2023 Solar Incentives Guide for Green River, WY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Green River.
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.
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Updated March 14, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Green River?
Wyoming PACE Financing Program
Questar Gas - Residential Energy Efficiency Rebate Programs
Smart Thermostat: $50
Water Heaters: $100-$750
Tankless Water Heater: $350
Solar Assisted Water Heater: $750
Furnace: $200-$400
Boiler: $400-$600
Fireplace: $200
Weatherization Rebates
R-5 Windows: $2.50/sq. ft.
Wall Insulation: $0.30/sq. ft.
Floor Insulation: $0.20/sq. ft.
Attic Insulation: $0.07-$0.25/sq. ft.
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 individuals who install solar panels on their homes. Various types of incentives, including discounts, cash back or monthly utility bill credits, may be available to you. Some incentives may be provided via the Wyoming government, by your utility company or by county or municipality, while others are federal. Types of solar incentives might include:
- Net Metering: Net metering becomes relevant once your solar panels are up and running. If you have a net metering agreement in place with your Green River utility company, they will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some areas, this is a dollar-for-dollar credit, while in others you may make back a percentage of the value.
- Rebates: A rebate is a partial refund credited to your account after you've paid for your solar panels. Rebates could be offered by your local utility company, your county or your state. The discount that rebates offer is normally applied to the price of solar panels before calculating tax credits.
- Tax Credits: Tax credits are dollar-for-dollar reductions that lower the amount of income tax you owe the federal government. (This is different from a tax deduction.)
- Tax Exemptions: These might come in the form of property tax exemptions, which can let you exclude the value of your solar system when paying taxes on your home. You could also look for exemptions on sales tax at the time of purchase.
Federal Solar Incentives
Federal incentives are the type of incentives that you are most likely to have heard of. It's likely that you've heard of the Federal Solar Investment Tax Credit, or ITC. This incentive is a tax credit equal to a specified percentage of the money you spend on your solar system.
The ITC applies to the total cost of solar panel installation, including the panels themselves as well as equipment, labor 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. From its original value of 30% of the total cost, the credit has fluctuated slightly between 26-30%, and you may qualify for varying percentages depending on when your project was completed. There is no maximum amount you can claim.
To better understand how the ITC may apply to your situation, get in touch with your local Green River solar panel installation expert and request more information.
In August 2022, the Inflation Reduction Act made revisions to the ITC, now called the Clean Energy Credit. The Clean Energy Credit re-raises the 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 be reduced slightly each year until the end of the program in 2035. Starting in 2023, the expansion to the program will also make credits for energy storage systems even easier to claim.
Click here to learn more about the new Inflation Reduction Act. Your local Green River solar panel company can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
There are often also state solar incentives in addition to those provided by the federal government. Tax credits, rebates and more may be available at a more local level. Incentives might be offered by the state of Wyoming, or by your county or municipality. Some incentives are available for only a limited time, while others are ongoing.
Next Steps for Installing Solar in Green River
The expanding number of solar incentives available has helped tremendously increase the use of solar power nationwide over the last 15 years. You can get solar incentives from your local utility company, the Wyoming government or the federal government. When you're ready to make the change to solar energy, reaching out to your local Green River solar panel installation expert is a great first step.
Solar Veteran
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- Certified B Corp
- Outstanding customer service
- Many years of experience
- Multitude of products and services
- No leases or PPAs
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EcoWatch's Green River, WY Solar Incentives FAQs
If my house already has solar panels, can I still claim incentives?
If your solar panels were installed after January 1, 2022, you may qualify for the recently increased 30% tax credit under the Inflation Reduction Act. If your system was installed between 2006 and 2021, you might qualify for a tax credit between 26% and 30%, depending on the date of installation. Talking to the company that installed your solar system, or any local Green River solar installer, can help you learn what incentives you can apply for.
What are the top solar panel installation companies near me?
To find the top solar panel installation companies near you, read our article on Green River's top solar panel companies.
What are some environmental benefits of installing solar panels on my house?
You can decrease your carbon footprint by 300 pounds of CO2 annually by installing solar panels. This adds up to around 5,000 pounds over 20 years. Solar is also a renewable energy source, meaning that switching your home over lessens the drain on our planet's resources.
Can I use a combination of solar and another type of renewable energy to power my home?
Yes, you can utilize multiple types of renewable energy to power your home — for example, a combination of geothermal and solar. You can also combine renewable energy generation with a non-renewable backup source of energy. Be sure to discuss the details of your plan with your local Green River solar installation expert, so that you understand what you'll need and what 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.