2023 Solar Incentives Guide for Wayne, NE - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Wayne.
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 Wayne?
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 meant to help mitigate the cost of installing a solar panel system on your home. These financial incentives are in place to encourage more homeowners to make the switch to renewable energy. Incentives could include things like discounts, cash back or monthly utility bill credits. Some incentives are offered by the federal government, while others are handled by the state of Nebraska or your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Rebates: A rebate is a partial refund credited to your account after you've paid for your solar panels. Rebates might be offered by your local utility company, your state or your county. The discount that rebates offer is normally applied to the price of solar panels before tax credits are calculated.
- Tax Exemptions: Sales tax exemptions are effective at the time of purchase for your solar system. Property tax exemptions let you ignore the added value of your solar system when you're calculating the amount of property tax you need to pay on your home.
- Net Metering: Make sure you speak to your Wayne utility company about signing a net metering agreement. This allows you to receive credit towards your monthly utility bill for the value of excess energy your solar panels generate. You could 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 the amount of tax that you owe the government.
Federal Solar Incentives
Federal solar incentives are probably the first thing that comes to mind when you think about solar incentives. 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 specified percentage of the cost of your solar system.
The ITC applies to the value of 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 you own for you to claim the credit. Initially, the ITC applied to 30% of all costs (panels, accessories, equipment and labor), although this amount has fluctuated slightly over the years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the claim amount.
To more fully understand how the ITC will apply to your situation, speak to your local Wayne solar panel installation expert and request more information.
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. American homeowners can now receive a 30% credit for solar systems installed between 2022 and 2032. This new credit will then decrease annually until its expiration. Starting in 2023, it will also be easier to qualify for credits for energy storage systems with the new act.
Click here to learn more about the new Inflation Reduction Act. The best way to learn more about how the new Clean Energy Credit will apply to you is to reach out to your local Wayne solar panel installation expert with your questions.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Tax credits, rebates and more can be offered at a more local level. Incentives might be provided by the state of Nebraska, or by your county or municipality. Certain incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Wayne
You can apply for solar incentives from the Nebraska government and the federal government, as well as from your local utility company. Growing availability of solar initiatives in the past 15 years has helped increase nationwide solar energy use enormously. Your local Wayne solar panel installer can help you learn more about which incentives you should apply for, and get you on track to switch to renewable energy today.
EcoWatch's Wayne, 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.