Renewable Portfolio Standards
Wisconsin set out to have utilities produce 10% of their aggregate capacity from a renewable source by 2015, and met that goal! Even though the state has already succeeded in accomplishing this impressive feat, there are still impressive solar incentives for homeowners to take advantage of.
With high electric rates – the state ranks 12th out of the fifty states – it’s no wonder more and more homeowners are interested in exploring their renewable energy options.
Thanks to the strong net metering laws that are in place, Wisconsin residents may receive credits on their power bill! Net metering allows panel owners to offset the cost of power that they are drawing from the utility. When your solar system produces more energy than you can use, the excess is sold to the grid. Panel owners would then see this as a credit on their bill.
Interconnection standards are strong in Wisconsin. These are the rules that everyone must follow when connecting a renewable energy system to the electricity grid. Strong interconnection standards make way for ease of net metering.
The Focus on Energy program means that Wisconsin residents get access to various state energy rebates. These rebates help reduce the initial cost of going solar, and may be in the form of a lump sum payment or an amount taken off the final installed price.
Solar Power Performance-Based Incentives (PBI)
The state of Wisconsin offers Solar Power Performance Payments, which are incentives that are based on the metered power system you use. System owners can earn Solar Renewable Energy Credits, which correlate to the number of kilowatt-hours that have been generated by your solar system.
Property Tax Exemptions
Another big win for solar owners? Wisconsin property tax exemptions! This incentive means that homeowners get to deduct the value that their installed solar system has added to the valuation of their property. As a renewable energy source can add a significant amount, this is a great incentive to take advantage of.
Sales Tax Exemption
Thanks to the sales tax exemption that Wisconsin offers, those who install a solar system onto their home would not have to pay any state sales tax on the system. That means an estimated 5% savings right out of the gate!
Federal Tax Credit
In addition to all of the state-specific rebates and incentives that Wisconsin residents get to enjoy, they can also make use of a Federal tax credit! The solar Investment Tax Credit states that 26% of the system’s cost can be deducted from Federal income taxes. This percentage is expected to decrease as the years go on, so time is of the essence. It’s also important to note that this credit only applies to owners of solar systems, not those who choose to lease a system.