2023 Solar Incentives Guide for Broken Bow, NE - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Broken Bow.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Broken Bow?
Dollar and Energy Savings Loans
Residential: $125,000;
Multifamily dwellings with 3 or more units: $250,000
Non-Residential: $500,000;
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
Source: https://www.dsireusa.org/
Solar incentives are meant to encourage people to switch to renewable energy by offering incentives that lower the financial burden of solar panel installation and use. Different types of incentives, such as discounts, cash back or monthly utility bill credits, may be available to you. Some incentives may be offered by the Nebraska government, by your utility company or by county or municipality, while others are federal. Some solar incentives you might qualify for are:
- Rebates: Rebates, or partial refunds after a purchase, are typically given before any solar tax credits are calculated. Rebates might be provided by your local utility company, by your state or by your county.
- Tax Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar system. Property tax exemptions let you exclude the added value of your solar system when calculating how much property tax you need to pay on your house.
- Tax Credits: Tax credits decrease, dollar-for-dollar, the total amount of tax you owe the federal government. These differ from tax deductions.
- Net Metering: Net metering becomes relevant after your solar panels are up and running. If you have a net metering agreement with your Broken Bow utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some areas, this credit is dollar-for-dollar, while in other areas you may be refunded a percentage of the value.
Best Technology
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- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some knowledge of. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit that reduces your taxes by a certain percentage of the money you spend installing solar panels.
The ITC applies towards solar systems installed after January 1, 2006 and allows you to deduct from your taxes a percentage of the total cost of solar panels, accessories, labor and equipment. You can claim this credit for solar panels installed on a primary or secondary residence in the United States that you own. The original amount you could claim was 30% of the total cost, although the amount you can claim may range between 26-30%. There is no maximum amount you can claim.
Speaking with your local Broken Bow solar panel installation expert is the best way to understand how the ITC could apply to your situation.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now titled the Clean Energy Credit. The Clean Energy Credit lasts until 2035. Any solar installation project that is completed between January 1, 2022 and December 31, 2032 may qualify for a 30% tax credit; the amount will decrease slightly each year until the current program ends. Starting in 2023, the expansion will also make it easier to get credit for energy storage systems.
More information about the new Inflation Reduction Act can be found here. To best understand how the new Clean Energy Credit applies to you, get in touch with your local Broken Bow solar installation expert.
State & Local Solar Incentives
Rebates, tax credits and more can be claimed at multiple levels. In addition to federal solar incentives, there are often state and local ones, too. Certain incentives are offered for only a limited time, while others are ongoing. Your local solar incentives could come from your county or municipality, or from the Nebraska government.
Next Steps for Installing Solar in Broken Bow
Solar incentives may be provided by your local utlity company, the Nebraska government or the federal government. The growing number of incentives available has contributed to a large increase in solar energy use in the last 15 years. We suggest talking to your local Broken Bow solar installation company for more information about these incentives and to ensure that you're getting the largest number possible for your solar system.
EcoWatch's Broken Bow, NE Solar Incentives FAQs
Can I receive any incentives when I add solar panels to a rental property, vacation home or commercial property?
Many solar incentives are intended to apply to a property located within the United States that you own, and most secondary residences will fall into this category. There may be other solar incentives available for commercial properties, depending on the specifics. We recommend reaching out to your local solar installer and/or tax professional to better understand what incentives will apply to your specific situation.
How much will a solar system save me on my electric bill in Broken Bow annually?
When you add solar panels to your house in Broken Bow, you can expect to save about $936.90 per year, or about $17,801.03 over the next 20 years.
If I change out my appliances for ones that can utilize solar energy, are there any incentives I can claim?
The new Inflation Reduction Act creates a number of new financial incentives for making eco-friendly improvements to your home. More details about these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I qualify for incentives both towards the up-front cost of solar panels, and later as reimbursement?
Yes, you can receive both rebates and tax credits towards the cost of solar panels. Depending on precisely which incentives you are receiving, they may apply in a different order. Be sure to speak with your solar installer or a local tax professional to verify that you are claiming the correct incentives and that you're getting the most money you can.
Can I use both 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 go over your plan with your local Broken Bow solar installer. They can help you with the plan for your project and educate you on 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.