2024 Solar Incentives Guide for Merrimack, NH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Merrimack.
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 Merrimack?
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 meant to encourage people to switch to renewable energy by providing incentives meant to lower the financial burden of solar panel installation and use. Different types of incentives, like discounts, cash back or monthly utility bill credits, may be available to you. Some incentives may be provided via the state of New Hampshire, by your utility company or by county or municipality, while other incentives are federal. Types of solar incentives might include:
- Rebates: A rebate is a partial refund credited to your account after you've paid for your solar panels. These may be offered by your local utility company, your county or your state. The rebates are usually applied before tax credits are calculated.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government. (A tax credit is different from a tax deduction.)
- Tax Exemptions: These could come in the form of property tax exemptions, which allow you to exclude the value added by your solar panels when paying taxes on your home. You may also qualify for an exemption on sales tax at the time of purchase.
- Net Metering: You can sign a net metering contract with your Merrimack utility company. This agreement may 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.
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
Federal incentives are the type of incentives that you are most likely to have some familiarity with. An incentive many people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a specific percentage of your solar system's cost.
The ITC applies to solar systems installed after January 1, 2006, on a primary or secondary residence that you own in the United States. The credit initially covered 30% of the total cost – for panels, labor, equipment and accessories – although that amount may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
Your local Merrimack solar panel installer can offer more information about the ITC and how it applies to your situation.
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. For solar systems installed between January 1, 2022, and December 31, 2032, homeowners may be eligible for a credit for 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.
More information about the new Inflation Reduction Act can be found here. Your local Merrimack solar panel company is the best resource for answering your questions about 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 state and local level. These incentives might be given out by the New Hampshire government, or by your county or municipality. Some incentives may be ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Merrimack
The variety of available solar incentives has enormously increased the adoption of solar energy nationwide over the last 15 years. You can get solar incentives from the federal government, the New Hampshire government or from your local utility company. When you're ready to make the switch to solar energy, talking to your local Merrimack solar panel installation expert is an excellent place to start.
EcoWatch's Merrimack, NH Solar Incentives FAQs
Who installs solar panels near me?
To find a top-rated solar panel installer, check out our guide to the top solar companies in Merrimack.
If I switch my appliances out for ones that use solar energy, are there any incentives that I can claim?
The new Inflation Reduction Act provides a number of incentives meant to 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?
The order your incentives will be applied in might vary depending on which incentives you are claiming but usually yes, you can claim multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to make sure you are claiming all possible incentives and applying them in the correct order.
Can I use solar and another type of renewable energy in combination 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 Merrimack solar installation expert. They can help you plan your project and also help you understand 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.