2023 Solar Incentives Guide for Chadron, NE - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Chadron.
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 Chadron?
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
The term "solar incentives" broadly refers to financial incentives that are in place to encourage people to use renewable energy by making the installation and use of solar panels more affordable. Solar incentives may include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are given by the federal government, some by the state of Nebraska and some by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Rebates: Rebates, or cash back after a purchase, are usually given before any solar tax credits are calculated. Rebates may be given by your local utility company, by your state or by your county.
- Tax Exemptions: These might come in the form of property tax exemptions, which let you ignore the value added by your solar panels when calculating the taxes you pay on your house. You may also qualify for an exemption on sales tax at the time of purchase.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the government.
- Net Metering: Don't forget to speak to your Chadron utility company about signing a net metering agreement. This allows you to receive credit towards your utility bill every month for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
Federal Solar Incentives
When thinking about solar incentives, you probably think of federal incentives first. The solar incentive that you're most likely to have heard of is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a predetermined percentage of your solar system's cost.
The ITC can be applied to solar panels installed on your primary or secondary residence in the United States. The solar system must have been installed after January 1, 2006 on a property owned by you for you to claim the credit. The ITC originally paid out 30% of all costs (panels, labor, accessories and equipment), although the total amount has fluctuated slightly over the years between 26-30%. The amount you qualify for will depend on when your solar system was installed. There is no cap on the amount you can claim.
Curious how the ITC might apply to your specific situation? Contact your local Chadron solar panel installer to get more information.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit now runs until 2035. You can now receive a 30% credit for solar systems installed between 2022 and 2032. This new credit will then decrease annually until the date of expiration. Beginning in 2023, it will also be easier to get credits for energy storage systems with the new act.
More information about the new Inflation Reduction Act can be found here. The best way to learn more about how the new Clean Energy Credit will apply to you is to speak with your local Chadron solar panel installers directly.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Like with federal incentives, these could include tax credits, rebates and more. These solar incentives — which might be given by the state of Nebraska, or by your county or municipality — might be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Chadron
The expanding number of solar incentives available has contributed greatly to the increase in the nationwide adoption of solar energy over the past 15 years. You may receive solar incentives from your local utility company, the Nebraska government or the federal government. Your local Chadron solar panel installation expert can provide you with more details about which incentives you might qualify for, and get you started on the path to switching to renewable energy today.
EcoWatch's Chadron, NE Solar Incentives FAQs
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.