2024 Solar Incentives Guide for Wisconsin Rapids, WI - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Wisconsin Rapids.
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 Wisconsin Rapids?
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 their home over to renewable energy by providing financial incentives that lower the burden of solar panel installation and use. Different types of incentives, including discounts, cash back or monthly utility bill credits, might be available to you. Certain incentives may be handled by the Wisconsin government, by your utility company or by county or municipality, while others are federal. Categories of solar incentives include:
- Net Metering: Net metering is an incentive you can get after your solar system is up and running. If you have a net metering agreement in place with your Wisconsin Rapids utility company, they will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some locations, this credit is dollar-for-dollar, while in other places you may make back a percentage of the value.
- Tax Exemptions: Sales tax exemptions are effective at the point of sale for your solar system. Property tax exemptions allow you to exclude the value added by your solar system when you calculate the amount of property tax you need to pay on your house.
- Tax Credits: Unlike tax deductions, tax credits reduce, dollar-for-dollar, the amount of income tax that you owe the federal government.
- Rebates: Solar rebates might be offered by your state or county, or by your local utility company. These rebates work as cash back that is applied after your purchase of a solar system and before tax credits are calculated.
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Federal Solar Incentives
When someone says "solar incentives," you probably think of federal incentives first. The solar incentive that you're most familiar with is probably the Federal Solar Investment Tax Credit (ITC), which gives you a credit on your taxes equal to a percentage of the cost of 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. The credit initially covered 30% of the total cost – for panels, equipment, labor and accessories – although the percentage may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the amount you can claim.
Speaking with your local Wisconsin Rapids solar panel installation expert is the best way to understand how the ITC applies to you.
The ITC has been renewed and expanded following the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The new Clean Energy Credit extends until 2035. You can now apply for a 30% credit for solar systems that began installation on or after January 1, 2022, and will be done by December 31, 2032. The credit will then see a slight annual decrease until its expiration. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems under this new program.
Click here to learn more about the new Inflation Reduction Act. Your local Wisconsin Rapids solar panel company is the best resource for answering your questions about the new Clean Energy Credit and how it will apply to you.
State & Local Solar Incentives
Tax credits, rebates and more might be claimed at multiple levels. Along with federal solar incentives, there are often state and local ones as well. Certain incentives are offered for only a limited time, while others are ongoing. Your local incentives might come from the Wisconsin government, or from your specific county or municipality.
Next Steps for Installing Solar in Wisconsin Rapids
Nationwide solar energy use has significantly increased in the last 15 years, in part thanks to the growth in the number of solar incentives. You can obtain these incentives from the Wisconsin government, the federal government or your local utility company. Your local Wisconsin Rapids solar panel installer can help you learn more about which incentives you may qualify for, and get you started on the path to switching to renewable energy today.
EcoWatch's Wisconsin Rapids, WI Solar Incentives FAQs
How do I know if I qualify for solar incentives?
It's best to speak with your local Wisconsin Rapids solar installer for a better understanding of which incentives your project will qualify for. Generally, 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 will a solar system save me annually on my electric bill in Wisconsin Rapids?
Typically, homeowners in Wisconsin Rapids who install solar panels save approximately $894.42 per year, or approximately $16,993.93 over 20 years after making the switch.
What are the environmental benefits of switching to solar energy?
Solar energy is renewable — by changing where you get your energy, you help lessen the strain on our planet's resources. A solar system can also reduce your home's CO2 emissions by 500 pounds yearly, or roughly 12,000 pounds over 20 years.
Can I use a combination of solar and another type of renewable energy to power my home?
Yes, you can employ multiple types of renewable energy to power your home, such as a combination of solar and wind power. You can also combine renewable energy generation with a backup source of non-renewable energy. You should discuss your proposed plan with your local Wisconsin Rapids solar installation expert, so that you understand what you'll need and what kinds of incentives 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.