Solar panels are the future, but they’re also expensive. The non-profit Decision Data estimates the average cost of a solar panel system in Witchita, Kansas, is $20,950. That organization estimates solar panel systems cost anywhere from $15,000-$25,000 in Missouri.
Ultimately, you hope to net a return on your investment as you save on energy costs. The good news is, homeowners can recoup their investment faster with solar panel rebates. Read on to learn what solar panel rebates are, how they work, and if you might be eligible.
What Are Solar Panel Rebates?
A solar panel rebate incentivizes Americans to invest in solar panels. The federal government, state governments, and municipal governments offer these rebates.
Rebates are can be “cash back,” which means you get more money back on your tax return. They can also be applied to discounts, which means you pay less upfront when you purchase the system.
You can also apply for other funding on top of rebates. Energy and utility companies often offer cashback rebates, which lower the cost of your utility bill. Solar system buyers may be eligible for:
- Grants
- Loans
- Low-interest rate mortgages
Look at all options before you choose to buy solar panels.
What Solar Panel Rebates Are Available in Kansas and Missouri?
You can help finance your solar installation with federal, state, and local rebates in Kansas and Missouri. Here are are few to consider.
Missouri Power Company Rebates
If you’re a customer of Columbia Water & Light, you’re eligible for a rebate. Earn $625 per kWh (up to $6,250) off your energy bill.
Kansas City Power & Light, Liberty Utilities, and Ameren Missouri also offer utility rebates for solar panels. These companies offer $0.25/watt per panel upon installation.
Missouri Property Tax Exemption
Solar panels add value to a home. Homeowners in the state of Missouri do not have to pay property taxes on this added value. That means, if you sell your home, you can earn the full value of the solar-powered house. But, you won’t have the tax expense on the solar system’s value.
Kansas Power Company Rebates
The state of Kansas does not get require energy companies to provide rebates to all people who produce excess energy with solar panels. However, it does require utility companies to provide energy credits (rebates) to homeowners who first began operating their solar panel system under an Interconnect agreement.
Utility companies must honor all homeowner generators with rebates starting in 2030.
Kansas Property Tax Exemption
The state of Kansas grants a similar property tax exemption as the state of Missouri. Homeowners do not have to pay the property tax increase associated with their home’s value increase. Typically, solar power systems increase the property value by 4.1%.
Federal Solar Tax Credit
The federal solar tax credit is a one-time rebate. You are eligible for the tax credit upon solar installation.
Homeowners can claim 26% of the cost of their solar panels from their income taxes. After 2023, the credit decreases to 22%
How Do Homeowners and Business Owners Apply for Solar Panel Rebates?
The Department of Energy details how you can apply for solar panel rebates. It also describes eligibility.
Kansans and Missourians may also be eligible for solar energy grants. REAP grants enable rural Americans to install solar panels. To learn more, read the Energy.gov funding page.
Commercial and Residential Solar Panels Today
How much can you save with solar panel rebates? Ask an expert. Contact Browning Electric today, and we’ll give you a consultation for free. Discover how much you might save with solar energy.
