Solar panels offer huge environmental benefits and energy savings over time. However, the initial cost can sometimes scare away potential buyers. If you’re interested in taking advantage of all the benefits of renewable energy but don’t want to take on the full expense upfront, there are plenty of loans, grants, rebates, and tax credits to help you keep costs manageable. Here are some of the top solar energy incentives and rebates currently available in Michigan.
Federal Investment Tax Credit
With the Solar Investment Tax Credit, you can reclaim about 30 percent of the purchase and installation cost of your solar power system as a federal tax credit. This cuts your expenses significantly within the first year of purchase. To qualify, you must own your system and pay for it with a direct purchase or loan. The tax credit is also set to expire in 2021, unless the federal government chooses to extend the program. So you need to act quickly to take advantage of this program.
Michigan Saves is an energy finance program that offers low-interest, fixed-rate loans to homeowners, businesses, and government entities looking to take advantage of renewable energy sources. Qualified applicants can get up to $30,000 with flexible repayment options, turning a large investment into manageable monthly payments that can be made over a period of one to ten years.
Rural Energy for America Program
A federal program run by the USDA, the Rural Energy for America Program (REAP) provides grants, loan guarantees, and development assistance. This program is applicable to farms and agricultural properties in rural areas throughout Michigan and the rest of the country.
Run by Lean & Green Michigan, PACE is a financing option for Michigan businesses. Basically, you enter into an agreement to have your repayment plan connected to your property tax bill. This allows you to avoid upfront costs and pay off the purchase and installation over a period of up to 25 years.
Net Metering in Michigan
Michigan’s Net Metering policy also allows those with solar panels on their property to earn credits for any extra power generated by their systems. So basically, any time your system produces energy that goes beyond your property’s use, you receive a credit for your next bill. It may not help you with the upfront installation costs, but it can certainly increase your savings significantly over time and help you recoup your investment even faster.
The Green Panel
The Green Panel is a top solar panel installation company in Michigan that can also help to connect customers with relevant financing opportunities and incentives. With more than 12 years of experience, the team is familiar with the best opportunities for grants, affordable loans, tax breaks, and other money saving opportunities, including those from top manufacturers and government agencies. They can help you focus on the options that could be most beneficial for your specific situation.Check out all of these incentive opportunities to find the options that fit best with your particular situation. You can also keep up with new opportunities and providers using marketplaces like DSIRE and EnergySage. When you’re ready to get started with solar panel installation for your home or business, contact The Green Panel for easy and affordable solutions.