2023 Solar Incentives Guide for Lake Geneva, WI - Tax Credits & Rebates

In this guide, we'll cover the latest solar incentives and rebates available in Lake Geneva.

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.
Get a free quote from one of our trusted Lake Geneva solar installers to see how much you can save.

By EcoWatch Local Advisors

Data Analysis: James Savino

Ranking Methodology: Karsten Neumeister

Updated January 20, 2023

Why you can trust EcoWatch

We work with a panel of solar experts to create unbiased reviews that empower you to make the right choice for your home. No other site has covered renewables as long as us, which means we have more data and insider information than other sites. Our rankings are never affected by revenue or partnerships.

What Solar Tax Credits, Incentives, and Rebates are Available in Lake Geneva?

Renewable Energy Sales Tax Exemptions

Incentive Type:
Sales Tax Incentive
100% exemption from sales and use tax for eligible purchases

Renewable Rewards Program

Incentive Type:
Rebate Program
Solar PV: Residential - $200 per kW
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

Incentive Type:
Property Tax Incentive
100% of the value added by an eligible renewable energy system

Federal Residential Renewable Energy Tax Credit

Incentive Type:
Personal Tax Credit
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.

Source: https://www.dsireusa.org/


The phrase "solar incentives" broadly refers to financial incentives designed to encourage increased use of renewable energy by making the installation and use of solar panels more affordable. You might qualify for different types of incentives, such as discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Wisconsin government and others from the federal government. You might qualify for any of the following types of solar incentives:

  • Tax Credits: Unlike tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
  • Net Metering: Net metering is an incentive you can get after your solar panels are up and running. If you have a net metering agreement with your Lake Geneva utility company, they will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this is a dollar-for-dollar credit, while in others you may receive a refund equivalent to a percentage of the value.
  • Tax Exemptions: Your solar panel 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 exclude the value that solar panels add when you are calculating property taxes on your home.
  • Rebates: Rebates, or cash back after a purchase, are normally applied before any solar tax credits are calculated. These rebates might be given by your local utility company, by your county or by your state.

Federal Solar Incentives

When people think of solar incentives, federal incentives are likely the first thing that comes to mind. The solar incentive that you may be most familiar with is the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a certain percentage of the cost of your solar system.

The ITC initially applied to 30% of the cost of installing solar panels, although it has fluctuated slightly over the years between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The total installation cost includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum amount you can claim. The ITC applies to solar panels installed after January 1, 2006 on your primary or secondary residence. The residence must be owned by you and in the United States.

Reaching out to your local Lake Geneva solar panel installation expert is the best way to learn more about how the ITC may apply to your situation.

In August 2022, the ITC (now called the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. The new Clean Energy Credit is valid until 2035. Homeowners are now eligible for a 30% credit for solar systems that began installation after January 1, 2022 and are completed by the end of 2032. This credit will then see a slight annual decrease until the date of expiration. The expansion also makes claiming credit for energy storage systems easier than ever before, starting in 2023.

Click here to learn more about the new Inflation Reduction Act. Your local Lake Geneva solar panel installation expert is the best person to answer your questions about the new Clean Energy Credit and how it applies to you.

State & Local Solar Incentives

Some solar incentives are often also provided by state and local governments. Like with federal incentives, these could include rebates, tax credits and more. Some incentives are offered for only a limited time, while others are ongoing. Local solar incentives might come from the Wisconsin government, or from your specific county or municipality.

Next Steps for Installing Solar in Lake Geneva

The expanding number of available solar incentives has enormously increased the adoption of solar energy nationwide over the last 15 years. You can get solar incentives from your local utility company, the federal government or the Wisconsin government. It is a good idea to talk to your local Lake Geneva solar installation company for more information about these incentives and to be sure that you're getting the most money possible for your solar panels.

Best National Provider

SunPower

★★★★★
5.0

  • Most efficient panels on the market
  • National coverage
  • Cradle to Cradle sustainability certification
  • Great warranty coverage
  • Expensive
  • Customer service varies by local dealer

Best Technology

Tesla Energy

★★★★★
4.5

  • 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

Best for Leasing

Sunrun

★★★★★
4.0

  • Expansive service area
  • Many financing options
  • Some reported issues with customer service
  • Some reported issues with door-to-door sales

EcoWatch's Lake Geneva, WI Solar Incentives FAQs

Can I receive any incentives when I add solar panels to a vacation home, rental property or commercial property?

Many solar incentives apply to a property located within the United States that you own, and most secondary residences will fall under this distinction. Other solar incentives may be available for commercial properties, depending on the details. We recommend speaking with your local solar installer and/or tax professional to better understand what incentives will apply to your specific situation.

How much will solar panels save me on my electric bill in Lake Geneva annually?

When you add solar panels to your home in Lake Geneva, you can anticipate savings of approximately $1,074.79 per year, or approximately $20,421.08 over the next 20 years.

What are the highest-rated solar panel installation companies near me?

To discover the best solar panel installation companies near you, read our article on Lake Geneva's best solar panel companies.

What are the environmental benefits of switching to solar energy?

You can lower your carbon footprint by 450 pounds of CO2 a year when you switch to solar panels. This adds up to approximately 9,000 pounds over 20 years. Solar is also a renewable energy source, meaning that switching your home over reduces the drain on our planet's resources.

If I change out my appliances for ones that can use solar energy, are there any credits that I can claim?

With the passage of the new Inflation Reduction Act, there are a number of new financial incentives that are available when you make eco-friendly improvements to your home. More details about 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.

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