2024 Solar Incentives Guide for Hastings, NE - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Hastings.
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 Hastings?
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
Southern Power District - Residential Energy Efficiency Rebate Programs
Heat Pump: $400-$3,300
Attic Insulation: $0.15/sq. ft.
HVAC Tune-Up: $30
Water heater: $300-$680
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The phrase "solar incentives" broadly refers to financial incentives designed to encourage increased use of renewable energy by making solar panels more affordable. The incentives can include upfront discounts, cash back or credit towards your monthly utility bill. Some incentives are given by the federal government, some by the Nebraska government and some by your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Rebates: A rebate is a partial refund given after you've purchased 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 calculating tax credits.
- Net Metering: You may be able to sign a net metering agreement with your Hastings utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your utility bill each month.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
- Tax Exemptions: These might come in the form of property tax exemptions, which allow you to exclude the value of your solar system when calculating the taxes you pay on your home. They may also include exemptions on sales tax at the time of purchase.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Technology
Tesla Energy
- 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
When thinking about solar incentives, federal incentives may be the first thing that comes to mind. One of the incentives many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a specified percentage of the cost of your solar system.
The ITC can be applied to solar systems installed after January 1, 2006, and under this program you can deduct from your taxes a percentage of the total cost of solar panels, accessories, equipment and labor. You can claim this credit for solar panels installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum claim amount.
Curious how the ITC might apply to your specific situation? Get in touch with your local Hastings solar panel installer to get more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. Homeowners are now eligible for a credit equal to 30% of the total costs of solar system installation for projects started after January 1, 2022, and completed before the end of 2032. This percentage will then begin to decrease annually until the Clean Energy Credit expires in 2035. Beginning in 2023, it will also be easier to get credits for energy storage systems under the new laws.
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 might apply to you is to get in touch with your local Hastings solar panel installation expert.
State & Local Solar Incentives
Some solar incentives are often also provided at the state and local level. As with federal incentives, these might include tax credits, rebates and more. Incentives might be given by your county or municipality, or by the state of Nebraska. Certain incentives might only be available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Hastings
You can apply for solar incentives from the federal government and the Nebraska government, as well as from your local utility company. Growing availability of solar initiatives over the last 15 years has helped greatly increase nationwide adoption of solar energy. Call your local solar panel installation company today to learn more and to save as much money as possible on a solar system for your Hastings home.
EcoWatch's Hastings, NE Solar Incentives FAQs
How do I know if I qualify for specific solar incentives?
It's a good idea to talk to your local Hastings solar installer for a better understanding of which incentives your project may qualify for. In most cases, solar incentives apply to new solar systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, like those provided by the Nebraska government, may have other requirements.
If I change out my appliances for ones that can utilize solar energy, are there any benefits that I can claim?
The new Inflation Reduction Act introduces multiple incentives that reward homeowners who make eco-friendly upgrades. Some of these incentives include tax credits and rebates for installing new electric appliances. You can find more details about these incentives here.
Can I claim incentives both towards the initial cost of solar panels, and later as reimbursement?
Yes, you can receive both tax credits and rebates towards the cost of your solar panels. Depending on precisely which incentives you are applying for, they may apply in a different order. Make sure that you 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 possible.
Can I use both solar and another type of renewable energy to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Be sure to talk through your ideas with your local Hastings solar installer. They can help you plan your project and educate you on the various incentives that you may or may 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.