2023 Wyoming Solar Incentives
Wyoming Residents can now Claim 30% of Solar System Costs with the New Inflation Reduction Act!
Creative Energies will help you navigate the latest solar incentive updates (including the 2022 IRA bill) to capture the best value for your project.
Inflation Reduction Act (IRA)
This game-changing bill increases the investment tax credit, allows nonprofits to participate, and adjusts standards to include under served areas and communities.
Here is what the good people of Wyoming need to know:
- 30% tax credit for homeowners who install solar until 2032.
- Note: If you installed solar this year, in 2022, and were expecting a 26% credit, you can now claim a 30% credit.
- Allows nonprofits, schools, and municipalities to take a cash payment in lieu of the 30% tax credit. As entities that don’t pay taxes, these institutions were previously unable to benefit from the credits.
- Solar battery storage installations are now eligible to claim 30%
- Expands the Rural Energy for America Program (REAP) to help farms and rural small businesses to go solar.
- Provides funding to help electric cooperatives and tribal communities go solar.
Contact Creative Energies at 208.354.3001 or info@CEsolar.com today for the latest solar incentives in your area.
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Federal Tax Credits, Rebates, Incentive, and Grants for Solar (Updated August 2022)
Solar ITC Details for Residential and Commercial Projects
- The Federal Solar Investment Tax Credit (ITC) was valued at 26% of your total solar power system cost through 2022, but now, with the passing of the Inflation Reduction Act, the ITC has been raised to 30% and extended for ten years. There truly is no better time to go solar than right now. This means that you'll receive a tax credit of 30% of your system's cost. This credit is used when residential homeowners or commercial businesses purchase solar systems and have them installed. A tax credit is a dollar-for-dollar reduction of the income tax you owe. If you can’t use the full value in one year, you can roll over the remainder to the next year. You should check with a tax adviser to make sure you can claim the entire value.
- The Solar ITC extension is included in the stimulus package legislation H.R. 133.
- Read more about the IRA bill here
Solar Backup Batteries Qualify for Federal Tax Credit
- If you add a battery for backup power battery storage like the Tesla Powerwall or SolarEdge Energy Bank to your solar system, they also qualify for the tax credit at 30%.
Commercial Solar Federal Tax Credit
- The commercial solar federal tax credit at 30% applies to all kinds of businesses, including farms, ranches, agricultural businesses, breweries, car dealerships, coffee shops, restaurants, outdoor industry retail shops, bike shops, and more.
- Additionally, nonprofit organizations in Wyoming have the ability to participate in these new solar incentives. They too can claim 30% of system costs but will be rebated as "Direct Pay."
USDA Grants for Solar
The United States Department of Agriculture Rural Energy for America Program (REAP) grants provide guaranteed loan financing and grant funding to agricultural producers and rural small business owners to purchase or install solar energy systems. Our team can help you go through the application for solar grants.
Wyoming Local Solar Tax Credits, Rebates, and Incentives
At this time there isn't a local community solar program in Wyoming, but more towns are going #SolarForGood with clean energy commitments and Creative Energies has worked on several community-sponsored solar programs in the past. We closely follow and advocate for renewable energy policies and programs, so we'll keep you updated.
You should check with a tax adviser to make sure you can claim the entire value of solar tax credit(s).