Solar power is often considered the way of the future. It provides extensive environmental benefits; not only does it utilize a renewable resource, but it also produces no carbon emissions. Many environmentally-conscious individuals may invest in solar power for that reason alone. However, solar energy comes with additional advantages.
Using solar power for your home not only benefits the environment but can also make you eligible for a variety of Missouri solar incentives that save you money. As state and federal government entities continue to promote the use of renewable energy sources such as solar power, more local and federal agencies now offer monetary incentives for solar installation. Your eligibility and savings for solar incentives can depend on your exact location, usage, and equipment, but many customers experience savings and bonuses for the use of solar energy.
Our friendly and experienced team of experts at Ohm Restoration serves as a trusted solar company in Springfield, MO, and works to provide the surrounding community with energy-efficient roofing as well as reliable solar panel installation and maintenance. Our team of experts can help you evaluate the benefits of solar panels for your home, explaining incentives and additional energy-saving programs.
The experts at Ohm Restoration can help you install and repair solar panels for your home for energy savings and a better environment.
Solar Power Federal Tax Credit Incentives
All solar power equipment purchases across Missouri qualify for the Federal Investment Tax Credit (FITC) rebate. This provides you with a federal tax credit equal to up to 30% of the total cost of the purchase and installation of your solar systems. While the FITC rebate does not qualify for a returnable tax credit, you can use it as a reduction credit for any federal tax liabilities. In addition, it can transfer from year to year as a credit in your federal tax account, so you don’t have to pay as much if you owe taxes at the end of the tax year.
The FITC incentive can apply as a direct payment rebate for non-profit organizations and government entities that install solar panel systems. The tax credit also remains as a 30% value for all systems installed and used between January 1, 2022, and December 31, 2032. You can talk with your tax advisor or a financial expert about the possibility of a FITC incentive and learn how to transfer your tax credits into the next year if needed.
Solar Power Missouri Utility Rebates
Many utility companies offer rebate incentives based on the size, usage, and installation of your solar panel or array. You can talk with your utility company or ask a solar expert about rebate programs for both commercial and residential solar power systems. The exact amount varies based on the system installation date and your usage.
Some utility companies also offer increased incentive amounts for solar power systems that generate and save power during peak utility times. Partnering with a qualified professional can help you can set up one of these systems, allowing you to enjoy extensive savings.
Ameren and Liberty Rebates
Ameren, which services much of St. Louis, offers solar power usage rebates. These rebates are calculated on the exact wattage produced by your solar panels as an incentive for using renewable energy sources. Liberty, a utility company in Springfield and serving other major areas, offers the same rebate as Ameren for solar power usage.
This rebate provides 25 cents for each watt, up to 25 kilowatts, produced by your solar array. It remains available for any solar power system installed before December 31, 2023. Customers with this rebate can earn as much as $6,250 with the use of high-producing solar energy sources.
Columbia Water and Light Rebates
Customers of Columbia Water and Light can also get a solar rebate. Depending on how much your solar panels produce, you can receive large rebates from the power company as an incentive. The rebate tiers for Columbia Water and Light customers include three different levels:
Tier 1: 0 to 10 kilowatt systems with a $375 to $625 rebate per kilowatt
Tier 2: 10 to 50 kilowatt systems with a $300 to $500 rebate per kilowatt
Tier 3: 50 to 100 kilowatt systems with a $150 to $250 rebate per kilowatt
Incentives remain available for both homeowners and businesses looking to switch to more sustainable and efficient energy.
KPC&L Evergy Rebates
KPC&L Evergy also provides a solar power rebate program similar to the Ameren and Liberty benefits. This rebate gives residential and commercial customers a 25-cent rebate per watt produced with a cap of 25 kilowatts, meaning you can earn up to $6,250 in incentives. The rebate applies to any systems installed and registered on or before December 31, 2023, in Missouri.
Electric Cooperative Utility Incentives
If you pay for your electricity or utilities through one of Missouri’s local electricity cooperative organizations, you may also qualify for solar power savings and incentives. You can check with your specific provider for information about the exact terms, savings, and requirements. Wabash Valley Power Association, White River Valley Electric Cooperative, Southwest Electric Cooperative, and more have energy-efficient and solar power discounts, incentives, or rebates for customers who switch to more renewable power sources.
