2024 Solar Incentives Guide for Minot, ND - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Minot.
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 Minot?
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
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are designed to mitigate the cost of installing solar panels on your home. Financial incentives like these are designed to encourage more people to make the switch to renewable energy. Different types of incentives, such as cash back, discounts or credit towards your monthly utility bill, may be available to you. Some incentives may be offered by the state of North Dakota, by your utility company or by county or municipality, while others are federal. Some solar incentives you might qualify for are:
- Rebates: A solar rebate is a partial refund credited to your account after you've paid for your solar system. Rebates could be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before tax credits are calculated.
- Net Metering: Net metering factors in once your solar system is up and running. If you have a net metering agreement with your Minot utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this is a dollar-for-dollar credit, while in other places you may make back a percentage of the value.
- Tax Exemptions: These may come in the form of property tax exemptions, which can let you ignore the value of your solar system when paying property tax on your house. You could also look for exemptions on sales tax at the time of purchase.
- Tax Credits: Tax credits decrease, dollar-for-dollar, the amount of income tax you owe the government. These differ from tax deductions.
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Federal Solar Incentives
When you hear the term "solar incentives," federal incentives are likely the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is probably the most commonly known federal solar incentive. The ITC allows you to claim a tax credit for a predetermined percentage of your solar system's cost.
The ITC applies to the total cost of solar panel installation, including the panels themselves as well as equipment, labor and accessories. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence located in the United States that you own. Originally set at 30% of total costs, the credit has fluctuated over time, and you may qualify for different amounts depending on when your project was completed. There is no maximum claim amount.
To better understand exactly how much money the ITC could save you, speak with your local Minot solar panel installer.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now referred to as the Clean Energy Credit. Now, solar installation projects that are completed between 2022 and 2032, can qualify for a 30% tax credit. This percentage will then see a slight annual decrease until the current Clean Energy Credit expires in 2035. The expansion also makes claiming credit for energy storage systems easier than ever before, starting in 2023.
More information about the new Inflation Reduction Act can be found here. The best way to understand how the new Clean Energy Credit will apply to you is to speak with your local Minot solar panel company directly.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Similar to federal incentives, these may include rebates, tax credits and more. These solar incentives — which may be handled by the state of North Dakota, or by your county or municipality — may be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Minot
There are a number of different solar incentives: those given by local utility companies, those offered by the North Dakota government and those provided by the federal government, to name a few. Solar energy use has grown tremendously in the last 15 years, partially due to these incentives. Your local Minot solar panel installer can help you learn more about which incentives you might qualify for, and get you on track to switch to renewable energy today.
EcoWatch's Minot, ND Solar Incentives FAQs
How much will a solar system save me annually on my electric bill in Minot?
Once you add solar panels to your home in Minot, you can expect to save approximately $717.34 per year, or around $13,629.52 over the next 20 years.
What are the highest-rated solar panel installation companies near me?
To discover the top solar panel installation companies near you, take a look at our article on Minot's top solar panel companies.
What are some environmental benefits of adding solar panels to my home?
You can decrease your carbon footprint by 450 pounds of CO2 annually by installing solar panels. This adds up to roughly 9,000 pounds in 20 years. Solar is also a renewable energy source, meaning that switching your home over reduces the drain on our planet's resources.
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. Make sure you talk through your plan with your local Minot solar installation expert. They can help you plan your project and give you an understanding of various incentives that you may or may not qualify for.
What if I add a solar system to a rental property, vacation home or commercial property? Will I still qualify for incentives?
While we recommend getting in touch with your local solar installer and/or tax professional to best understand what solar incentives apply to you, many apply to a second home, so long as that home is in the United States and owned by you. There may be additional incentives available specifically for commercial properties, depending on the specifics.
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.