Renewable Portfolio Standards
RPS (Renewable Portfolio Standards) are very strong in Missouri. The state must get 15% of all its energy from renewable sources by 2021. Utilities have to pay high fees if the standards are not met, so there is strong incentive in Missouri for utilities to offer solar incentives to homeowners.
RPS Solar Carve-Out
Solar carve-outs require a certain percentage of a state’s renewable energy to come from solar by a certain deadline. The solar carve-out in Missouri is quite modest, only 0.3% by 2021.
Net Metering
Strong net metering laws are a bonus for Missouri residents. Net metering regulates how solar panels or other renewable energy generators are connected to the public utility, allowing customers to offset the cost of the power they draw from the utility with credits they earn on their own production. If your system captures more than you need, the excess power is sold to the utility, which you see as a credit on your electric bill.
Energy Rebates
Missouri offers these rebates through three electric utilities.
Property Tax Exemption
In Missouri, the value of your home will not be reassessed after a solar power system has been added. You keep paying property tax based on the value before adding the system.
Federal Tax Credit
On top of these nice Missouri rebates and exemption, of course you also qualify for the hefty tax credit from the Federal government. The solar Investment Tax Credit (ITC) is worth 26 percent of the system cost, and will be deducted from your Federal income tax. The credit goes to those who buy their system (cash or loan), not to those who lease. If you lease a system, incentives go to the third-party owner. A good reason to buy, not lease!
