2024 Solar Incentives Guide for Hanover, NH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Hanover.
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 Hanover?
Local Option - Property Tax Exemption for Renewable Energy and Electrical Energy Storage
Residential Small Renewable Energy Rebate Program
Eversource - Residential Energy Efficiency Rebate Program
LED Light Fixture: $5
Heating/Cooling Equipment: Up to $400
Heat Pump Water Heaters: Up to $600
Clothes Dryers: up to $200
Clothes Washer: Up to $50
Dehumidifier: $25
ENERGY STAR Homes: $4,000
Natural Gas Heating Equipment: Up to $1,500
Natural Gas thermostats: Up to $100
Pool Pumps: Up to $500
Refrigerator and Freezer Recycling: $30
Refrigerators: Up to $75
Room Air Conditioner: $20
Room Air Purifiers: $40
Residential Solar Water Heating Rebates
Residential Bulk-Fed Wood-Pellet Central Boilers and Furnace Rebate Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
Solar incentives are intended to make renewable energy usage more affordable through financial incentives to help people install solar panels on their homes. You might be eligible for various types of incentives, such as discounts, cash back or credit towards your monthly utility bill, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the New Hampshire government and others from the federal government. Some solar incentives you might qualify for are:
- Rebates: Rebates, or cash back after a purchase, are typically applied before any solar tax credits are calculated. Rebates might be offered by your local utility company, by your county or by your state.
- Net Metering: You can sign a net metering contract with your Hanover utility company. This agreement may apply to all or a percentage of the excess electricity that is generated by your solar panels. They will then deduct this value from your utility bill each month.
- Tax Credits: Tax credits decrease, dollar-for-dollar, the total amount of tax you owe the government. These differ from tax deductions.
- Tax Exemptions: Your solar panel system may qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to exclude the added value of the solar panels when you are calculating property taxes on your house.
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 for Leasing
Sunrun
- Expansive service area
- Many financing options
- Some reported issues with customer service
- Some reported issues with door-to-door sales
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 you hear the term "solar incentives," federal incentives may be the first thing that comes to mind. You may have 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 on your solar system.
The ITC can be applied to the total cost of installing solar panels, including the panels themselves as well as labor, accessories and equipment. This credit can be claimed for panels installed after January 1, 2006, on a primary or secondary residence that you own, as long as it is located in the United States. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.
Have questions about how the ITC applies to your specific situation? Get in touch with your local Hanover solar panel installer to get more information.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit runs until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit. The amount will decrease slightly on a yearly basis until the current program ends. The program expansion also makes credits for energy storage systems even easier to claim, starting in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Hanover solar panel company is the best resource for answering your questions regarding the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
There are more than just federal solar incentives; tax credits, rebates and more might also be offered at the local or state level. These solar incentives — which might be given by the state of New Hampshire, or by your county or municipality — may be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in Hanover
The variety of solar incentives available has contributed greatly to the increase in the adoption of solar energy nationwide over the past 15 years. You can get solar incentives from your local utility company, the New Hampshire government or the federal government. When you're ready to make the switch to solar energy, getting in touch with your local Hanover solar panel installation expert is a great first step.
EcoWatch's Hanover, NH Solar Incentives FAQs
How can I learn if I qualify for specific solar incentives?
It's a good idea to talk to your local Hanover solar installer for a better understanding of which incentives your project will qualify for. Generally, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, such as those provided by the New Hampshire government, might have other requirements.
My home already has solar panels installed. Does my system qualify for any incentives?
If your solar system was installed after January 1, 2022, you may qualify for the recently increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the date of installation. Speaking with the company that installed your system, or any local Hanover solar installer, can help you understand what incentives you can apply for.
What are the top solar panel installation companies near me?
To find the best solar panel installer in your area, check out our guide to the top solar companies in Hanover.
Can I use multiple types 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 discuss your plan with your local Hanover solar installer. They can help you with the plan for your project and also help you understand 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.