2023 Solar Incentives Guide for Riverton, WY - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Riverton.
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 Riverton?
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.
Federal Residential Renewable Energy Tax Credit
Solar incentives are intended to make renewable energy usage more affordable via financial incentives for those who install solar panels on their homes. The incentives might include cash back, upfront discounts or credit towards your monthly utility bill. Some incentives are given by the federal government, some by the Wyoming government and some by your utility company, county or municipality. Categories of solar incentives include:
- Rebates: Some solar companies will help you claim a rebate, or partial refund of your purchase, for your solar system. States or counties will also sometimes offer limited-time rebates. If you receive a rebate, that amount 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 added value of your solar system when calculating how much property tax you need to pay on your house.
- Tax Credits: Tax credits are dollar-for-dollar reductions (not deductions) in how much income tax you owe the federal government.
- Net Metering: Don't forget to talk with your Riverton utility company about signing a net metering agreement. This allows you to get a credit towards your monthly utility bill for the value of excess energy generated by your solar panels. You may receive either a dollar-for-dollar credit or a percentage of the value.
Federal Solar Incentives
When you hear the term "solar incentives," federal incentives are likely the first thing that comes to mind. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. This is a tax credit equal to a specified percentage of the money you spend on your solar system.
The ITC applies to solar systems installed after January 1, 2006 on a primary or secondary residence that you own in the United States. The credit initially covered 30% of the total cost — for panels, labor, accessories and equipment — although the percentage may range from 26-30%, depending on when your solar project was undertaken. There is no cap on the claim amount.
To better understand how the ITC may apply to you, get in touch with your local Riverton solar panel installer and request more information.
In August 2022, the ITC (now titled the Clean Energy Credit) was expanded and extended by the passing of the Inflation Reduction Act. For solar systems installed between January 1, 2022 and December 31, 2032, homeowners may be eligible for a credit equal to 30% of the total cost. After 2033, the percentage will decrease annually until the Clean Energy Credit expires in 2035. Starting in 2023, the program expansion 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 Riverton solar panel company can answer your questions and explain how the new Clean Energy Credit applies to you.
State & Local Solar Incentives
Some solar incentives may be provided by state and local governments. Like with federal incentives, these might include rebates, tax credits and more. Certain incentives are ongoing, while others are available for a limited time. Solar incentives may be offered by your county or municipality, or by the Wyoming government.
Next Steps for Installing Solar in Riverton
There are many types of solar incentives: those provided by local utility companies, those provided by the Wyoming government and those provided by the federal government, to name a few. The use of solar energy has increased enormously in the last 15 years, thanks to these incentives. If you're prepared to make the change to solar energy, talking to your local Riverton solar panel installation expert is an excellent place to start.
EcoWatch's Riverton, 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.