What Kind Of Solar Incentives Available For Businesses In Wisconsin?
Are you a business in Wisconsin looking into installing solar system? If your answer is yes, then you should be aware of any sort of incentives that increase your savings. As of June 2019, there are 5 primary incentives to go solar. The 5 of them are:
RECIP serves as an incentive that rewards applicants additional financial support for the amount of energy produced by their system in a year. Applicants may request up to $0.50 per kWh produced and caps the total incentive amount to $400,000 per applicant.
It is a great incentive since you can add this to the other benefits in order to save more money, and pile on the savings! There is a budget of $5.5 million dollars for RECIP applicants throughout 2019 - 2022. So, make sure to apply early to not miss out on any of the savings!
Solar Tax Breaks
Wisconsin gives you a break when it comes to paying taxes whenever you buy a solar system. Since, solar systems can be a bit costly, the taxes can be quite high. Not having to pay taxes when you buy a solar system is certainly a plus!
The sales tax is not the only exemption available. Solar systems increase your property value, which means you’ll be paying higher taxes. However, Wisconsin tax breaks exclude that extra value added by your solar system, allowing you to increase the value of your property without paying extra!
Net Energy Metering
Net Energy Metering (NEM) allows you to sell extra energy generated by your system back to the grid for credit. You can then use that credit to lower your energy bills during the times you use more energy than generated by your system. The best thing about NEM is that you can save those credits, which means that you won’t be wasting credits if you don’t use it.
Guaranteed Solar Access
The state of Wisconsin protects property owners’ access to the sun. This restricts neighboring structures from blocking solar access by your solar panels, maximizing the energy you can get from your solar system
Solar Federal Investment Tax Credit
Perhaps the biggest and most important is the Solar Federal Investment Tax Credit (ITC). The ITC takes 30% of the project cost and awards it to you in tax credits.
Unfortunately, the 30% offer only applies for solar projects that started construction on or before December 31, 2019. After 2019, the offer will become 26% in 2020, 22% in 2021, and 10% anytime after 2021. So, if you’re thinking about going solar, it is better to do it soon! If you have any questions about financing options available for you, please feel free to schedule a conversation with us here.
In addition to incentives, different financing options can make solar systems even more affordable. Each option is designed to maximize the savings of businesses in different ways. You can learn more about the different financing options here. In addition, if you’re an agricultural business or a business, non-profit, or a school in a USDA rural designated area, you can qualify for our Rural Financing Program for even more savings.