2023 Solar Incentives Guide for Beatrice, NE - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Beatrice.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in Beatrice?
Dollar and Energy Savings Loans
Multifamily dwellings with 3 or more units: $250,000
Home Electronics: $25,000;
Office Electronics: $50,000
Alternative Fuel Projects: $500,000
Telecommunications Projects: $250,000
Sales and Use Tax Exemption for Community Renewable Energy Projects
Local Option - Property-Assessed Clean Energy Financing
Federal Residential Renewable Energy Tax Credit
Solar incentives are designed to mitigate the cost of installing solar panels on your home. These financial incentives are in place to encourage more people to convert their home partially or fully to renewable energy. Solar incentives may include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are offered by the federal government, some by the Nebraska government and some by your specific utility company, county or municipality. Types of solar incentives might include:
- Tax Exemptions: Tax exemptions may come in one of two forms. The first is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption. This allows you to exclude the value added by your solar system when paying property tax on your home.
- Rebates: Solar companies may help you claim a rebate, or partial refund after purchase, for your solar system. Counties or states will also sometimes offer limited-time rebates. The value of a rebate will usually come off the total price before any tax credits are calculated.
- Net Metering: Be sure to talk with your Beatrice utility company about signing a net metering contract. This will allow you to get a credit towards your monthly utility bill for the value of excess energy your solar panels generate. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the federal government.
Federal Solar Incentives
When people think of solar incentives, federal incentives might be the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is the best-known federal solar incentive. The ITC provides a tax credit for a set percentage of the cost of your solar system.
The ITC covers solar systems installed after January 1, 2006 and lets you deduct from your taxes a percentage of the total cost of solar panels, labor, accessories and equipment. This credit can apply towards solar panels installed on a primary or secondary residence in the United States that you own. The original claim amount was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum claim amount.
Contacting your local Beatrice solar panel installer is the best way to understand how the ITC applies to your situation.
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 extends until 2035. Homeowners can now receive a 30% credit for solar systems installed between January 1, 2022 and December 31, 2032. The credit will then be decreased by a few percentage points every year until the date of expiration. Starting in 2023, the expansion will also make claiming credit for energy storage systems easier than ever before.
Click here to learn more about the new Inflation Reduction Act. To best understand how the new Clean Energy Credit might apply to you, talk to your local Beatrice solar installation company.
State & Local Solar Incentives
Tax credits, rebates and more can be provided at multiple levels. Along with federal solar incentives, there are often state and local ones, too. Certain incentives are ongoing, while others are offered for only a limited time. Your local incentives may come from the Nebraska government, or from your specific county or municipality.
Next Steps for Installing Solar in Beatrice
There are many types of solar incentives: those offered by local utility companies, those offered by the Nebraska government and those offered by the federal government, to name a few. The use of solar energy has increased tremendously in the last 15 years, thanks to these incentives. Contact your local solar panel installation expert today to discover more about the various programs and to save as much money as possible on a solar system for your Beatrice home.
EcoWatch's Beatrice, NE Solar Incentives FAQs
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