If you’re in the market for a new roof, chances are that you’ve encountered solar panels and shingles in your research. And you may have found the cost somewhat intimidating. Of course, no roof project is without some pocketbook concerns. Solar, of course, follows suit. Luckily, there are lots of programs that are advocating for you to invest in solar power and may be able to help you make solar power a reality for your home.
Minnesota & Wisconsin solar tax credits and incentives:
Sales tax exemption
When you install solar panels on your home, you don’t have to pay any sales tax on your solar purchase.
With so many solar incentives floating around, it may be easy to forget about one of the best ones out there that will apply to any Minnesota & Wisconsin homeowner: net metering. All residential-sized PV installations qualify to receive solar bill credits for sending their energy back to the grid. Xcel Energy offers the top utility net metering program in MN & WI.
The federal solar tax credit
Don’t forget about federal solar incentives! The investment tax credit (ITC), also known as the federal solar tax credit, allows you to deduct 26 percent of the net cost of installing a solar energy system from your federal taxes. Put another way, for every $10,000 of solar that you purchase, you could receive a credit for up to $2,600 on your federal taxes! The ITC applies to both residential and commercial systems, and there is no cap on its value.
Focus on Energy renewable rewards
If you’re installing a solar energy system on your home in Wisconsin, you’re likely eligible for a rebate from Focus on Energy. Regardless of the size of your solar panel system and total project costs, you can get a flat $500 rebate to help decrease the permitting and interconnection costs associated with installing your solar panel system. Be sure to check the Focus on Energy website to see if your utility participates in their programs.