2024 Solar Incentives Guide for Pelham, NH - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Pelham.
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 Pelham?
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 via financial incentives to help people install solar panels on their homes. Different kinds of incentives, including discounts, cash back or credit towards your monthly utility bill, may be available to you. Some incentives may be provided via the New Hampshire government, by your utility company or by county or municipality, while others are federal. Categories of solar incentives include:
- Tax Credits: Tax credits decrease, dollar-for-dollar, the amount of income tax you owe the federal government. These differ from tax deductions.
- Net Metering: Net metering becomes relevant once your solar panels are up and running. If you have a net metering agreement in place with your Pelham utility company, they will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this credit is dollar-for-dollar, while in others you may be refunded a percentage of the value.
- Tax Exemptions: Your solar panel system might qualify for both sales tax and property tax exemptions. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions allow you to ignore the value added by your solar panels when you are calculating property taxes on your house.
- Rebates: Rebates, or partial refunds after a purchase, are usually applied before any solar tax credits are calculated. Rebates might be provided by your local utility company, by your state or by your county.
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 people think of solar incentives, federal incentives may be the first thing that comes to mind. A federal incentive many people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a specific percentage of the cost of your solar system.
The ITC can be applied to solar systems installed after January 1, 2006, on a primary or secondary residence in the United States that you own. Initially, the credit applied to 30% of the total cost – for panels, labor, equipment and accessories – although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the amount you can claim.
Your local Pelham solar panel installer can provide you with more information about the ITC and how it may apply to your situation.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now referred to as the Clean Energy Credit. For solar system installations that begin after January 1, 2022, and are completed by the end of 2032, homeowners can apply 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 to the program will also make it easier to get credit for energy storage systems.
Click here to learn more about the new Inflation Reduction Act. To understand how the new Clean Energy Credit will apply to you, get in touch with your local Pelham solar installers.
State & Local Solar Incentives
In addition to federal solar incentives, there are often also state ones. Tax credits, rebates and more can be offered at a more local level. These incentives might be provided by your county or municipality, or by the New Hampshire government. Some are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Pelham
There are many kinds of solar incentives: those offered by local utility companies, those given by the New Hampshire government and those given by the federal government, to name a few. Solar energy use has grown enormously in the last 15 years, partially due to these incentives. We recommend talking to your local Pelham solar installer to learn more about these incentives and to ensure that you're getting all the money you can for your solar system.
EcoWatch's Pelham, NH Solar Incentives FAQs
What are the best solar panel installation companies near me?
To find the right solar panel installer for you, check out our guide to Pelham's best solar panel companies.
What are some environmental benefits of installing solar panels on my house?
You can lower your carbon footprint by 200 pounds of CO2 a year when you install solar panels. This adds up to around 4,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that making the switch lessens the drain on our planet's resources.
How long until the federal solar tax credit ends?
The Clean Energy Credit (formerly named the federal solar tax credit, or ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
Can I claim incentives both towards the up-front cost of solar panels, and later as reimbursement?
The order that incentives will be applied in might vary depending on which incentives you are claiming but generally yes, you can receive multiple types of incentives for your solar project. Check with your solar installer or a local tax professional to make sure you are claiming all the incentives you're eligible for and applying them in the correct order.
Can I use multiple types of renewable energy to power my home?
Yes, you can employ multiple types of renewable energy to power your home — for example, a combination of wind and solar. You can also combine renewable energy generation with a backup source of non-renewable energy. Make sure that you discuss your proposed plan with your local Pelham solar installation expert, to get an understanding of what will be needed and what incentives you will or won't 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.