2023 Solar Incentives Guide for Rice Lake, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Rice Lake.
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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By EcoWatch Local Advisors
Data Analysis: James Savino
Ranking Methodology: Karsten Neumeister
Updated May 04, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Rice Lake?
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
Barron Electric Cooperative - ENERGY STAR Appliance and Energy Efficient Lighting Rebate Program
Heat Pump Clothes Dryer: $50
Clothes Washer: $25
Refrigerator/Freezer/Room A/C Recycling: up to $25
Flow Restrictors (Faucet): $1
Flow Restrictors (Shower): $5
Electric Vehicle Charging Station: $500
Air-Source & Mini-Split Heat Pump: $200/ton
Geothermal Heat Pump: $400/ton
Furnace with Efficient Motor Blower: $35/unit
Water Heater: $125 - $300
LED Bulb (least 5 watts): $1/bulb
LED Exit Sign: $5/unit
Occupancy Sensor: $5
LED Fixtures: $1/800 lumens
Federal Residential Renewable Energy Tax Credit
Solar incentives help mitigate the cost of installing a solar panel system on your home. This category of financial incentives is intended to encourage more people to switch to renewable energy. You may qualify for several types of incentives, including 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 state of Wisconsin and others from the federal government. Categories of solar incentives include:
- Rebates: Your solar installer might help you claim a rebate, or partial refund of your purchase, for your solar system. States or counties will also offer limited-time rebates at various times. Any rebates you receive will usually be deducted from the total price before any tax credits are calculated.
- Tax Credits: Tax credits lower, dollar-for-dollar, the total amount of tax you owe the government. These differ from tax deductions.
- Net Metering: You may be able to sign a net metering agreement with your Rice Lake utility company that will apply to all or a percentage of the excess electricity that is generated by your solar panels. Your utility company will then deduct this value from your monthly utility bill.
- Tax Exemptions: These might come in the form of property tax exemptions, which let you ignore the value of your solar system when calculating the taxes you pay on your home. They may also include exemptions on sales tax at the time of purchase.
Federal Solar Incentives
When someone says "solar incentives," you likely think of federal incentives first. 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 certain percentage of the money you spend on your solar system.
The ITC can be applied to solar panels installed after January 1, 2006 on a primary or secondary residence in the United States that you own. Originally, the tax credit was for 30% of the total cost — for panels, labor, equipment and accessories — although it may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the amount you can claim.
To find out exactly how much the ITC could save you, talk to your local Rice Lake solar panel installation expert.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now dubbed the Clean Energy Credit. For solar systems installed between January 1, 2022 and December 31, 2032, homeowners may be eligible for a credit equal to 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit ends in 2035. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems under the new laws.
Click here to learn more about the new Inflation Reduction Act. The best way to understand how the new Clean Energy Credit will apply to you is to speak with your local Rice Lake solar panel company directly.
State & Local Solar Incentives
Not all solar incentives are federal; rebates, tax credits and more might also be offered at the local or state level. These incentives might be distributed by your county or municipality, or by the Wisconsin government. Certain incentives are ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Rice Lake
The expanding number of solar incentives available has helped tremendously increase the use of solar power nationwide over the past 15 years. You can get solar incentives from your local utility company, the Wisconsin government or the federal government. It is a good idea to talk to your local Rice Lake solar installation expert to learn more about these incentives and to ensure that you're getting the most money possible for your solar panels.
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EcoWatch's Rice Lake, WI Solar Incentives FAQs
How much can I save on my electric bill annually if I add solar panels to my house in Rice Lake?
When you add solar panels to your Rice Lake home, you can expect to save approximately $899.37 per year, or approximately $17,087.95 over 20 years.
What are the environmental benefits of switching to solar energy?
You can reduce your carbon footprint by 450 pounds of CO2 annually by switching to solar panels. This adds up to approximately 9,000 pounds in 20 years. In addition, solar power is a renewable energy source, meaning that switching your home over lessens the drain on our planet's resources.
When does the federal solar tax credit end?
The Clean Energy Credit (previously called the federal solar tax credit, or ITC), is scheduled to end on January 1, 2035. Currently set at 30%, the credit will drop to 26% in 2033 and to 22% in 2034.
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 provides several incentives designed to 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.
Can I use multiple types of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you talk through your ideas with your local Rice Lake solar installer. They can help you with the plan for your project and also help you understand the various incentives that you will or won't qualify for.
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.