Metering: You may be able to sign a net metering contract with your Jamestown utility company. This agreement may apply to all or a percentage of the excess electricity your solar panels generate. Your utility company will then deduct this value from your utility bill each month.
- Rebates: Rebates, or cash back after a purchase, are normally applied before any solar tax credits are calculated. Rebates can be given by your local utility company, by your state or by your county.
Federal Solar Incentives
When you think 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). The ITC is a tax credit for a certain percentage of your solar system's cost.
The ITC initially applied to 30% of the cost of solar panel installation, although that number has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you qualify for. The cost of installation includes the panels themselves as well as the cost of labor, accessories and equipment. There is no maximum claim amount. The ITC can be applied to solar panels installed after January 1, 2006, on your primary or secondary residence. The residence must be owned by you and in the United States.
Your local Jamestown solar panel installer can provide more information about the ITC and how it may apply to your situation.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit is valid 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 end of the current program. Starting in 2023, the program 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 Jamestown solar panel installer can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. Like with federal incentives, these might include rebates, tax credits and more. These incentives might be offered by the North Dakota government, or by your county or municipality. Some incentives may be ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Jamestown
You can apply for and receive solar incentives from the North Dakota government and the federal government, as well as from your local utility company. This increase in availability of solar initiatives in the past 15 years has helped greatly increase nationwide adoption of solar energy. Your local Jamestown solar panel installation expert can give you more information about which incentives you might qualify for, and get you on track to switch to renewable energy today.
EcoWatch's Jamestown, ND Solar Incentives FAQs
How do I learn if I qualify for specific solar incentives?
Broadly, solar incentives apply to:
- a new solar system
- installed on a property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including those run by the North Dakota government or by your county/municipality, might have additional qualifications. Speak with your local Jamestown solar installer to discover what incentives your project will qualify for.
How much can I save on my electric bill annually if I add solar panels to my Jamestown home?
When you add solar panels to your house in Jamestown, you can anticipate savings of about $738.98 per year, or around $14,040.60 over the next 20 years.
What are some environmental benefits of adding solar panels to my home?
You can decrease your carbon footprint by 450 pounds of CO2 annually when you install solar panels. This adds up to approximately 9,000 pounds over 20 years. Solar is also a renewable energy source, which means that switching your home over reduces the drain on our planet's resources.
Can I use a combination of solar and another type 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 discuss your plan with your local Jamestown solar installation expert. They can help you with the plan for your project and give you an understanding of various incentives that you might or might not qualify for.
What if I add a solar system to a vacation home, rental property or commercial property? Can I still qualify for incentives?
Many solar incentives are intended to apply to a property you own that is located within the United States, and most secondary residences will fall into this category. Other solar incentives may be available for commercial properties, depending on the details. We recommend getting in touch with your local solar installer and/or tax professional to better understand what incentives may apply to your specific situation.
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.