2024 Solar Incentives Guide for Menomonee Falls, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Menomonee Falls.
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 Menomonee Falls?
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/
Solar incentives encourage homeowners to switch their home over to renewable energy by providing incentives that lower the financial burden of solar panel installation and use. Incentives might include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are offered federally, while others are handled by the state of Wisconsin or your specific utility company, county or municipality. Types of solar incentives might include:
- Rebates: Rebates, or partial refunds after a purchase, are normally given prior to any solar tax credits being calculated. These rebates may be provided by your local utility company, by your state or by your county.
- Tax Exemptions: These could come in the form of property tax exemptions, which allow you to exclude the value of your solar system when paying taxes on your house. They may also include exemptions on sales tax at the time of purchase.
- Net Metering: Net metering factors in after your solar panels are up and running. If you have in place a net metering agreement with your Menomonee Falls utility company, it will subtract the value of the excess energy your solar system produces from your utility bill each month. In some places, this credit is dollar-for-dollar, while in other places you may make back a percentage of the value.
- Tax Credits: Different from tax deductions, tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government.
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 solar incentives are likely to be the first thing that you think of when thinking about solar incentives. You might have heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit that reduces your taxes by a predetermined percentage of the money you spend on solar panels for your home.
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, labor, equipment and accessories. This credit can be claimed on solar panels installed on a primary or secondary residence in the United States that you own. The original amount you could claim was 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum amount you can claim.
Speaking with your local Menomonee Falls solar panel installation expert is the best way to learn more about how the ITC could apply to you.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now referred to as the Clean Energy Credit. The Clean Energy Credit runs until 2035. Any solar installation project that is completed between January 1, 2022, and December 31, 2032, may qualify for a 30% tax credit. The amount will then decrease slightly each year until the end of the current program. The expansion also makes credits for energy storage systems even easier to claim, beginning in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Menomonee Falls solar panel installation expert is the best person to answer your questions about the new Clean Energy Credit and how it may apply to you.
State & Local Solar Incentives
Federal solar incentives are not your only option; rebates, tax credits and more might also be offered at the local or state level. Certain incentives are ongoing, while others are only available for a limited time. They may be provided by your county or municipality, or by the Wisconsin government.
Next Steps for Installing Solar in Menomonee Falls
Solar incentives can be offered by your local utility company, the Wisconsin government or the federal government. The variety of available solar incentives has facilitated the nationwide growth of solar energy use in the last 15 years. Your local Menomonee Falls solar panel installer can give you more information about which incentives you should apply for, and get you on track to switch to renewable energy today.
EcoWatch's Menomonee Falls, WI Solar Incentives FAQs
If I already have solar panels, can I still claim incentives?
If your solar system was installed after January 1, 2022, you may qualify for the newly increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you may qualify for a tax credit between 26% and 30%, depending on the date of installation. Speaking with a representative from the company that installed your system, or any local Menomonee Falls solar installer, can help you understand what incentives you might want to apply for.
How much will solar panels save me annually on my electric bill in Menomonee Falls?
When you add solar panels to your Menomonee Falls home, you can expect to save about $1,128.77 per year, or about $21,446.67 over the next 20 years.
Who installs solar panel systems near me?
To find the best solar panel installer in your area, check out our guide to the top solar companies in Menomonee Falls.
I want to change out my appliances for ones that are more energy-efficient. Are there any benefits I can claim?
The recently passed Inflation Reduction Act includes provisions for multiple incentives that reward homeowners for making eco-friendly upgrades. Some incentives include rebates and tax credits for installing new electric appliances. You can find more details about these incentives 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.