2024 Solar Incentives Guide for Pleasant Prairie, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Pleasant Prairie.
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 Pleasant Prairie?
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 providing incentives that lower the financial burden of solar panel installation and use. Solar incentives may include cash back, upfront discounts or credit towards your monthly utility bill. Some incentives are provided by the federal government, some by the state of Wisconsin and some by your utility company, county or municipality. You might qualify for any of the following types of solar incentives:
- Rebates: Your solar installer might help you claim a rebate, or partial refund after purchase, for your solar panels. States or counties will also offer limited-time rebates at various times. The value of a rebate will usually come off the total price before any tax credits are calculated.
- Tax Exemptions: Your solar system could qualify for both sales tax and property tax exemptions. Sales tax exemptions are effective at the time of purchase. Property tax exemptions let you exclude the value added by your solar panels when calculating property taxes on your house.
- Net Metering: Don't forget to talk with your Pleasant Prairie utility company about signing a net metering contract. This will allow you to receive credit towards your utility bill every month for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
- Tax Credits: Tax credits decrease, dollar-for-dollar, how much income tax you owe the federal government. Tax credits differ from tax deductions.
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Federal Solar Incentives
When people think of solar incentives, federal incentives might be 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 provides a credit on your taxes equal to a predetermined percentage of the cost of your solar system.
The ITC can be applied to 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 owned by you for you to claim the credit. Initially, the ITC applied to 30% of all installation costs (panels, equipment, labor and accessories), although the amount has fluctuated slightly over the 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.
To more fully understand how the ITC could apply to you, reach out to your local Pleasant Prairie solar panel installation expert and ask for more information.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now titled the Clean Energy Credit. The Clean Energy Credit has increased the current credit up to 30% for solar systems installed between 2022 and 2032. At this point, the percentage will see a slight decrease annually until the end of the program in 2035. Starting in 2023, it will also be easier to obtain credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. The easiest way to learn more about how the new Clean Energy Credit applies to you is to speak with your local Pleasant Prairie solar panel company directly.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Rebates, tax credits and more can be offered at a more local level. These incentives might be given out by the Wisconsin government, or by your county or municipality. Some are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Pleasant Prairie
There are a number of different solar incentives: those provided by local utility companies, those provided by the federal government and those given by the Wisconsin government, to name a few. The use of solar energy has grown tremendously in the last 15 years, partially due to these incentives. It is a good idea to talk to your local Pleasant Prairie solar installation expert for more information about these incentives and to make sure that you're getting the largest number possible for your solar system.
EcoWatch's Pleasant Prairie, WI Solar Incentives FAQs
How do I know if I qualify for solar incentives?
Typically, solar incentives apply to:
- a new solar system
- installed on property you own
- within the U.S.
- between the dates specified by a particular incentive.
Specific incentives, including ones handled by the Wisconsin government or by your county/municipality, might have additional qualifications. Get in touch with your local Pleasant Prairie solar installer to find out what incentives your project may qualify for.
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 recently increased 30% tax credit under the Inflation Reduction Act. If you installed your system between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the year it was installed. Speaking with a representative from the company that installed your solar system, or any local Pleasant Prairie solar installer, can help you learn what incentives you can apply for.
Who installs solar panel systems near me?
To discover the top solar panel installation companies near you, read our article on Pleasant Prairie's top solar panel companies.
What are some environmental benefits of installing solar panels on my house?
Solar energy is renewable — by switching where you get your energy, you help lessen the strain on our planet's resources. A solar system can also lower the CO2 emissions from your home by 450 pounds a year, or roughly 9,000 pounds over 20 years.
What if I want to add a solar system to a vacation home, rental property or commercial property? Can I still qualify for incentives?
Many solar incentives 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 specifics. We recommend speaking with your local solar installer and/or tax professional to fully understand what incentives 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.