The ITC is a solar incentive that’s available to all 50 states here in the US. Currently, this incentive allows any home or business that qualifies for solar the ability to deduct up to 26% of the total cost to install a solar generating system in the form of a tax credit.
Keep in mind that while this incentive is great and all, it is set to drop 4% each year starting in 2022. This means if you’re thinking about going solar, then now is the time to take full advantage and get the best deal possible.
The ITC isn’t the only tax incentive Wisconsin has for solar. There are multiple tax incentives available to Wisconsin residents that can help provide big savings on your solar panels.
The sales tax incentive exempts you from paying sales taxes on solar panel equipment, and the property tax exemption offers homeowners peace of mind in knowing they won’t have to pay any additional property taxes for adding value to their home due to the increased property value from installing solar panels.
Small savings like this add up, and yes, solar can increase the value of your home as with any home improvement.
Net metering is an agreement between you and your utility company where they buy back any excess energy that gets generated by the solar panels you choose to install. This means if your solar home produces 500 kWh in a given month but only consumes 400 kWh in that same month, you still have 100 kWh credit that can be rolled over for later use.
The great thing about Net Metering is that it enables Wisconsin homes and businesses to over-produce and store energy during the warmer months when the sun is more abundant for later use during colder months. Additionally, battery storage isn’t necessary with net metering as your grid-tied system can still access power from the utility if you need it.
While some states like California and New Jersey offer strong protections for homeowners who want to go solar, many other states do not. Not only are there laws that prohibit the installation of solar panels in certain areas, but there are also HOA covenants that prevent homeowners from installing them if they live in an area with a homeowner’s association.
Wisconsin is one of the few states where residents can install their own solar panels without worrying about whether or not they will be able to use them later on down the line. Wisconsin’s state-specific law protects your rights to unrestricted access to sunlight for solar!
How would you like to save even more money on going green and reducing your carbon footprint? If you’re installing a solar energy system on your home in Wisconsin, be sure to check if Focus On Energy offers rebates. Depending on the PV system’s size and total project costs, those who qualify can get up to $500 off their permit or installation fee!
