2024 Solar Incentives Guide for Suamico, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Suamico.
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 Suamico?
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 make renewable energy usage more affordable via financial incentives for individuals who install solar panels on their homes. The incentives can include upfront discounts, cash back or monthly credits towards your utility bill. Some incentives are provided by the federal government, some by the state of Wisconsin and some by your specific utility company, county or municipality. Some broad categories of solar incentives include:
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much in taxes you owe the federal government.
- Rebates: Rebates, or partial refunds after a purchase, are typically given before any solar tax credits are calculated. Rebates may be offered by your local utility company, by your county or by your state.
- Net Metering: Net metering becomes relevant after your solar system is up and running. If you've signed a net metering agreement with your Suamico utility company, the company will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some places, this credit is dollar-for-dollar, while in others you might receive a refund equivalent to a percentage of the value.
- Tax Exemptions: Your solar system might qualify for exemptions on both sales and property tax. Sales tax exemptions come into effect at the time of purchase. Property tax exemptions let you ignore the value added by your solar panels when you are calculating property taxes on your house.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
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
Federal Solar Incentives
When you think about solar incentives, you probably think of federal incentives first. A federal incentive that most people are likely to be familiar with is the Federal Solar Investment Tax Credit (ITC). The ITC is a tax credit for a predetermined percentage of the cost of your solar system.
The ITC covers solar systems installed after January 1, 2006, and lets you deduct from your taxes a percentage of the total cost of solar panels, accessories, equipment and labor. This credit can be claimed on solar panels installed on a primary or secondary residence in the United States that you own. Originally, you could claim 30% of the total cost, although depending on when the project was completed, your credit may range from 26-30%. There is no maximum amount you can claim.
To best understand how the ITC may apply to you, speak to your local Suamico solar panel installer and ask for more information.
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 installation projects started after January 1, 2022, and completed by the end of 2032. After this, the percentage will see a slight decrease annually until the program expires in 2035. Starting in 2023, it will also be easier to get credits for energy storage systems under this new program.
More information about the new Inflation Reduction Act can be found here. The best way to fully understand how the new Clean Energy Credit applies to you is to speak with your local Suamico solar panel installers directly.
State & Local Solar Incentives
Some solar incentives may be provided at the state and local level. Like with federal incentives, these could include tax credits, rebates and more. Certain incentives are ongoing, while others are offered for only a limited time. Your local incentives might come from your county or municipality, or from the Wisconsin government.
Next Steps for Installing Solar in Suamico
Nationwide solar energy use has increased enormously in the last 15 years, in part due to the increase in availability of solar incentives. You may get these incentives from the federal government, the Wisconsin government or your local utility company. Reaching out to your local Suamico solar panel installation company is an excellent first step towards making sure you get all the incentives you qualify for when you switch to solar energy.
EcoWatch's Suamico, WI Solar Incentives FAQs
How much will a solar system save me annually on my electric bill in Suamico?
When you add solar panels to your Suamico home, you can expect to save around $1,018.21 per year, or about $19,346.07 over the next 20 years.
What are some of the environmental benefits of switching to solar energy?
Solar energy is a renewable energy source — by changing where you get your energy, you can help lessen the strain on our planet's resources. Solar panels can also reduce the CO2 emissions from your home by 500 pounds yearly, or roughly 13,000 pounds in 20 years.
How long until the federal solar tax credit ends?
The federal solar tax credit, previously called the ITC and now titled the Clean Energy Credit, is slated to end January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
What if I am planning to add solar panels to a vacation home, rental property or commercial property? Will I still qualify for incentives?
Many solar incentives apply to a property located within the United States that you own; most secondary residences fall into this category. There may be other solar incentives available for commercial properties, depending on the specifics. We recommend reaching out to your local solar installer and/or tax professional to best 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.