2024 Solar Incentives Guide for Beaver Dam, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Beaver Dam.
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 Beaver Dam?
Renewable Energy Sales Tax Exemptions
Renewable Rewards Program
Business - 0-5 kW: $200 per kW
5-10 kW: $1000 + $150 per kW over 5
10-100 kW: $1750 + $125 per kW over 10
100-300 kW: $13000 + $100 per kW over 100
300-500 kW: $33000 + $85 per kW over 300
Biogas, Solar, and Wind Energy Equipment Exemption
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" covers a wide range of financial incentives put in place to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. You may qualify for various kinds of incentives, such as discounts, cash back or credit towards your monthly utility bill, depending on your situation. Certain incentives come from your specific utility company, county or municipality, some from the state of Wisconsin and others from the federal government. Types of solar incentives might include:
- Net Metering: Make sure you talk with your Beaver Dam utility company about signing a net metering contract. This will allow you to get a credit towards your utility bill every month for the value of excess energy your solar panels generate. You may 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 federal government.
- Rebates: A rebate is a partial refund after the purchase of your solar system. These 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: Your solar system could qualify for exemptions on both sales and property tax. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you ignore 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 Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Federal Solar Incentives
When thinking about solar incentives, you probably think of federal incentives first. The Federal Solar Investment Tax Credit, or ITC, is the best-known federal solar incentive. The ITC allows you to claim a tax credit for a set percentage of the cost of your solar system.
The ITC applies to solar panels installed after January 1, 2006, on a primary or secondary residence that you own in the United States. Originally, the tax credit was for 30% of the total cost – for panels, equipment, labor and accessories – although that amount may range from 26-30%, depending on when your solar system was installed. There is no cap on the claim amount.
Reaching out to your local Beaver Dam solar panel installer is the best way to understand how the ITC may apply to you.
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. 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. This percentage will decrease annually after 2032 until the Clean Energy Credit ends in 2035. Starting in 2023, the expansion will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. Your local Beaver Dam solar panel installer can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. Similar to federal incentives, these might include rebates, tax credits and more. Incentives might be provided by your county or municipality, or by the state of Wisconsin. Some incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Beaver Dam
Nationwide solar energy use has gone up significantly in the past 15 years, in part due to the growth in the number of solar incentives. You may get these incentives from the federal government, the Wisconsin government or your local utility company. We suggest talking to your local Beaver Dam solar installer for more information about these incentives and to make sure that you're getting all the money you can for your solar system.
EcoWatch's Beaver Dam, WI Solar Incentives FAQs
How much can I save annually on my electric bill if I install solar panels on my Beaver Dam home?
On average, Beaver Dam homeowners who install solar panels save about $1,108.53 per year, or approximately $21,062.03 over 20 years after making the switch.
Who installs solar panel systems near me?
To find the right solar panel installer for you, check out our guide to Beaver Dam's top solar panel companies.
What are some environmental benefits of adding solar panels to my home?
Solar energy is renewable — by switching where you get your energy, you help reduce the strain on our planet's resources. A solar system can also lower the CO2 emissions from your home by 500 pounds yearly, or roughly 12,000 pounds in 20 years.
If I switch my appliances out for ones that can utilize solar energy, are there any benefits I can claim?
With the passage of the new Inflation Reduction Act, there are a variety of new financial incentives to encourage you to make eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found here.
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.