The average homeowner will save thousands over the 25-year operating life of their solar panels, and benefit from increased home value and environmental benefits, to boot! There are also incentives from your electric company, Federal Tax Credits and cash back incentives from your solar dealers. So, there are all kinds of ways to help offset your pv solar systems. Let us dig into them starting with the Federal Tax Credits. Now this is not a check from the federal government, this is 26% federal tax credit which must be used in a 5-year period of time.
As of December 31, 2020, this tax credit will shrink and if your system is not installed by then you will have a smaller incentive in 2021 from the federal government. First things first - get a proposal done to see the cost of your system and how the Federal Tax Credits can help offset your pv solar system. The next way you can offset your costs is the electric company incentives.
Please refer to the chart below for your electric company:
|Ameren||$250/kW||Must be installed before 2023.|
|Columbia Water & Light||$500/kW, up to $5,000||Must meet warranty and certification requirements.|
|Empire District Electric||$250/kW||Must meet warranty and siting requirements and be installed by 2023.|
|Kansas City Power & Light||$500/kW||Must meet warranty and certification requirements; funds nearly exhausted.|
As you can see the electric companies are doing their part to help offset the cost of your pv solar system!!! So, if you were to base this offset by a 10KW system and your electric company is Ameren that would be a $2,500 rebate! The last solar incentive out there for residential solar customers in Missouri is the dealership you buy your system from usually gives a $500 rebate or will offer to pay your electric bill for 3 months while you build your credits up to have a $0 a month electric bill. The SENSE OF URGENCY TO GO SOLAR IS NOW!!!! Please don’t be that person that says “I SHOULD HAVE WENT SOLAR IN 2020” the incentives are going away and shrinking. It is a no brainer to go solar and own your electricity. The best thing you do for you and your family is you lock in your rate that you buy electric as long as you live in your home.
Ameren is at 11 cents a watt, if you lock that in now your neighbor or family member that didn’t go solar will be paying a higher rate, that could be $1,000’s of dollars a year! Electric bills are not getting less expensive, and with a 4% projected escalation rate you can do the math. Those are solar incentives offered to Missouri residential customers and great reasons to go solar now!!!