Residential Solar Incentives
Did you know you can save money on a home solar panel installation in Indiana, Illinois, Kentucky, and Ohio with rebates and incentives? Some excellent federal and state incentives are available to make your residential solar panel installation more affordable.
Solar Energy Solutions is here to help you take advantage of savings with solar incentives and financing. Keep reading to learn more about solar panel tax credits and incentives in the Midwest.
Federal Solar Tax Credit—Save 30% on Solar Installation
Whether you want to install solar panels in Ohio, Kentucky, Illinois, Indiana, or any other US state, you can save 30% with the federal solar tax credit. The residential solar tax credit is a dollar-for-dollar tax credit that reduces your federal income tax liability by 30% of your solar installation costs. It can save you thousands of dollars on solar panels in Cincinnati, Louisville, Lexington, or any other city in the United States.
The Inflation Reduction Act of 2022 recently increased and expanded the federal solar tax credit. The new Inflation Reduction Act solar tax credit will be available at its 30% value until 2032. It covers almost all costs associated with a solar installation, including solar panels, eligible solar batteries, racking and wiring, labor costs, permitting fees, and more.
Solar Incentives in Indiana
Thinking about installing solar panels in Evansville or Indianapolis? Indiana has some great solar incentives for you!
Net Metering in Indiana 2023
Net metering is a solar incentive system that allows you to export the excess energy your solar panels generate to the electric grid. Your account is credited for the energy you export and your credits can be used to pay for the electricity you buy from the grid when your solar panels are not producing enough.
Some Indiana utilities offer net metering, but there have been recent changes to Indiana’s net metering policy that make the incentive less valuable for solar customers. The new Indiana net metering policy reduces the rate utilities must pay for the energy solar customers generate. It also allows investor-owned utilities to end their net metering programs. Solar Energy Solutions can help you find the best option for solar installation in a state with unfavorable net metering laws.
Solar Sales & Property Tax Exemptions in Indiana
When you install solar panels in Indiana, you won’t have to pay sales tax on most of the components—components of your solar PV system that are directly involved in electricity production are exempt from sales tax.
Indiana also exempts the assessed value of your solar energy system from your property taxes. So, if you install solar panels in Indianapolis or another Indiana community, your property taxes won’t go up, even though solar panels increase the value of your home.
Solar Incentives in Illinois
When you install solar panels in Illinois, you’ll have access to the state’s excellent solar incentive programs.
Net Metering in Illinois 2023
Net metering laws in Illinois require utility companies to buy back excess solar electricity from their solar customers. All investor-owned utility companies and alternative retail electric suppliers must allow for net metering in Illinois, but rates vary depending on who your utility provider is.
Solar Renewable Energy Credits in Illinois
Under Illinois’ Renewable Energy Credits (REC) incentive, the Adjustable Block Program, you can earn one REC for every megawatt-hour of electricity your solar system generates over the course of 15 years. RECs have monetary value–set by the Illinois Power Agency—and can be sold to your utility.
Solar Property Tax Exemptions in Illinois
Illinois laws ensure that your property taxes won’t go up when you install solar panels in Champaign, IL, or another Illinois community.
Solar Incentives in Kentucky
Adding solar panels to your Lexington or Louisville home will qualify you for Kentucky solar incentives!
Net Metering in Kentucky 2023
When you install solar panels in Kentucky, you will be eligible for net metering, but Kentucky utilities do not have to pay the full retail rate for solar electricity that’s exported to the grid. Because of this, net metering credits are less valuable in Kentucky. Installing solar batteries can help you get more value out of your solar system by allowing you to store your excess electricity so you can use it yourself instead of selling it back to the grid at a reduced rate. Net Metering is also further under attack in Kentucky – so it is better to go solar in Lexington or Louisville now or consider a solar plus battery storage system in the future.
Solar Incentives in Ohio
Looking for Cincinnati solar tax credits and incentives? Ohio homeowners are eligible for the following solar incentives.
Net Metering in Ohio 2023
Ohio net metering policies allow you to sell your excess solar energy back to the grid in exchange for net metering credits, which can be used to offset the cost of electricity you buy from the grid when your solar panels aren’t meeting your needs. Net metering rates in Ohio vary by utility.
Solar Renewable Energy Certificates (SRECs) in Ohio
SRECs are available in Ohio. You can receive one SREC for every megawatt-hour of electricity your solar panels produce in Ohio, and you can sell your SRECs for cash.
Let Us Help You Save with Solar!
Solar Energy Solutions is a leading solar installation company serving Indiana, Illinois, Kentucky, and Ohio. We are the region’s oldest and most experienced solar installer, and we set the bar high to ensure the best possible experience for our customers.
Our expert team can help you find the right solar solution for your home, at the right price. With so many great solar incentives and financing options available, going solar is easier and more affordable than ever.