2023 Solar Incentives Guide for Laramie, WY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Laramie.
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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What Solar Tax Credits, Incentives, and Rebates are Available in Laramie?
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
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.
Carbon Power & Light - Residential Energy Efficiency Rebate Program
Heated Floors: $12/kW
Electric Thermal Storage: $4/kW
Electric Water Heaters: $30-$50/unit plus $1.50-$3.00/gallon
Heat Pump Water Heaters: $350/unit
Refrigerator/Freezer Recycling: $60
Clothes Washers: $30-$40/unit
Clothes Dryers: $90/unit
LED Lamps: 50% of cost
Air Source Heat Pumps: $300-$450/ton plus $100/unit for integrated controlled ETS backup
Terminal Heat Pumps: $85/unit
Ground Source Heat Pump: $500/ton
Air Conditioners: $100-$150/unit plus $25/unit for lifetime warranty
Low Income Weatherization: up to $500
Federal Residential Renewable Energy Tax Credit
Solar incentives are intended to encourage homeowners to switch their home over to renewable energy by offering financial incentives that lower the burden of solar panel installation and use. Incentives could include things like discounts, cash back or credit towards your monthly utility bill. Some incentives are offered federally, while others are provided by the Wyoming government or your specific utility company, county or municipality. Some solar incentives you might qualify for are:
- Net Metering: Net metering factors in once your solar system is up and running. If you've signed a net metering agreement with your Laramie utility company, they will subtract the value of the excess energy your solar system produces from your monthly utility bill. In some places, this is a dollar-for-dollar credit, while in other places you might make back a percentage of the value.
- Tax Credits: Tax credits decrease, dollar-for-dollar, the total amount of tax you owe the government. Tax credits are different from tax deductions.
- Rebates: Your solar installer might help you claim a rebate, or partial refund after purchase, for your solar system. States or counties will also offer limited-time rebates at various times. Any rebates you receive will usually come off the total price before tax credits are calculated.
- Tax Exemptions: Sales tax exemptions are applied at the point of sale for your solar system. Property tax exemptions let you exclude the value that your solar panels add when calculating how much property tax you need to pay.
Federal Solar Incentives
When people think of solar incentives, federal incentives might be the first thing that comes to mind. One of the incentives that most people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). This incentive is a tax credit for a certain percentage of the cost of your solar system.
The ITC was originally for 30% of the cost of solar panel installation, and has fluctuated slightly over time between 26-30%. The percentage you qualify for will depend on when your solar system was installed. The cost of installation includes the panels themselves as well as the cost of equipment, accessories and labor. There is no maximum amount you can claim. The ITC can be applied to solar systems installed after January 1, 2006 on your primary or secondary residence. The residence must be in the United States and owned by you.
To better understand exactly how much money the ITC could save you, talk to your local Laramie solar panel installation expert.
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. For solar systems installed between January 1, 2022 and December 31, 2032, homeowners can receive a credit equal to 30% of the total cost. The percentage will then decrease annually until the Clean Energy Credit expires in 2035. Beginning in 2023, it will also be easier to qualify for credits for energy storage systems with the new act.
Click here to learn more about the new Inflation Reduction Act. The easiest way to learn more about how the new Clean Energy Credit applies to you is to get in touch with your local Laramie solar panel company.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Like with federal incentives, these may include tax credits, rebates and more. These incentives may be distributed by your county or municipality, or by the Wyoming government. Some incentives may be ongoing, while others are available for a limited time.
Next Steps for Installing Solar in Laramie
The expanding number of available solar incentives 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 federal government or the Wyoming government. Your local Laramie solar panel installation company can give you more information about which incentives you can apply for, and get you started on the path to switching to renewable energy today.
EcoWatch's Laramie, WY Solar Incentives FAQs
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.