2023 Solar Incentives Guide for North Hudson, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in North Hudson.
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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Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in North Hudson?
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 help mitigate the cost of installing solar panels on your home. This category of financial incentives is intended to encourage more people to make the switch to renewable energy. Incentives can include things like discounts, cash back or credit on your utility bill each month. Some incentives are offered by the federal government, while others are offered by the state of Wisconsin or your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Net Metering: You can sign a net metering agreement with your North Hudson utility company. This agreement may apply to all or a percentage of the excess electricity your solar panels generate. They will then deduct this value from your utility bill each month.
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar panels. Counties or states will also sometimes offer limited-time rebates. The value of a rebate will usually come off your total price before tax credits are calculated.
- Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the federal government. (A tax credit is different from a tax deduction.)
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar panels. Property tax exemptions allow you to exclude the added value of your solar system when calculating the amount of property tax you need to pay on your home.
Federal Solar Incentives
Federal solar incentives are likely to be the first thing that you think of when you think about solar incentives. A federal incentive that most people are probably familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a given percentage of your solar system's cost.
The ITC is applied to the total cost of installing solar panels, including the panels themselves as well as equipment, labor and accessories. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence located in the United States that you own. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.
To best understand how the ITC might apply to you, get in touch with your local North Hudson solar panel installer and ask for more information.
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. Now, solar installation projects begun after January 1, 2022 and finished by December 31, 2032 can qualify for a 30% tax credit. The amount of the credit will then decrease slightly each year until the end of the current Clean Energy Credit in 2035. The program 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. The best way to learn more about how the new Clean Energy Credit will apply to you is to talk with your local North Hudson solar panel company.
State & Local Solar Incentives
Some solar incentives may be offered at the local or state level. Like with federal incentives, these can include rebates, tax credits and more. These solar incentives — which might be handled by your county or municipality, or by the state of Wisconsin — could be offered for only a limited time, or on an ongoing basis.
Next Steps for Installing Solar in North Hudson
There are a number of different solar incentives: those provided by local utility companies, those provided by the Wisconsin government and those provided by the federal government, to name a few. Solar energy utilization has grown enormously in the last 15 years, partially due to these incentives. Reach out to your local solar panel installation company today to discover more about the various programs and to save the most money possible on a solar system for your North Hudson home.
Best Technology
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- Price-match guarantee
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EcoWatch's North Hudson, WI Solar Incentives FAQs
Can I receive any incentives when I add solar panels to a rental property, vacation home or commercial property?
Many solar incentives apply to a property you own that is located within the United States; most secondary residences fall under this distinction. There may be other solar incentives available for commercial properties, depending on the specifics. We recommend reaching out to your local solar installer and/or tax professional to better understand what incentives may apply to your specific situation.
If I already have solar panels, can I still claim 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 your system was installed between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the year it was installed. Reaching out to the company that installed your system, or any local North Hudson solar installer, can help you learn what incentives you qualify for.
How much can I save annually on my electric bill if I install solar panels on my North Hudson home?
Once you add solar panels to your house in North Hudson, you can anticipate savings of about $940.43 per year, or about $17,868.08 over 20 years.
What are the environmental benefits of switching to solar?
You can lower your carbon footprint by 450 pounds of CO2 a year by switching to solar panels. This adds up to roughly 9,000 pounds over 20 years. In addition, solar power is a renewable energy source, which means that making the switch reduces the drain on our planet's resources.
Can I apply for incentives both towards the initial cost of solar panels, and later as reimbursement?
The order that incentives will be applied in may vary depending on which incentives you are eligible for but typically yes, you can claim multiple types of incentives for your solar project. Talk with your solar installer or a local tax professional to verify you are claiming all the incentives you are eligible for and applying them in the correct order.
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.