solar energy

Are There Any Solar Incentives For Businesses in Wisconsin?

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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:

Renewable Energy Competitive Incentive Program (RECIP)

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.

What Can Solar Energy Give To Your Business?

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In the past, people have been a  bit hesitant when it comes to getting a solar system. Today, as more people are going solar, the many benefits of solar energy are increasingly understood. Here are just some of the benefits from solar power:

  • Lower utility bills - By generating electricity with solar panels, you purchase less electricity from the grid, which can result in tens of thousands of dollars- if not more- in savings during the 25+ year life of solar panels.

  • Little to no upfront cost required - Finance companies that specialize in solar finance, like BlueFlame Energy Finance, make it easy and affordable to install solar systems on their property with little or no upfront cost.

  • Increased property value - It’s not a secret that a solar system adds value to your property. Solar systems enhance the cash flow on a property by reducing energy costs, which in turn increases the value of the property.

  • Being able to sell extra energy generated back to the grid - in some states, Net Energy Metering (NEM) exists empowering you to sell extra energy back to the grid for additional revenue.

  • Less reliance on the grid - Being less reliant on the grid means that you are less affected by power outages. Since you are producing your own energy, this means that when power outages happen, you can relax and rely on the solar energy you produce.

  • Plenty of government incentives - The Solar Investment Tax Credit (ITC) offers 30% of the solar project cost as a tax credit. There is also the USDA REAP Guarantee Program, which guarantees loan for any agricultural businesses, or any businesses in USDA rural designated areas. Ask us if there are other incentives you can qualify for based on your location.

  • Better for the environment - With increased environmental awareness in recent years, going green is great PR that may even help bring recognition and differentiation to your business for its contribution to the environment.

BlueFlame Energy Finance has years of experience to confidently bring you financing terms that is sure to leave you satisfied! We don’t only inform you about the different programs you can qualify for to increase your savings but we also work with you to tailor the terms to your needs. This gives you room financially and less problems.

Schedule a free consultation with us today to see how we can help you!

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