2023 Solar Incentives Guide for Rawlins, WY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Rawlins.
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 Rawlins?
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 designed to make renewable energy usage more affordable via financial incentives to help people install solar panels on their homes. You may qualify for several kinds of incentives, including discounts, cash back or monthly utility bill credits, depending on your situation. Some incentives come from your specific utility company, county or municipality, some from the Wyoming government and others from the federal government. Some broad categories of solar incentives include:
- Rebates: Solar rebates can be offered by your state or county, or by your local utility company. These rebates work as cash back that is applied after you purchase a solar system and before tax credits are calculated.
- Net Metering: Net metering becomes relevant once your solar system is up and running. If you have a net metering agreement with your Rawlins utility company, the company will subtract the value of the excess energy your solar system produces from your utility bill each month. In some locations, this credit is dollar-for-dollar, while in others you might get refunded a percentage of the value.
- Tax Credits: These credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the government.
- Tax Exemptions: These could come in the form of property tax exemptions, which can let you ignore the value added by your solar panels when paying taxes on your house. You could also look for exemptions on sales tax at the time of purchase.
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some knowledge of. 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 predetermined percentage of your solar system's cost.
The ITC can be applied to solar systems installed after January 1, 2006 and under this program you can deduct from your taxes a percentage of the total cost of solar panels, equipment, labor and accessories. This credit can apply towards a solar panel system installed on a primary or secondary residence in the United States that you own. The original amount you could claim was 30% of the total cost, although certain projects may qualify for only 26%, depending on the details. There is no maximum amount you can claim.
To more fully understand how the ITC could apply to you, contact your local Rawlins solar panel installer and ask for more information.
The Inflation Reduction Act, passed in August 2022, expanded and extended the ITC (as well as renaming it to the Clean Energy Credit). The Clean Energy Credit runs until 2035. Your solar installation project undertaken between 2022 and 2032 may qualify for a 30% tax credit. The amount will decrease slightly on a yearly basis until the end of the current program. The program expansion also makes claiming credit for energy storage systems easier than ever before, beginning in 2023.
Click here to learn more about the new Inflation Reduction Act. To better understand how the new Clean Energy Credit applies to you, get in touch with your local Rawlins solar installation expert.
State & Local Solar Incentives
There are often state solar incentives available in addition to federal ones. Rebates, tax credits and more can be offered at a more local level. These incentives might be given out by the Wyoming government, or by your county or municipality. Some are available for a limited time, while others are ongoing.
Next Steps for Installing Solar in Rawlins
The expanding number of solar incentives available has helped tremendously increase the nationwide adoption of solar energy over the last 15 years. You might qualify for solar incentives from the Wyoming government, the federal government or your local utility company. Getting in touch with your local Rawlins solar panel installation expert is an excellent first step towards getting all the incentives you qualify for when you switch to solar energy.
EcoWatch's Rawlins, WY Solar Incentives FAQs
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