2024 Solar Incentives Guide for River Falls, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in River Falls.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2024 and beyond)
- Ways to optimize your solar investment
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What Solar Tax Credits, Incentives, and Rebates are Available in River 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 are intended to make renewable energy usage more affordable through financial incentives for those who install solar panels on their homes. Various kinds of incentives, like discounts, cash back or credit towards your monthly utility bill, may be available to you. Certain incentives may be offered by the state of Wisconsin, by your utility company or by county or municipality, while other incentives are federal. Types of solar incentives might include:
- Rebates: Rebates, or cash back after a purchase, are normally applied prior to any solar tax credits being calculated. Solar rebates may be provided by your local utility company, by your county or by your state.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in the amount of tax that you owe the government.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions let you exclude the value added by your solar system when you're calculating the amount of property tax you need to pay on your home.
- Net Metering: Net metering factors in once your solar system is up and running. If you have in place a net metering agreement with your River Falls utility company, the company 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 others you might make back a percentage of the value.
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
When you think about solar incentives, you probably think of federal incentives first. The solar incentive that you're most likely to have heard of 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 the total cost of solar panel installation, including the panels themselves as well as labor, equipment and accessories. You can claim this credit for panels installed after January 1, 2006, on a primary or secondary residence that you own, as long as it is located in the United States. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum claim amount.
Your local River Falls solar panel installer can give you more information about the ITC and how it might apply to your situation.
In August 2022, the Inflation Reduction Act laid out new provisions for the ITC, now dubbed the Clean Energy Credit. The Clean Energy Credit has increased the current credit up to 30% for solar installations undertaken between January 1, 2022, and December 31, 2032. At this point, the percentage will decrease slightly each year until the end of the program in 2035. Beginning in 2023, it will also be easier to obtain credits for energy storage systems with the new act.
Click here to learn more about the new Inflation Reduction Act. To understand how the new Clean Energy Credit will apply to you, reach out to your local River Falls solar installation company.
State & Local Solar Incentives
Tax credits, rebates and more can be provided at multiple levels. On top of federal solar incentives, there are often state and local ones as well. These solar incentives — which may be provided by your county or municipality, or by the state of Wisconsin — could be offered on an ongoing basis, or for only a limited time.
Next Steps for Installing Solar in River Falls
Solar incentives can be provided by your local utility company, the federal government or the Wisconsin government. The growing number of available incentives has contributed to a large increase in solar energy use in the last 15 years. Reach out to your local solar panel installation expert today to find out more information and to save the most money possible on a solar system for your River Falls home.
EcoWatch's River Falls, WI Solar Incentives FAQs
How do I learn if I qualify for specific solar incentives?
It's best to speak with your local River Falls solar installer for a better understanding of which incentives your project will qualify for. Usually, solar incentives apply to new solar panel systems installed on property you own (in the U.S.) within a specified date range. Some incentives, such as those provided by the Wisconsin government, might have additional requirements.
How much will a solar system save me annually on my electric bill in River Falls?
Generally, River Falls homeowners who install solar panels save around $958.39 per year, or approximately $18,209.35 over 20 years after making the switch.
What are some environmental benefits of adding solar panels to my house?
Solar energy is renewable — by changing where you get your energy, you can help lessen the strain on our planet's resources. Solar panels can also lower your home's CO2 emissions by 450 pounds annually, or roughly 9,000 pounds in 20 years.
If I change out my appliances for ones that can use solar energy, are there incentives that I can claim?
With the passage of the new Inflation Reduction Act, there are a variety of new financial incentives to encourage you to make eco-friendly improvements to your home. More details regarding these incentives, including information about incentives for purchasing new appliances, can be found here.
Can I use both solar and another type of renewable energy to power my home?
You can use multiple types of renewable energy, or a combination of renewable and non-renewable energy, to power your home. Be sure to go over your plan with your local River Falls solar installer. They can help you plan your project and educate you on the various incentives that you might or might not 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.