2023 Solar Incentives Guide for Green Bay, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Green Bay.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated May 04, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Green Bay?
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
Solar incentives are meant to help mitigate the cost of installing a solar panel system on your home. Financial incentives like these are intended to encourage more Americans to switch their home over to renewable energy. Incentives can include things like discounts, cash back or monthly utility bill credits. Some incentives are offered federally, while others are handled by the state of Wisconsin or your specific utility company, county or municipality. Categories of solar incentives include:
- Tax Exemptions: These may come in the form of property tax exemptions, which allow you to ignore the value of your solar system when paying property tax on your house. You could also look for exemptions on sales tax at the time of purchase.
- Net Metering: Net metering is an incentive you can get once your solar system is up and running. If you have in place a net metering agreement with your Green Bay utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in others you may make back a percentage of the value.
- Rebates: Solar rebates may be provided by your state or county, or by your local utility company. These rebates are essentially cash back that is applied after your purchase of solar panels and before tax credits are calculated.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the government. (This is different from a tax deduction.)
Federal Solar Incentives
When thinking about solar incentives, you probably think of federal incentives first. The Federal Solar Investment Tax Credit, or ITC, is probably the most commonly known federal solar incentive. The ITC allows you to claim a tax credit for a specific percentage of your solar system's cost.
The ITC can be applied to solar systems installed after January 1, 2006 and under this program you can deduct from your taxes a percentage of the total cost of solar panels, equipment, accessories and labor. This credit can be claimed on a solar panel system installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum amount you can claim.
To better understand exactly how much money the ITC could save you, contact your local Green Bay solar panel installation expert.
The Inflation Reduction Act, passed in August 2022, made some changes to the ITC (as well as renaming it to the Clean Energy Credit). The new Clean Energy Credit now runs until 2035. American homeowners can now apply for a 30% credit for solar systems installed between 2022 and 2032. This credit will then be decreased by a few percentage points every year until it expires. Starting in 2023, it will also be easier to claim credits for energy storage systems under this new program.
More information about the new Inflation Reduction Act can be found here. To understand how the new Clean Energy Credit might apply to you, get in touch with your local Green Bay solar installers.
State & Local Solar Incentives
Some solar incentives are often also offered at the local or state level. Similar to federal incentives, these may include tax credits, rebates and more. Certain incentives are ongoing, while others may only be available for a limited time. Solar incentives might be provided by your county or municipality, or by the Wisconsin government.
Next Steps for Installing Solar in Green Bay
The expanding number of available solar incentives has contributed greatly to the increase in the use of solar power nationwide over the past 15 years. You can get solar incentives from the federal government, the Wisconsin government or from your local utility company. Your local Green Bay solar panel installation company can give you more information about which incentives you should apply for, and get you started on the path to switching to renewable energy today.
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EcoWatch's Green Bay, WI Solar Incentives FAQs
My home already has solar panels. Do I qualify for any incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If you had your system installed between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the year it was installed. Speaking with the company that installed your system, or any local Green Bay solar installer, can help you learn what incentives you might want to apply for.
How much will a solar system save me on my electric bill in Green Bay annually?
After adding solar panels to your house in Green Bay, you can expect to save about $1,033.64 per year, or about $19,639.17 over 20 years.
Who installs solar panel systems near me?
To learn about the best solar panel installers near you, take a look at our article on the best solar companies in Green Bay.
What are some of the environmental benefits of switching to solar?
You can decrease your carbon footprint by 450 pounds of CO2 a year by installing solar panels. This adds up to around 9,000 pounds over 20 years. In addition, solar power is a renewable energy source, meaning that making the switch reduces the drain on our planet's resources.
If I change out my appliances for ones that can utilize solar energy, are there incentives I can claim?
Under the new Inflation Reduction Act, there are several new financial incentives that are available when you 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.