With Wisconsin high electricity rates, which rank 14th in residential and 15th in commercial in the country, it's no wonder more and more property owners are interested in exploring their renewable energy options.
According to the SEIA or the Solar Energy Industries Association, although at present, Wisconsin ranks 26th for solar conversion in the country, SEIA forecasts that in the coming years, the Badger State will rank 12th due to the increasing number of property owners who are investing in a solar energy system. Wisconsinites can take advantage of the state's ample sunshine and the Wisconsin solar incentives, exemptions, and rebates accompanied by going solar.
Thanks to the solid net metering in place and mandated by law, Wisconsin property owners can receive credits on their power bills! Net metering allows panel owners to offset the cost of power that they are drawing from the utility. If your solar energy system produces more power than you can use, the excess is sold to the grid. Panel owners would then see this as a credit on their bill. Now that is a solar incentive worth the investment!
Fortunately, Wisconsin Interconnection standards are strong, which are the rules everyone must follow when connecting a renewable energy system to the electricity grid, a method of "plugging into" the grid. Strong interconnection standards make way for ease of net metering.
Wisconsin offers numerous rebate programs that focus on the accessibility of property owners to various state energy rebates. The energy rebates help reduce the initial cost of going solar and a lump sum payment or an amount taken off the final installed price.
Luckily, Wisconsin provides substantial Performance-Based Incentives (PBIs), which are solar incentives based on your system's metered power. Also referred to as Solar Power Performance Payments System, property owners can earn Solar Renewable Energy Credits, which correlate to the number of kilowatt-hours generated by your solar system. SRECs are an excellent way to help your system pay for itself.
In Badger State, there is another big win for going solar! The Wisconsin property tax exemptions mean that homeowners get to deduct the value that their installed solar system has added to the valuation of their property. As a renewable energy source can add significantly, this will be an excellent solar incentive to take advantage of.
Wisconsin sales tax exemption relieves homeowners who install solar systems by exempting them from paying any state sales tax on the system. That is worth the solar incentives with an estimated 5% savings right out of the gate!
Homeowners who meet the eligibility criteria can receive a tax credit of up to 30% of the solar system's cost.
Local low-cost solar loans are offered in Wisconsin to assist property owners in going solar. For one, Greenpenny provides Solar Tax Credit loan choices where property owners can lend 26% of the cost of their solar installation with a single payment for 15 months. And in the same way, the Clean Energy Credit Union (CECU) provides 12 and 18 months loan that includes the solar tax credit.
In addition to the excellent state-specific rebates and Wisconsin solar incentives residents enjoy, they can also use a Federal tax credit! The Solar Investment Tax Credit states that 26% of the system's cost can be deducted from Federal income taxes. This percentage is expected to decrease as the years go on, so time is of the essence. It's also important to note that this credit only applies to owners of solar systems, not those who choose to lease a system.
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