2024 Solar Incentives Guide for Oak Creek, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Oak Creek.
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 Oak Creek?
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 are designed to encourage people to switch to renewable energy by offering financial incentives that lower the burden of solar panel installation and use. Various types of incentives, including discounts, cash back or credit towards your monthly utility bill, may be available to you. Some incentives may be offered by the Wisconsin government, by your utility company or by county or municipality, while others are federal. You might qualify for any of the following types of solar incentives:
- Net Metering: You may be able to sign a net metering agreement with your Oak Creek utility company, that may apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then subtract this value from your monthly utility bill.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (A tax credit is different from a tax deduction.)
- Rebates: Rebates, or cash back after a purchase, are typically applied before any solar tax credits are calculated. These rebates may be offered by your local utility company, by your state or by your county.
- Tax Exemptions: Tax exemptions may come in two forms. The first is sales tax exemption, which is applied when you purchase solar panels. The second is property tax exemption, which allows you to exclude the value added by your solar system when calculating property tax for your home.
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
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 incentives are the type of incentives that you are most likely to have some familiarity with. An incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a predetermined percentage of your solar system's cost.
The ITC can be credited towards the value of a solar system installed on your primary or secondary residence in the United States. The solar system has to have been installed after January 1, 2006, on a property you own for you to claim the credit. The ITC initially covered 30% of all costs (panels, equipment, labor and accessories), although the amount has fluctuated over the last few years between 26-30%. The installation date of your solar system will determine what percentage you are eligible for. There is no cap on the amount you can claim.
Contacting your local Oak Creek solar panel installation expert is the best way to understand how the ITC could apply to your situation.
In August 2022, the ITC (now referred to as the Clean Energy Credit) was bolstered by the passing of the Inflation Reduction Act. Under the new program, solar installation projects that are completed between 2022 and 2032, might qualify for a 30% tax credit. This credit amount will then see a slight annual decrease until the current Clean Energy Credit expires in 2035. The program expansion also makes credits for energy storage systems even easier to claim, starting in 2023.
More information about the new Inflation Reduction Act can be found here. Your local Oak Creek solar panel installers are the best people to answer your questions about the new Clean Energy Credit and how it applies to you.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Rebates, tax credits and more may be available at a more local level. Certain incentives are ongoing, while others might only be available for a limited time. They may be given by the Wisconsin government, or by your county or municipality.
Next Steps for Installing Solar in Oak Creek
The expanding number of available solar incentives has enormously increased the use of solar power nationwide over the last 15 years. You can get solar incentives from the Wisconsin government, the federal government or your local utility company. It is a good idea to talk to your local Oak Creek solar installation expert to learn more about these incentives and to make sure that you're getting the largest number possible for your solar panels.
EcoWatch's Oak Creek, WI Solar Incentives FAQs
How do I learn if I qualify for solar incentives?
Generally, solar incentives apply to:
- a new solar panel system
- installed on property you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including those run by the Wisconsin government or by your county/municipality, could have additional qualifications. Speak with your local Oak Creek solar installer to learn more about what incentives your project may qualify for.
How much can I save on my electric bill annually if I add solar panels to my Oak Creek home?
Generally, Oak Creek homeowners who install solar panels save about $1,187.58 per year, or around $22,563.93 over 20 years after they make the switch.
Can I use a combination of solar and another type of renewable energy to power my home?
Yes, you can utilize multiple types of renewable energy to power your home — for example, a combination of solar and geothermal. You can also use both renewable energy sources and a non-renewable backup source of energy. You should discuss the details of your plan with your local Oak Creek solar installation expert, so that you understand what you'll need and what types of incentives you will or won't qualify for.
Can I claim incentives for adding solar panels to a rental property, vacation home or commercial property?
Many solar incentives are intended to apply to a property you own that is located within the United States; most secondary residences fall into this category. 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.
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.