2023 Solar Incentives Guide for Saratoga, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Saratoga.
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.
Get a free quote from one of our trusted Saratoga solar installers to see how much you can save.
Please enter a valid 5-digit zip code!
Updated September 15, 2023
Why you can trust EcoWatch
What Solar Tax Credits, Incentives, and Rebates are Available in Saratoga?
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/
The phrase "solar incentives" generally refers to financial incentives put in place by solar companies and the government to encourage people to use renewable energy by making solar panels more affordable. Different types of incentives, such as discounts, cash back or credit towards your monthly utility bill, may be available to you. Certain incentives may be handled by the state of Wisconsin, by your utility company or by county or municipality, while other incentives are federal. You might qualify for any of the following types of solar incentives:
- Tax Exemptions: Sales tax exemptions go into effect at the time of purchase for your solar panels. Property tax exemptions let you ignore the added value of your solar system when calculating the amount of property tax you need to pay on your home.
- Net Metering: Don't forget to speak with your Saratoga utility company about signing a net metering agreement. This allows you to get a credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You could receive either a dollar-for-dollar credit or a percentage of the value.
- Rebates: Solar rebates can be provided by your local utility company, or by your county or state. These rebates are essentially cash back that is applied after you purchase a solar system and before tax credits are calculated.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
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
Federal Solar Incentives
When you hear the term "solar incentives," federal incentives are likely the first thing that comes to mind. The Federal Solar Investment Tax Credit, or ITC, is likely the most commonly known federal solar incentive. The ITC offers a tax credit for a predetermined percentage of the cost of your solar system.
The ITC can be applied to solar panels installed on your primary or secondary residence in the United States. The solar panels must have been installed after January 1, 2006 on a property owned by you for you to be eligible for the credit. Originally, the ITC covered 30% of all system costs (panels, accessories, labor and equipment), although the covered amount has fluctuated over time 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 better understand how the ITC will apply to you, get in touch with your local Saratoga solar panel installer and ask for more information.
In August 2022, the Inflation Reduction Act expanded and extended the ITC, now called the Clean Energy Credit. The Clean Energy Credit bolsters the current credit, increasing it up to 30% for solar systems installed between 2022 and 2032. After 2032, the credit percentage will decrease slightly each year until the program expires in 2035. Starting in 2023, the expansion to the program will also make it easier to get credit for energy storage systems.
More information about the new Inflation Reduction Act can be found here. The best way to understand how the new Clean Energy Credit will apply to you is to talk with your local Saratoga solar panel company.
State & Local Solar Incentives
Federal solar incentives are not your only option; tax credits, rebates and more may be offered at the local or state level. These incentives might be distributed by the Wisconsin government, or by your county or municipality. Certain incentives are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Saratoga
The expanding number of solar incentives available has contributed greatly to the increase in the adoption of solar energy nationwide over the last 15 years. You may receive solar incentives from your local utility company, the Wisconsin government or the federal government. Reach out to your local solar panel installer today to learn more and to save the most money possible on solar panels for your Saratoga home.
EcoWatch's Saratoga, WI Solar Incentives FAQs
How can I find out if I qualify for specific solar incentives?
It's a smart idea to get in touch with your local Saratoga solar installer for a better understanding of which incentives your project will qualify for. Typically, solar incentives apply to new solar panel systems installed on a property you own (in the U.S.) between the dates specified by the incentive. Some incentives, like those provided at the level of the Wisconsin government, might have additional requirements.
How much can I save on my electric bill annually if I install solar panels on my house in Saratoga?
When you add solar panels to your house in Saratoga, you can expect to save about $953.88 per year, or about $18,123.63 over 20 years.
What are the best solar panel installation companies near me?
To learn about the best solar panel installers near you, take a look at our article on the best solar companies in Saratoga.
What are some environmental benefits of installing solar panels on my home?
You can lower your carbon footprint by 500 pounds of CO2 a year by switching to solar panels. This adds up to around 12,000 pounds in 20 years. In addition, solar power is a renewable energy source, meaning that making the switch reduces the drain on our planet's resources.
Can I use both solar and another type 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 discuss your plan with your local Saratoga solar installer. They can help you with the plan for your project and educate you on 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.