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 meant to help mitigate the cost of installing a solar panel system on your home. Financial incentives like these are designed to encourage more Americans to convert their home partially or fully to renewable energy. Various types of incentives, like cash back, discounts or credit towards your monthly utility bill, might be available to you. Some incentives may be handled by the state of Wisconsin, by your utility company or by county or municipality, while others are federal. Some broad categories of solar incentives include:
- Net Metering: Net metering factors in once your solar panels are up and running. If you've signed a net metering agreement with your Wisconsin Rapids utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some locations, this is a dollar-for-dollar credit, while in other places you may make back a percentage of the value.
- Tax Exemptions: Tax exemptions may come in one of two forms. First, there is sales tax exemption, applied when you purchase solar panels. The second is property tax exemption, which allows you to exclude the value added by your solar system when calculating property tax for your home.
- Tax Credits: Tax credits reduce, dollar-for-dollar, the amount of income tax you owe the government. Tax credits are different from tax deductions.
- Rebates: A solar rebate is a partial refund after the purchase of your solar system. These may be offered by your local utility company, your county or your state. The rebates are usually applied before calculating tax credits.
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 many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This is a tax credit for a specific percentage of your solar system's cost.
The ITC applies to the value of solar panels installed on your primary or secondary residence in the United States. The solar system has to have been installed on a property you own after January 1, 2006, for you to claim the credit. Originally, the ITC covered 30% of all costs (panels, labor, equipment and accessories), although the covered amount has fluctuated slightly 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 claim amount.
Your local Wisconsin Rapids solar panel installer can provide you with more information about the ITC and how it might apply to your situation.
The ITC was both renewed and expanded by the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. The Clean Energy Credit bolsters the current credit, increasing it up to 30% for solar installations undertaken between January 1, 2022, and December 31, 2032. After this, the percentage will decrease slightly each year until the end of the program in 2035. The program expansion also makes it easier to get credit for energy storage systems, starting in 2023.
Click here to learn more about the new Inflation Reduction Act. Your local Wisconsin Rapids solar panel company can answer your questions and explain how the new Clean Energy Credit will apply to you.
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. Some 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 Wisconsin Rapids
There are a variety of solar incentives: those offered by local utility companies, those provided by the Wisconsin government and those provided by the federal government, to name a few. Solar energy use has increased enormously in the last 15 years, partially due to these incentives. Speak with your local solar panel installation expert today to learn more and to save the most money possible on a solar system for your Wisconsin Rapids home.
EcoWatch's Wisconsin Rapids, WI Solar Incentives FAQs
How can I learn if I qualify for different solar incentives?
It's a smart idea to get in touch with your local Wisconsin Rapids solar installer for a better understanding of which incentives your project will qualify for. In most cases, solar incentives apply to new solar systems installed on a property you own (in the U.S.) within a specified date range. Some incentives, such as those provided at the level of the Wisconsin government, may have other requirements.
How much will a solar system save me on my electric bill in Wisconsin Rapids annually?
Once you add solar panels to your Wisconsin Rapids home, you can anticipate savings of around $894.42 per year, or around $16,993.93 over 20 years.
What are some of the environmental benefits of switching to solar?
Solar energy is renewable — by switching where you get your energy, you help reduce the strain on our planet's resources. Solar panels can also reduce your home's CO2 emissions by 500 pounds a year, or roughly 12,000 pounds over 20 years.
Can I use solar and another type of renewable energy in combination 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. Make sure you talk through your ideas with your local Wisconsin Rapids solar installation expert. They can help you as you plan for your project and educate you on the various incentives that you may or may 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.