Missouri State Sales Tax Exemptions
While the purchase of residential solar panels and equipment does not qualify for state sales tax exemptions in Missouri, the legislation does provide sales tax exemptions for solar purchases intended for commercial use. Companies in the state can now purchase solar power systems without additional state taxes. Still, they should also check for more specific terms regarding the types of systems eligible for these exemptions and incentives.
You can check with the solar company supplying the panels and equipment to get more information about which commercial systems qualify for sales tax exemptions. Residential purchases have yet to receive the same exemption, but Missouri residents can save in other ways through rebates and other tax deductions. The sales tax exemption serves as a great way to promote commercial solar power throughout the state.
Missouri State Property Tax Exemptions
State, local, and county property taxes no longer apply for any land used for solar power sourcing. This includes both residential and commercial solar panel properties. You can claim this property tax exemption every year, which saves money and reduces your tax liabilities. The property tax exemption serves as one of the best Missouri solar incentives by providing ample savings in the form of a yearly reduction of tax costs.
The proper installation and integration of a solar power system increases the overall resale value of your property without raising your property tax rate. Currently, the state property tax exemptions in Missouri offer indefinite savings and protection for residents, with no set end date for the exemptions.
SRECs In Missouri
Solar renewable energy credits (SRECs) are available for solar customers in Missouri. These credits represent a valuable asset that appears separate from your actual energy equipment or solar panels. You can earn SREC vouchers over time with the use of your solar energy. The number of vouchers increases according to the amount of energy generated by your solar panels.
An SREC can make you more money and offset the costs of your solar panel installation. Energy and utility companies have to buy a certain amount of SREC assets each year to meet their renewable portfolio standards (RPS), meaning that you can sell your credits for a good price depending on the demand in the market and the number of credits you have. The market for SRECs in Missouri currently has a low demand, with very few companies purchasing from residential holders. However, they can still offer some savings and provide a valuable asset.
Discounted Solar Loan Rates With PACE
Many areas in Missouri provide homeowners with access to Property Assessed Clean Energy (PACE) financing programs. These programs provide accessible and fair loans for residential solar power installations. Eligible candidates can get a 100% upfront payment to cover the entire cost of their solar systems. The repayment program offers a fixed interest rate for 20 years, which provides a generous amount of time for repayment.
This allows homeowners to switch to solar power without worrying about securing private loans or experiencing increased interest rates. Funded by private capital, these loans don’t affect your credit score and remain attached to your property rather than your personal financial liabilities, meaning you can reduce your loan by selling your property. Your eligibility can depend on your location, property value, and power usage, and you can talk with PACE specialists and providers for the exact terms and availability.
Net Metering for Missouri Solar Customers
Missouri requires net metering by law for residential solar customers. This ensures that power companies cannot charge solar customers any additional fees and secures your utility savings. Net metering provides solar customers with protection against Demand Charges or other fees that utility companies may attempt to add for solar-powered homes.
The net metering has to occur at a one-to-one ratio for residential customers in Missouri. Providers like Evergy offer this net-metering rate for the month, with any excess energy transferred as a credit for the next month’s energy bill. You can set up net metering practices and policies during your solar panel installation and communicate with your utility provider about metering credits or savings.
Solar Power Services from Ohm Restoration
Installing solar panels is an excellent way to benefit the environment and save money. By taking advantage of Missouri solar incentives, you can enjoy extensive savings that are well worth the price of installation. First, however, you have to find a professional who can help. You need to work with a company that has the experience, knowledge, an
Our services at Ohm Restoration can provide you with the solar installation necessary to start saving on your energy bills and obtain one of the many solar power incentives offered across the Missouri area. Our team of experts can help you find eligible solar panel systems and work to provide high-quality installation, maintenance, and repairs for all solar projects in both residential and commercial settings.
With incentives and energy savings, there’s no reason not to switch to solar energy in your private or business property. Get started on your solar panel installation today with services from the experts at Ohm Restoration. Take advantage of Missouri solar incentives while also reducing your carbon footprint. You can also ask about other energy-efficient services for your roof or home to further save on energy costs and lower your environmental impact.
Call Ohm Restoration in Springfield, MO, today at 888-319-7058 to get all of your solar and roofing needs from the experts and start saving.